Visiting the dentist can be frightening. Sure, having a cavity filled or a tooth pulled is scary in itself, but the true scare tends to come at the end: the dental bill.
While insurance may help offset costs, most annual plans max out somewhere between $1,000 to $2,000, leaving you to still pay for the majority of work out of pocket should you require a significant procedure. This high cost of dental work not only keeps people from seeing a dentist as regularly as they should, but it also prevents individuals from getting the dental care they need.
With modern finance solutions, however, the bill doesn’t have to cause you as much pain as your toothache. From dental loans to dental financing options, patients now have various options to secure dental work for an accessible price.
In this blog, we’ll be going through a few options you have if you find yourself needing financial assistance to pay for your dental procedure.
Option 1: Dental Loans
When first seeking ways to pay for your dental procedure, one of the most convenient ways to quickly get the required funds is to get a dental loan. A dental loan is a type of unsecured, personal loan. Being unsecured, these types of loans aren’t backed by any collateral that the lender can take from the borrower should they default.
While dental loans tend to be much more accessible if you have favorable credit, the truth is that these types of loans tend to come with higher interest rates and pose a greater risk to the lender, due to no collateral being required.
When seeking a dental loan, it is important to remember that your eligibility will mainly depend on your credit score and credit history. If you have a negative credit history, searching for a dental payment plan or loan to pay for your dental procedure may not be the best option, as you’ll either be charged high interest rates or simply be denied.
If you’re hoping to get a dental loan to pay for your dental procedure, consider shopping around various lenders, banks, and credit unions before deciding on one. This way, you can compare different costs and interest rates to determine which suits your needs (and wallet) best. If a credit check is required, be sure that the lender performs a soft credit check, which are credit checks that don’t affect your credit score.
Option 2: Payment Plans Offered by Your Dentist’s Office
Paying a bill on a monthly basis is much more manageable than paying for a single large sum upfront. Because of this, many dental offices tend to offer dental payment plans for popular procedures that may not be covered by insurance.
Similar to seeking a dental loan, be sure to shop around a bit before committing yourself to the dental payment plan of a single dental office. The reason for this is that dental payment plans may differ from dentist to dentist, and what one dentist offers may be drastically different than what another dentist offers.
When shopping for a dental payment plan, be sure to ask the following questions:
- Is there an interest fee to the dental payment plan? And if so, how much?
- Will my credit score be checked before I am offered a payment plan?
- Are there any hidden fees for my dental payment plan?
- What is the monthly payment for my dental payment plan?
Asking important questions such as these will help you mitigate any chance of being blindsided by unexpected fees, demanding interest rates, and will overall keep you better informed to make your decision.
When it comes to payment plans, some offices may offer the payment plans through their own practices or may rely on a third-party lender to help. Third-party lenders tend to have their own unique approval processes, so what may be the process for one practice may not necessarily be the process for all.
Option 3: Medical Credit Cards
Medical credit cards are another option for those looking to pay for their expensive dental work. If you decide to go this route, be sure to confirm that your dental office accepts the specific credit card you are hoping to apply for. While there are not many dental-specific cards available, medical credit cards can be used to pay for a majority of dental work.
An advantage to medical credit cards is that many offers deferred interest financing, meaning you’ll be given a time period (12 months, for example) in which you will not be charged any interest. The catch, however, is that you need to pay off your total balance before the end of the time period in order to avoid paying the interest. Should you not complete the contract before the time period expires, you’ll be charged all the interest from the very first charge, which will cause you to pay more in the end.
Be Instantly Approved With Denefits Guaranteed Patient Financing
While the options mentioned are all valid ways of financing your dental procedure, many will still find difficulty being approved for a patient finance contract for various reasons.
If you struggle with finding a lender to provide you financing options due to your credit, or are unable to be approved for a medical credit card, you can still receive the funds needed to finance your dental treatment with Denefits.
Denefits is an innovative complete payment solutions system that provides simple financing options for patients regardless of their credit score. With Denefits, patients are instantly approved for flexible payment plans, helping you get access to the dental care you need without any hassle.
Denefits can help patients finance their medical procedures across multiple industries, helping to bridge the gap between affordability and medical treatments. Since Denefits is free to use, practices can enroll with Denefits risk-free, making dental financing accessible for all.