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Last updated on June 22nd, 2021
- 90 seconds to apply, and get a virtual card for use immediately
- Individual and family benefits of $5,000 accident and injury medical indemnity benefit coverage
- SmartHealth Rx provides pharmacy discounts of up to 85% on most generic drugs
- May also be used for veterinarian services
- Regular Purchase APR: 18%
- Cash Advance APR: See Terms
- Cash Advance Transaction Fee: See Terms
- Annual Fee: $120
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $35
At a Glance
The SmartHealth PayCard™ Mastercard® is a medical credit card that offers coverage for unexpected medical costs, prescriptions, and more. The card, which features credit limits of up to $30,000, also offers accidental death insurance, accidental medical expense insurance, and prescription savings – for a $120 annual fee.
Ideal for Those Who:
- Anticipate having additional medical expenses in the coming year
- Have children or pets and want the assurance of additional medical coverage
- Want to finance elective surgeries over-time
- Have insurance but want extra coverage and prescription savings
SmartHealth PayCard™ Mastercard® Review
The SmartHealth PayCard™ Mastercard® is one of the world’s first medical credit cards and redefines how Americans think about a credit card. The PayCard differs from existing healthcare payment options. It is neither a Health Savings Account nor an insurance plan. Instead, it functions almost exactly like a regular credit card.
How to Use the SmartHealth PayCard
One distinct difference between the SmartHealth PayCard™ Mastercard and a traditional credit card is that the SmartHealth Card can only be used for medical expenses. Fortunately, the “medical expenses” category is much broader than with other similar cards and includes cosmetic procedures and veterinary costs.
The full list of eligible purchases with the SmartHealth PayCard™ include:
- Ambulance Services
- Cosmetic Surgery
- Mental Health and Counseling: Couples/Individual/Debt
- Dental and Medical Laboratories
- Dental/Lab/Medical/Ophthalmic Hospital Equipment & Supplies
- Dentists, Orthodontists
- Drugs, Druggists, Sundries
- Drug Stores, Pharmacies
- Health Practitioners
- Hearing Aids-Sales, Service, Supply Stores
- Hospitals and Physicians
- Insurance Premiums
- Nursing and Personal Care Facilities
- Opticians, Optical Goods, and Eyeglasses
- Optometrists, Ophthalmologists
- Orthopedic Goods-Artificial Limb Stores
- Osteopathic Physicians
- Veterinary Services
Cardholders receive access to a credit line of between $1,000 and $30,000, which they can use to pay high deductibles, co-pays, co-insurance, prescription drugs, and other charges. This freedom of choice allows cardholders to pay for doctor’s visits, mental health counseling, vision or dentist appointments and procedures, medical equipment/supplies, and more.
Another feature of the SmartHealth PayCard is that it offers cardholders complimentary emergency medical coverage. However, this coverage is not health insurance and does not comply with ACA guidelines – it is instead “Accident Medical Expense Insurance.”
SmartHealth reimburses cardholders for up to $5,000 per year for costs associated with covering hospital admissions, outpatient ER visits, and ambulance use through this indemnity reimbursement coverage. Keep in mind, however, that cardholders can only use this coverage for three occurrences per year.
Additionally, cardholders receive up to $5,000 in accidental death coverage to help families pay for funeral and other expenses, plus access to a national prescription savings program that offers savings of up to 85% when filling and picking up prescriptions at pharmacies across the U.S. Access to the prescription savings program requires the SmartHealth Rx app, which is available on Android and Apple phones.
Other Card Features
Other notable features with the SmartHealth PayCard include:
- $120 annual fee
- Ability to add authorized users with no extra credit checks
- Access to a virtual credit card upon approval
- Mastercard Zero Fraud Liability
Should You Apply for the SmartHealth PayCard™ Mastercard®?
The SmartHealth PayCard™ Mastercard® is a unique credit card product, but is it worth getting? The answer really depends on your current medical insurance and income. The $120 annual fee might be off-putting, but the charge is a drop in the bucket for people worrying about unexpected medical costs. This is especially the case with the soaring costs of medical procedures, hospital visits, and prescriptions.
The APR with the SmartHealth Card is standard for a rewards credit card but might pose issues for people who plan to use the card to finance expensive medical procedures – including cosmetic surgery. Because the average medical loan APR is currently around 16%, those with average credit scores will probably not notice much difference between the PayCard and a traditional loan. However, those with excellent credit might find the interest rates from SmartHealth significantly higher than they may get from a medical loan.
Overall, the SmartHealth PayCard™ Mastercard makes perfect sense for those who have existing healthcare coverage but worry about unforeseen expenses. Those most likely to fall into this category are parents (of children, fur babies, or both), people with aging parents, or anyone else expecting multiple medical procedures over a year.