Financing Dental Work: What You Should Know

Are you in need of an expensive dental procedure and unsure of how you’re going to pay for it? Dental work can be costly when you’re paying for it out of pocket. Even if you have dental insurance, it doesn’t always cover 100% of every procedure. You may still find that you still owe a significant part of the overall cost.

The good news is that there are many financing options available to help make dental costs more affordable.

If your dentist offers payment plans, this option may be your first choice because you’ll avoid paying any interest. This option is more likely to be offered if your procedure requires multiple appointments to complete. You can pay some on each visit until you’ve paid the full amount. You may also be able to set up a monthly payment system or automatic withdrawal.

Some credit cards are offered specifically to cover medical costs, of which dental procedures are included. CareCredit is one example of a credit card that is designed to be used for medical needs that are not covered by insurance. It offers no interest for a certain amount of time, and as long as you pay it off in the designated time frame you can avoid paying any interest. However, if you are unable to pay it off in time, you’ll be charged interest for the entire original amount that was charged to the card.

You could charge the amount to an existing credit card, or apply for a new credit card to use for this purpose. If you can qualify for a 0% interest rate card, you may be able to save yourself some money if you pay it off before the preliminary period ends.

A line of credit is similar to a credit card, but without a physical card. Instead of swiping a credit card to pay for the procedure, you would simply transfer funds from your line of credit directly to your checking account. Then just use your debit card or write a check. You may be able to get a line of credit at 0%, but they are not offered as readily as a 0% credit card. Look for one with a reasonable rate.

A personal loan is a lump sum loan that can be used for anything. You apply for the amount you need and once you get approved that amount is directly available to you either through a transfer or a check. You’ll be expected to make a monthly payment and will most likely pay interest as well.

If you have money saved in your 401K through your employer, you can borrow from that money. You won’t have to pay any interest because the money is yours, however, it will be taxed. The disadvantages are that you won’t earn any interest on that money while it’s gone from your 401K, you’ll have to pay taxes on it again when you access the funds upon your retirement, and if you stop working for your current employer you will only have 60 days to pay back the borrowed amount.

If you have a high deductible health insurance plan, you may have a Health Savings Account to help offset the cost of medical expenses before the deductible is reached. The funds that go into a Health Savings Account are tax-free, which saves you some money if you use it for dental procedures. If your health insurance coverage includes a Flex Spending account, you can use those funds for most dental procedures. Just be sure to ask you provider in advance if the procedure is eligible for Flex use

Gold Coast Smiles believes you should never postpone or forgo a necessary dental procedure because of the cost. In some cases the course of treatment can be adjusted to better fit into a patient’s budget. If you have insurance, we will do our best to utilize as much of your insurance coverage as possible.

If these options are not possible and the cost is still too much of a financial burden, we recommend CareCredit as the best option for coverage. Financing makes it possible to get the dental procedures you need now, rather than having to put it off until you can afford the cost.

Need a dentist with affordable financing options? Call (516) 676-0250 today to make an appointment at Gold Coast Smiles or request an appointment.