Chase enters health care financing race

JPMorgan's Chase is the latest credit card company to enter the race to offer financing options for paying health care costs.

The new ChaseHealthAdvance program from Chase Card Services officially launched March 3, 2008. It joins Citi, Capital One, GE Money, Republic Bank and Wells Fargo in the emerging health care finance sector. See our "Special Report: Health care credit cards rise to fill insurance gap" for more on how rising health care costs are making more consumers turn to credit and financing products to pay their medical bills.

Chase isn't offering a new credit card but rather installment loans available to patients who apply in their doctors' offices.

Terms and conditions
The terms are 0 percent financing for three, six, 12, 18 or 24 months -- if the entire balance is paid off within the allotted time period. Interest rates on standard payment plans start at 11.99 percent but are based on the patient's creditworthiness (credit score).

As with any credit or loan program, late payments or missed payments can trigger interest rate hikes and changes in terms.

Dental, orthodontic, vision, cosmetic and veterinary services for pets are among the procedures that may be financed, says Chase spokeswoman Tanya Madison. The program targets "prime and super prime" customers (translation: people with good and excellent credit) and the minimum amount they'll finance is $5,000. The max: $20,000.

See related: "Special Report: Do credit cards offer health care Rx?" "15 tips for paying high medical bills"
"Blog: Americans worried about health care bills"
"Blog: 'MedFICO score: good or bad medicine?'"