Dentistry can accomplish some amazing smile transformations. But these advanced techniques and materials all come with a price. Additionally, your dental insurance plan may be of limited use: some procedures may not be fully covered because they’re deemed elective.
It’s important then to review your financial options if you’re considering a major dental procedure. Here are a few of those options with their advantages and disadvantages.
Pay Up Front. It may sound old-fashioned, but saving money first for a procedure is a plausible option — your dental provider, in fact, may offer a discount if you pay up front. If your condition worsens with time, however, you may be postponing needed care that may get worse while you save for it.
Pay As You Go. If the treatment takes months or years to complete, your provider may allow you to make a down payment and then pay monthly installments on the balance. If the treatment only takes a few visits, however, this option may not be available or affordable.
Revolving Credit. You can finance your treatment with a credit card your provider accepts, or obtain a medical expenditure card like CareCredit through GE Capital that specializes in healthcare expenses. However, your interest may be higher than other loan options and can limit the use of your available credit for other purchases. In addition, some healthcare cards may offer interest-free purchasing if you pay off the balance by a certain time; however, if you don’t pay off the balance on time, you may have to pay interest assessed from the date you made the purchase.
Installment Loans. Although not as flexible as revolving loans, installment loans are well-suited for large, one-time purchases with their defined payment schedule and fixed interest rate. Some lenders like Springstone℠ Patient Financing specialize in financing healthcare procedures, and may possibly refinance existing loans to pay for additional procedures.
Equity Loans. These loans are secured by the available value in an asset like your home. Because they're secured by equity, they tend to have lower interest rates than credit cards or non-secured installment loans. On the downside, if you fail to repay, the lender can take your property to satisfy the loan.
To determine the best financing route for a dental procedure, be sure to discuss your options with your financial advisor and your dental provider.
If you would like more information on financing dental care, please contact us or schedule an appointment for a consultation. You can also learn more about this topic by reading the Dear Doctor magazine article “Financing Dental Care.”