As Americans live longer, the challenge is ensuring those years are healthy and financially secure. Rising healthcare costs and limited insurance coverage often leave consumers paying more out-of-pocket, with many postponing or skipping care due to cost. Synchrony’s 2022 Lifetime of Healthcare Cost Research shows that 45% of adults have delayed care because of financial concerns, and nearly half experienced additional health issues as a result.

CareCredit, the leading health and wellness financing solution from Synchrony, has announced a strategic partnership with the Milken Institute, a nonprofit, nonpartisan think tank dedicated to improving financial, physical, mental, and environmental well-being. This collaboration focuses on educating consumers on the role of health and wellness financing tools, like CareCredit. Together, they are working to better understand the connection between healthspan and wealthspan – helping consumers live longer by providing options that make wellbeing goals fit within a family’s budget. 

This collaboration reflects CareCredit’s goal to inform policymakers, health leaders, and key stakeholders about the importance of fair, transparent financial options in healthcare - and its commitment to financial education and access to needed health and wellness programs. 

Fair Financing Principles

Earlier this year, CareCredit introduced its Fair Financing Principles, a bold initiative designed to establish a new industry standard for transparency and education in health and wellness financing. These principles provide clear guidance on what consumers should expect from providers and financing companies, including:

• Transparent cost discussions before treatment.
• Clear explanations of financing options, including promotional plans.
• Educational tools such as the Procedure Calculator, which estimates costs for over 1,000 procedures by state.

The Fair Financing Principles empower consumers to make informed decisions about their care and payment options. By reducing confusion and increasing clarity, CareCredit helps patients avoid delaying care and supports health and wellness providers in building trust and improving client satisfaction.

Thought Leadership: Power of Ideas

Alberto (Beto) Casellas, Executive Vice President and CEO of Synchrony Health & Wellness, shared his vision in Milken Institute’s prestigious Power of Ideas publication, outlining how CareCredit’s Fair Financing Principles, Procedure Calculator, and other initiatives support providers and patients. His article, Making Longevity Achievable and Affordable, emphasizes the urgent need for:

• Education: Elevating awareness of health and wellness costs.
• Facts: Providing accurate cost estimates through tools like the Procedure Calculator.
• Access: Offering flexible financing options for those without insurance or savings.
• Transparency: Setting clear expectations through initiatives like the Fair Financing Principles.

Casellas wrote, “We must work together—insurance, providers, financing, technology—to enhance education, promote the facts, improve access, and ensure transparency. Through these steps, we can highlight the path to making longevity an achievable goal for more people.”

Casellas participated in the Milken Future of Health Summit as a member of Milken’s Future of Health Advisory Board and a panelist on a CareCredit-sponsored discussion exploring the link between health span and wealth span. Listen to his full insights in the panel conversation Longevity Equation: Integrating Healthspan and Wealthspan.

Learn more about CareCredit’s med spa patient financing solutions.