Synchrony has always believed that consumers need clear and understandable information to feel confident in their decision-making process when considering financing options. To further its mission to better serve Americans through financial education and transparency, Synchrony, and its leading health and wellness financial solution, CareCredit, launched a new initiative: the Fair Financing Principles. The Fair Financing Principles establish a new standard for transparency and education for financing options.
While 54% of U.S. adults say they know at least a fair amount about personal finances, less than half of adults ages 18 to 49 say the same. At the same time, healthcare costs continue to rise, so Synchrony is addressing a critical need for resources to help Americans better understand and manage the cost of care not covered by insurance. A recent study found 52% of consumers struggle to pay for out-of-pocket medical expenses, and 53% reported that they have delayed medical treatments due to out-of-pocket costs.
The real-world impact of delaying care is a driving force behind Synchrony's commitment toward ensuring consumers have the tools and information they need to ease the financial burden of accessing timely care. The new CareCredit Fair Financing Principles and Procedure Calculator are housed on a webpage with a variety of resources for consumers, including: Payment Options: An explanation of options to pay for health and wellness expenses not covered by insurance, including how CareCredit works, use of flexible or healthcare spending accounts, and ensuring consumers know if they qualify for financial assistance or subsidized care by state or federal programs. Promotional Financing Overview: Easy to understand explanations of different promotional financing options, as well as an overview of how deferred interest and reduced/fixed APR work. Payment Calculator: Estimates a patient's monthly payments based on the amount financed and the promotional financing option selected.
A Sample CareCredit Billing Statement: Offers guidance on how to read and find important information on monthly statements, such as the amount owed if a balance remains at the end of the promotional period when the promotional period expires. Provider tips: Health and wellness providers share how they ensure patients understand their financing options, as well as questions patients should ask their providers about paying for care. Cardholder Testimonials: Existing cardholders share their experiences with CareCredit.
