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Financing for Dental Implants
- Updated: October 24, 2015
Are you looking for the ultimate guide for financing for dental implants? You’ve come to the right place. Dental implant is one of the restorative procedures in dentistry. It’s a great way to replace your missing teeth, because it has the same appearance as your real teeth and the implant acts as an artificial teeth root that prevents bone loss in your jaw. The dental implant can also improve your ability to speak and eat. Dental implant procedure requires a meticulous effort from skilled professionals, so it is only natural that the procedure is rather expensive.
Moreover, since this dental care procedure can actually replace the missing tooth with almost identical look, many insurance companies consider this as a cosmetic procedure. They do have a point, though, because there are other cheaper alternatives (although these alternatives don’t have the advantages of the implant). Usually dental insurance doesn’t cover this procedure (or even if there is a dental insurance covering the procedure, it’s only partial cover).
What’s more is that dental insurance typically covers only $1,000 to $2,000 of maximum benefits per year. This is far beyond the cost of major dental procedures in United States! We even think that we should paraphrase the word dental insurance; because we believe that the insurance term is only used for a mechanism that can protect you from unforeseen expenses.
How to Choose Dental Implants Financing Options
Back to the topic, since there’s no way the dental insurance will cover the full cost of the implant; it is understandable that people look for the best way to finance dental implants. Below are some of your options:
It’s the most conventional way to finance dental implant. There are several cons of this option. First you have to wait for some time before you can actually get the money needed for the procedure. You also need a tremendous willpower to be discipline is saving your money. The good side of this method is that you’re free from interest rate.
Some office may accept partial upfront payment and then you can pay monthly payments to cover for the procedure. However, dental implant procedure generally only requires several visits, so the chance is that the dental office will refuse the partial payment option. Should you be able to find one that accepts this method, we recommend you go with this option.
We usually don’t recommend this method. Credit card is certainly an easy way to finance dental implants, but it’s basically a high interest rate loan, higher than most of the loans available out there. You should only use your credit card if you are certain that you will get a benefit out of the deal (for example, single digit interest rate for the first 12 months payments, etc) and you will be able to pay for it during the set of time. Careful calculation is essential in this case. Remember: Don’t be late in paying your monthly payment!
You may also opt for medical credit card such as the CareCredit. The CareCredit typically has a 14.5% interest rate, although some may be able to get lower interest rate. Contact the CareCredit to ask for their options. Just like a regular credit card, you need to do a careful calculation, estimating your monthly payment. Promotional plans (such as no interest rate in 6 months or 12 months) have some hidden trap in it. Do not use them unless you are certain that you can pay the whole procedure within that time frame, unless you are willing to add a large debt to your pocket.
Healthcare Installment Loans
If you’re looking for a way financing for dental implants with a low interest, you may want to consider the healthcare installment loan. The system used is quite similar to the car loan system. You will be able to get the money for the procedure, and then you will be required to pay a fixed monthly payment for a period of time. The keyword here is the fixed interest rate and no penalty fees. The interest rate is based on your credit history. In average, the interest rate for this method is 9.99% APR, although some can get as low as 3.99% APR and as high as 17.9% APR.
There’s another option available, which is an equity loan. It’s basically a loan that uses your asset as collateral. This means that your asset will be taken away from you if you are unable to pay for the debt. Since we think it’s pointless to lose a house over a tooth; we won’t recommend this method at all.
Financing for dental implants requires careful consideration. You certainly cannot rely on dental insurance, because their benefit is simply too small for a procedure this expensive. Take your time and make careful calculation and consideration for each option. We recommend you to choose the one that offers the most comfortable monthly payment for you (and low interest, if possible).
I hope this post can help you get proper information on financing for dental implants!