Have you found that a missing tooth has caused issues such as a crooked bite, bone loss, or even diminished self-esteem? The best way to correct these issues is through dental implant restoration. This involves replacing a missing tooth with an option secured directly to your jawbone.
The only problem is that dental implant costs are among the highest in oral procedures. It could run a person thousands of dollars per tooth. A mouthful will run you a lot more.
Here are some of the many dental implant payment plan options to consider before your next operation.
Dental Insurance
One of the first things you want to do to address dental implant costs is to speak with your insurance provider. Find out what exactly your insurance covers and how much it provides for your procedure.
Some insurance policies cover a set percentage, such as half or even up to 75%. In that case, you’ll have to pay the remainder.
Other policies offer set amounts, which means you’ll get more reliable coverage regardless of where you pursue dental treatment. However, this can also work against you if your insurance refuses to cover certain procedures or only a small portion of the total cost.
When you browse for new dental insurance, always make sure to find a breakdown of what procedures are covered and to what extent. You especially want them to help you pay for more expensive procedures like root canals or new implants.
Personal Savings
If your dental insurance fails to cover your procedure or only covers a small portion, then your next option is to dip into your personal savings account.
According to data from the Federal Reserve, the average American family has roughly $62,000 in savings across all of their various accounts. Even if you don’t have that much, you may be able to swing one or two dental implants depending on your situation.
However, many low-income households may struggle to afford their bills every month. Those who fall into this category may not have the necessary funds to cover most dental procedures.
Your best option is to put a small amount aside every month for your dental implant budgeting. You may even want to put off paying for dental implant surgery until you’re more financially secure.
In-Office Dental Implant Financing
Many dental offices understand the struggle of trying to pay for these expensive procedures. While they won’t lower the cost for their patients, they may be willing to offer dental financing options.
The way dental financing works is that they set you up with a repayment plan over a span of multiple months or years. You’ll then pay this off every month much like you would car payments.
Most of these financing plans are only available to people with good credit scores. However, they may be willing to overlook your credit score if you can pay a certain portion of the bill upfront.
Try to find a dental office that offers zero interest for up to a certain time. That way, you can pay for the procedure at your own speed without worrying about hidden fees.
Healthcare Credit Card
Some dental offices work alongside medical credit cards to offer alternative financing options. These medical cards work much like dental loans in that you apply for a certain amount and need to get it approved before you can use the card. Once the amount has been approved, you can use that amount towards whatever medical or dental bill you want.
This is often a better route to use as opposed to traditional loans, as they may have lower interest rates. You may also have the option to pay back the entire amount before a certain date for zero interest. However, those often come with very high rates if you miss the deadline.
The main benefit of these cards is you can often get approved as soon as you apply, so they’re handy in a pinch. You also have some flexibility in how you can spend the amount granted.
Flexible Spending Account
Your employer may provide a Flexible Spending Account (FSA) to help you pay for certain medical bills. Employees set aside pre-tax dollars from their paychecks that can go towards approved medical expenses.
The reason you might want to do this is because it reduces your overall taxable income. You pay less taxes by investing this money into future expenses. However, there may be yearly limits on how much money can go into this account in order to avoid taking advantage of it.
Make sure to reach out to your employer to see if your dental implant procedure can be covered by your FSA and to what extent.
Health Savings Account
A Health Savings Account (HSA) works similarly to an FSA in that you put money into it that can be used later for qualified medical expenses. The money grows tax-deferred and you can withdraw from it tax-free.
The biggest difference between the two is that the money in an HSA rolls over from year to year and continues to grow. An FSA does not allow you to carry over funds, and there is a limit on how much you can put into it.
However, employees are only eligible for an HSA if they are currently enrolled in an HSA-eligible health plan. These plans usually have lower monthly premiums than other plans but may have restrictions in other areas.
While an FSA is owned by the employer, an HSA is owned by the employee.
Find the Right Dental Implant Payment Plan
A dental implant payment plan should work for your specific situation. Not every option will be best, and some may actually hurt you in the long run. If you need to explore your options, try searching for “payment plan dental near me” or something similar.
Victoria Dentistry provides a family approach for all your dental needs in Victoria, Texas. Our services cover cosmetic dentistry, oral surgery, general dentistry, and orthodontics. Contact us today to book an appointment and learn more about how we can help you smile brighter.
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