FAQs for Medical Financing

You have Questions. We have the Answers.

Below are questions we are frequently asked. Simply Click on the question and you will see our answer. If after reading the answers in this section, you still have unanswered questions, please contact CHC HERE.

Questions and Answers

Answer: Medical Financing gives you a "stand-by" source of cash to pay your medical bills after your CHSA and you Medical LOC are depleted. Medical Financing is offered by several third-party companies to pay your medical bills. There are three types of Medical Financing:

  • CHC Line of Credit (LOC): Provides each CHC Member with a LOC to pay approved Medical Claims after your CHSA is depleted.
  • Bank Financing: Depending on the lender:
    • Home Mortgage: A Home Mortgage can be used to finance multiple years of your CHC Healthcare Plan. Contact CHC for details.
    • Home Equity Line of Credit (Heloc): A Heloc uses the equity in your home to provide a Medical Financing LOC. A Heloc can be obtained through Credit Unions, Banks and mortgage companies.
  • Finance Companies: These companies usually disperse the funds when approved. This could cause an unnecessary cost and payment before the Medical Financing is needed.

If you are interested in Medical Financing, contact CHC. CHC will review and advise you on possible options and any Medical Financing offers.

Answer:

  • CHC Line of Credit (LOC): As a CHC Member, you do not have to qualify for a CHC LOC. Your credit rating is not used to grant you the LOC. The LOC is provided by CHC to all CHC Members via the CHC Capital Pool. Your LOC is established by CHC for you on the Effective Date in the amount of the Medical Service and Prescription Medication MRA.
  • Bank Financing: There is a qualifying requirement depending on the type of Medical Financing you desire.
  • Finance Companies: These companies use your personal credit rating. Their cost is much higher than Medical Financing through a Bank or Credit Union.

Ask us for more information.

Answer: After your CHSA and the CHC Matching Account Balances reach $0 and only for approved Medical Claims. For Banks, Credit Unions and Finance Companies, after approval.

Answer:

  • CHC Line of Credit (LOC): First, each CHC Healthcare Plan includes a CHC LOC Stop-Loss Coverage that will pay-off your Medical LOC Advances. Also, you can pay-off your LOC at any time or when you cease being a CHC Member.
  • Bank Financing: Per the terms of the Medical Financing.
  • Finance Companies: Per the terms of the Medical Financing.

If you are interested in Medical Financing, contact CHC. CHC will review and advise you on possible options and any Medical Financing offers.

Answer:

  • CHC Line of Credit (LOC): $0 to receive approval and $0 interest on funds advanced to pay Approved Medical Claims.
  • Bank Financing: Usually an application and processing fees plus the current mortgage or Heloc interest rates on the Medical Financing amount.
  • Finance Companies: These companies use your personal credit rating. Their cost is much higher than Medical Financing through a Bank or Credit Union.

Ask us for more information.