Medical rewards

[Anonymous]

So my yearly out of pocket is coming up of 4k and I am wondering if anyone has a clever way of getting the most rewards of some kind out of it. I am just going to pay it off with my tax return like i do every year so interest is not an issue but if anyone has a way i can get the most out of it instead of using my cap1 with 1.5 back i would be so grateful. Thanks everyone

[fltireguy]

IF you live within their footprint area, Synovus has a healthcare category for 3% on their rewards cards

[Anonymous]

I use Care Credit for both my furry babies and myself. Although not a rewards card, they offer extended time to pay at zero interest. My dentist and eye doctor take the card. Oh, and my vet.

[Anonymous]

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So my yearly out of pocket is coming up of 4k and I am wondering if anyone has a clever way of getting the most rewards of some kind out of it. I am just going to pay it off with my tax return like i do every year so interest is not an issue but if anyone has a way i can get the most out of it instead of using my cap1 with 1.5 back i would be so grateful. Thanks everyone

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It all depends on what cards you have. Very few cards I know have a healthcare category. So unless you have a 2% general spend cashback card or plus, that’s the best rate you can do at 1.5%.

[UpperNwGuy]

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It all depends on what cards you have. Very few cards I know have a healthcare category. So unless you have a 2% general spend cashback card or plus, that’s the best rate you can do at 1.5%.

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I don't think any card has a healthcare category.  I think the best you can do is to use an across-the-board card that gives 1.5% or 2% for general spending.  You might be able to get 3% if you have the Discover It Miles card in its first year (doubling the 1.5% at year end) and your medical provider takes Discover.

[Anonymous]

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It all depends on what cards you have. Very few cards I know have a healthcare category. So unless you have a 2% general spend cashback card or plus, that’s the best rate you can do at 1.5%.

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I don't think any card has a healthcare category.  I think the best you can do is to use an across-the-board card that gives 1.5% or 2% for general spending.  You might be able to get 3% if you have the Discover It Miles card in its first year (doubling the 1.5% at year end) and your medical provider takes Discover.

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In 2016 and 2017 the old Citi Dividend MC had the second quarter categories that allowed for drug stores at 5% (not actual doctor visits). Did well by the category. Not in 2018 so ... lookin" ?

[NRB525]

Are you contributing to an HSA and getting that deducted from taxable income? That would be the first step to rewards. Then pay your CC of choice with funds you pull from the HSA based on the receipts you have for medical expenses.

BTW, what health insurance program makes you pay your “out of pocket max” at the start of the year?

[longtimelurker]

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Are you contributing to an HSA and getting that deducted from taxable income? That would be the first step to rewards. Then pay your CC of choice with funds you pull from the HSA based on the receipts you have for medical expenses.

BTW, what health insurance program makes you pay your “out of pocket max” at the start of the year?

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Plus, if you normally pay out of your tax refund, adjust witholding (if possible) so you aren't getting a refund!

[Anonymous]

Not about the health plan, I get chemo and scan every other week so im already getting close to the limit lol. Thanks everyone for suggestions i really appreciate it.

[SBR249]

There are possibly a few more way to get some CB out of that healthcare spending:

1. If your doctor/provider take prepaid cards like Visa/MC gift cards, you can get something like an AmEx BCP which gives 6% CB on $6K/year of grocery spending with a $95 AF. Then you can buy those gift cards at grocery stores. You may also be able to do the same with 5% CB gas cards that allow for purchases at the attached convenience store at the same CB rate. Just be careful that you don't get hit with cash advance fees. 

2. If you have a lot of spending at drugstores and pharmacies there are cards out there with 5% CB at such places. 

Even if you get 5% CB on $4k spending a year, that's an extra $140/year. You can easily beat that just by doing an extra checking/savings account SUB or even churn a CC SUB (if you are comfortable doing that) if you aren't already.