Cost Barrier May Cause Individuals to Delay Health or Dental Care

Survey Respondents Say They Are Unable to Afford a $1,000
Out-of-Pocket Healthcare Expense, Yet Unaware of Financing Options

COSTA MESA, Calif.–(BUSINESS WIRE)–According to a recent survey conducted by Google on behalf of CareCredit,
a leading healthcare financing company, a majority (52.6 percent) of
respondents said they have delayed elective healthcare or dental
treatment because of cost. Twenty seven percent said they would have
sought treatment sooner if they had been aware of healthcare financing
options.


Although there are options available that allow individuals to finance
their health and wellness needs, many may be putting off treatment due
to a lack of knowledge about their choices. In fact, nearly half (43.7
percent) of the survey respondents said they were unaware financing
options exist for elective healthcare, including dental. More than half
(51.6 percent) of respondents said they are very or slightly concerned
about incurring an unexpected medical expense for their pet(s).

Respondents of all ages say they have postponed medical or dental
treatment because of cost.

The study also shows the need for promotional financial resources that
help consumers pay for their health and wellness needs with monthly
payments. More than forty percent (44.7 percent) of respondents said
that if they had to undergo an elective healthcare treatment today that
costs $1,000, they would not be able to afford it.

“CareCredit is committed to making personal health, wellness and
veterinary care financially accessible, when it’s wanted or needed,”
said Dave Fasoli, CEO, CareCredit. “Consumers need to be aware of
financing choices that are available for health-related expenses, and to
have proactive conversations with their providers to ensure they fully
understand their payment options. Most individuals and their families
may not feel prepared for an unexpected medical, dental or veterinary
expense, and healthcare financing can help enable access to care.”

As consumers are establishing their financial plans and weighing which
savings vehicles, credit cards and other planning options best align
with their personal goals, it is important to budget for health and
wellness needs. A healthcare credit card can be a smart way to build
strong credit and allow consumers to seek the treatment they need – when
they need it. In fact, more than one-quarter (27.2 percent) of survey
respondents indicate they would have sought treatment sooner, had they
known healthcare financing options exist.

About CareCredit

For nearly 30 years CareCredit,
from Synchrony Financial (NYSE: SYF),
has helped millions of patients receive needed and desired care.
CareCredit is a health, wellness and beauty credit card that can be used
as a financing option for certain expenses not covered by insurance or
to bridge payment when desired care exceeds insurance coverage.
CareCredit is accepted at over 195,000 healthcare providers and merchant
locations nationwide. For more information on CareCredit, call
800-300-3046 or visit www.carecredit.com.

Methodology

The survey was conducted by Google Consumer Surveys and was based on
1,062 online responses of consumers in the United States. Responses were
collected between February 4 through 8, 2016.

FOR MORE INFORMATION

www.carecredit.com
or Facebook.com/CareCredit
or Twitter.com/CareCredit

©2016 CareCredit. All rights reserved.

Contacts

CareCredit
Cindy Hearn, senior vice president, branding &
communications
800-300-3046, ext. 4138
chearn@carecredit.com
or
Synchrony
Financial
Communications, 855-791-8007
media.relations@synchronyfinancial.com