Priding itself on being a resourceful community-banking network across eight states, the Bank of Colorado regards itself for its old-fashioned, neighborly customs of greeting customers by name and answering telephone calls in person. So when one of the Grand Junction branches began to get more inquiries for loans related to medical procedures, the Bank of Colorado began to identify a need that wasn't being met by area banks. Customers needed assistance in either covering deductible and copay costs that were paid directly to the insurance company or paying for orthodontic work, fertility treatments, lasik eye surgery, and other medical-related expenses not typically covered by most insurance plans. Identifying the Problem The Bank of Colorado quickly identified significant issues that families face with funding a substantial medical need that is either subject to a high deductible or not covered by insurance. Medical-specific credit cards typically offer a brief time period of 0% interest, but high interest rates kick in just a few months later, making the overall cost even more significant for patients. Those in need typically find themselves paying for their medical services months and even years after the procedure was completed, regardless of the outcome. And these continued payments prevent patients from continuing much needed follow-up care. Additionally, these high interest rate cards charge the medical providers with percentage-based fees, which can elevate the medical costs charged to patients in an effort to recoup the fees.
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