In 2016, the American Dental Association reported that dental care has the highest cost barrier in comparison to other healthcare services. The cost barrier for dental care prevents most patient financing from getting the proper care they need. Oral health can easily be neglected and labelled as unimportant, but that’s certainly not the case.
In fact, your oral health can affect your physical health. Did you know that your teeth are required to be checked before you have heart surgery? Michigan Health notes that bad bacteria lingering in your mouth can travel to the surgery site and cause life-threatening complications. So it’s better to take care of that cavity sooner rather than later.
Regular dental cleanings not only prevent cavities, but they also prevent costly services like extractions or dental crowns. However, don’t be ashamed if you happen to find yourself needing to pay a high dental bill. There are several ways you can pay without digging into your piggy bank.
How to Pay For Costly Dental Care
A dental financing is a type of personal loan. Unlike other loans, dental loans have no collateral. Collateral for secured loans are typically assets like automobiles or real estate properties. That makes a dental loan an unsecured loan since a dental crown isn’t an asset that can be repossessed.
A dental loan lender will run your credit score in order to determine your interest rate. If you have a good credit score, it’s likely that you’ll be approved. Still, interest rates for dental loans are a bit higher than usual due to the nature of the loan.
Try looking for dental loans that have a prequalification process rather than applying right off the bat. That way you’ll avoid hard inquiries that could potentially harm your credit score if you don’t have excellent credit.
Applying for a credit card with an introductory 0% APR period may be an option. A promotional period will allow you to pay off the amount over the designated period of time.
Similar to applying for a dental loan, your credit score will be checked and taken into consideration. Most credit cards with a promotional period require a higher credit score to get approved.
You should ensure that you can pay the full amount before the promotional 0% APR ends. If the interest rate on the card is high, you’ll be stuck paying more.
Most dentists offer dental financing for patients. Whether you’re paying for preventative care, teeth whitening, or dental repair, dental financing can assist you with the overall cost of your service.
Two types of financing options your dentist may offer are in-house financing or financing through a partnered lender. Most partnered lenders still run a credit check, which may result in a denial if your credit score is low.
An alternative option to dental financing is setting up an affordable payment contract with your dentist. Denefits is an innovative, easy payment solutions system that offers flexible payment plans for every patient no matter what their credit score is.
Why choose dental financing?
Insurance doesn’t always cover you.
Oftentimes dental credit policies have a cut-off for coverage. They can limit the number of procedures you have or have an annual cap of money that can be spent on your services for the year.
Most of the time the annual cap is fairly low. Once you’ve reached that maximum, you’d have to pay for procedures out-of-pocket. In this scenario, dental financing would be an option if your insurance doesn’t cover you.
Furthermore, most cosmetic dentistry services are not covered by insurance plans. If you need to see an orthodontist or get dentures, insurance plans either cover you partially or not at all. Dental financing for patients can pave the way to creating your confident smile.
Pay your other bills.
If you can’t afford to pay the full amount upfront then definitely opt for financing. You shouldn’t have to choose between your health and your financial stability.
Whether it be to pay your student loans, car payment, or even funding your dream vacation, financing your dental implant financing bill will allow you to budget properly.
Complete payment options allow you to select the amount of time you need to pay off your bill. It’s much easier to plan accordingly with a set monthly payment plan.
Low credit score
If you have a low credit score, lenders consider you a risk. Applying for a loan, credit card, or financing with a third party will further harm your credit score if you get denied.
If you struggle with a low credit score, Denefits can provide easy and accessible payment plans with instant approval. There’s no need to worry about getting denied in order to get the important dental treatment loans you need. Request a callback from the Denefits team in order to learn more.
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