Wake Forest Baptist Medical Center has partnered with Commerce Bank to offer patients interest-free loans for up to $50,000 to help plan for and manage their health care costs over an extended period of time.
The interest-free loan program is available to both new patients and existing patients with a current balance.
Wake Forest Baptist decided to offer this option because the increasing number of patients with large out-of-pocket costs due to high deductible health insurance plans. Many of these plans have annual deductible requirements as high as $14,300. An interest-free loan can help patients plan for and manage their financial obligations for health care and allow them to receive a variety of services including elective procedures that insurance often does not cover.
The terms of the loan repayment agreement depend upon the amount of the loan. For loans of $250 to $5,000, payment may be spread over 24 months. For loans of $5,001 to $15,000, loans may be spread over 60 months. For loans of $15,001 to $50,000, the repayment term is 84 months.
While the loans are available for all types of services, some select elective services such as specific bariatric, cosmetic or eye surgeries, require patients to pay 50 percent of the total cost up front with the Commerce Bank Loan available toward the remaining 50 percent.
More information about this new financial option is available online at Wake Forest Baptist’s website or through Wake Forest Baptist’s Financial Counseling Office at 336-716-0681.
Mac Ingraham: firstname.lastname@example.org, 336-716-3487
Joe McCloskey: email@example.com, 336-716-1273