Alternate Currencies Used to Pay for Healthcare

Tags: alternative currency | hospital finance | time bank | Trade Dollar | uninsured

As many uninsured and underinsured Americans face extremely high costs if they wish to receive healthcare treatment, some are turning to alternative currencies to pay for that healthcare, according to a CNN report.

For example, in Fayetteville, Ark., residents can gain "Trade Dollars," the local Fayetteville area currency, by exchanging goods and services instead of U.S. dollars. A mechanic can earn Trade Dollars by repairing someone's car, and in turn, that mechanic can use Trade Dollars to buy food, other items or even medical care at participating hospitals and providers, according to the report.

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The Trade Dollar system first started in 2009, and there are currently 548 participating member businesses, which include hospitals, chiropractors, dentists, pharmacies and other providers.

In Portland, Maine, there are more than 60 healthcare providers involved in Hour Exchange Portland, a time bank. A time bank is a type of service exchange where participants perform work — in this case, physicians volunteer a certain amount of service hours each month to low-income and elderly patients — and in return, participants accumulate time dollars for other services without having to worry about inflation or loss in value of a regular U.S. dollar.

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