The Annual Deductible Reset: How CareCredit Can Help Your Patients

Getting a fresh start at the beginning of a new year is generally considered a good thing, from embracing a new wellness routine to establishing healthy habits. When it comes to patients’ health insurance deductibles, however, a fresh start can feel daunting — and may even delay patients from seeking care. 

Many healthcare providers are familiar with patients’ eagerness to schedule as much non-urgent care as possible after their deductible is met and before it resets, which is often in January.¹ Patients may be disincentivized to seek care after their deductible resets, which can result in increased out-of-pocket costs. About 4 in 10 (37%) of insured adults polled have reported not getting needed healthcare services due to cost.² This delay in care may prompt a revenue slowdown for healthcare providers, which could cause financial stress on practices.

The annual deductible reset doesn’t have to disrupt your healthcare practice’s finances or increase patients’ concerns about affording care. Flexible financing options with the CareCredit credit card can help patients move forward with the treatment they want or need, even before they’ve met their deductible. Here are some ways to prepare your team and educate patients about their financing options.

CareCredit: A Solution for Higher Out-of-Pocket Expenses

Financing can help empower patients to move forward with the care they want or need during the annual deductible reset period. When patients use a CareCredit credit card, they can pay for healthcare expenses over time, which can help fit the cost into their monthly budget. Most importantly, they can receive the healthcare services they want or need in a timely manner and potentially avoid health concerns stemming from delayed care.

Practices can also benefit when patients use CareCredit to pay for their higher out-of-pocket expenses during the annual deductible reset period. When patients schedule their appointments based on their health rather than their finances, it can help healthcare practices maintain a steady flow of appointments, even when many patients’ deductibles remain unmet.  

The CareCredit credit card offers patients other advantages, too: 

• CareCredit offers a quick, in-office application process with an instant decision. Patients can apply for and, if approved, use their new CareCredit card during the same visit. 

• Patients can see if they prequalify with no impact on their credit score.

• Cardholders can enjoy promotional financing for qualifying purchases over a certain amount — such as no interest if paid in full in 6, 12, 18 or 24 months for purchases of $200 or more, or a reduced APR with fixed monthly payments on qualifying purchases.
• CareCredit is a revolving line of credit. Patients can use their card again and again at provider and retail locations in the CareCredit network, which includes more than 285,000 enrolled locations.

• Financing can help empower patients to seek follow-up care and encourage patient retention and loyalty.

• With more than 12 million CareCredit cardholders, many patients already have access to financing. Letting them know you accept CareCredit — or enrolling your practice for the first time — can help your team better serve existing patients. 

Learn More: Explore the details of how CareCredit works for providers and their patients.

3 Steps Providers Can Take Ahead of the Deductible Reset

Patients rely on their healthcare providers to help them understand their options for moving forward with care, and that may include how to pay for it. Your practice can give patients the options they want and need and enable timely care by offering CareCredit. Here are three steps you can take now:

1. Educate patients

Inform patients about their upcoming deductible reset and offer CareCredit as a potential payment solution. This may be a simple message added to appointment reminder communications, your practice website, seasonal marketing materials or in-person conversations with providers and administrative staff. These messages can be helpful, beginning late in the year to help prepare patients ahead of their deductible reset. 

2. Train staff

Educate your staff on the annual deductible reset’s impacts on patients and the practice. Prepare them for common questions from patients about insurance plans and deductibles, and empower them to explain how CareCredit works. It’s helpful for all practice staff to understand and be comfortable with common finance terminology. You can provide them with guides and scripts and even offer opportunities to rehearse using role-playing.

3. Leverage tools

Provide your staff with tools that simplify access to financing. Make offering CareCredit to patients an easy lift for practice staff with solutions like the CareCredit Payment Calculator and in-office QR codes for application access. You may also be able to integrate CareCredit into your practice management software or other practice systems to simplify cost conversations and make workflows more efficient. Feeling confident about easily discussing CareCredit with patients can help empower staff members to do their best work.

Get Ahead of the Deductible Reset Now

The best time to prepare patients and staff for the annual deductible reset is sooner rather than later. Knowing how CareCredit can enable patients to pay for care over time can help them make decisions about scheduling and moving forward with care that is based on what matters most: their health.

A Patient Financing Solution for Health and Wellness Providers

If you are looking for a way to connect your patients with flexible financing that empowers them to pay for the care they want and need, consider offering the CareCredit credit card as a financing solution. CareCredit allows cardholders to pay for out-of-pocket health and wellness expenses over time while helping enhance the payments process for your practice or business.

When you accept CareCredit, patients can see if they prequalify with no impact to their credit score, and those who apply, if approved, can take advantage of special financing on qualifying purchases.* Additionally, your practice or business will be paid directly within two business days.

Learn more about the CareCredit credit card as a patient financing solution or start the provider enrollment process by filling out this form.

Author Bio

Natalie Burg is a writer, editor and editorial project manager with 20 years of experience. She uses her expertise from a range of industries, including economic development, business, sustainability and more, to create content that educates and engages readers.

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