Dental Financing – A Guide to your options

By September 30, 2015 Blog No Comments

Dentistry as a medical science can do a lot to improve your quality of life in terms of your health, self confidence and appearance. Starting from dental implants that replace missing teeth to braces that are used to straighten crooked smile, dentistry offers state-of-art solutions to most of your oral and dental problems. Of course, just like everything else that requires skills and knowledge, highly sophisticated and technical dental services do not come cheap and the sad fact is that most of the services mentioned above are considered to be elective and hence is not covered under dental insurance usually.

It is important to keep in mind that dental insurance cannot really be considered to be insurance as it does not protect from any unforeseen and large expenses. It can be thought of to be an annual discount coupon that pays around $1000 – $1500 in a year. Thus, it can be of a little help for a particular treatment that you have opted for provided it meets all the criteria for coverage. So how is that you are going to pay for the dental services you opt for without leaving a hole in your pocket? Here are some of the dental financing options that you can choose from:

  • General Use Credit Cards

There is a high chance of your dentist accepting payment through the credit card you use. So if you can use, you need not apply for a new loan. However, there is a downside to this and that is the credit your use for other routine works would get tied up. Also, the interest rates in case of credit cards are higher than other loans.

You can consider a good deal for transferring the balance that you use for making the payments for your dental service to a new card. There are companies that offer single digit or very low rates of interest for the transferred balance for the entire life and charge a minor transfer fee. Make sure to read the fine print.

  • Healthcare Credit Cards

Healthcare credit cards or credit cards specially designed for taking care of medical and dental expenses have become common. These credit cards are accepted by most medical and dental clinics and thus, this is another dental financing option that you have. In most of the cases you would need to pay an interest rate of 14.9% and sometimes no interest rates are charged if you qualify for some promotional period offer.

Late fees are high and the interest rates get doubled if you are unable to pay the balance on time.

  • Healthcare Installment Loans

An installment loan is a great option that you have if you have a pay a large amount of dental or medical expense. There is a fixed payment schedule and an interest rate and the interest rate varies. There are usually no penalty rates.

  • Equity Loans

These are secured by collateral and because of this fact; the interest rate in case of equity loan is generally quite low.

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