Dental Financing Options
It is no secret that dental work can be costly. Depending on the type of procedure you may desire, these costs can range from just over affordable to quite expensive. Sometimes you may be able to put treatment on hold in order to save the desired amount of money. Most times, however, you will need to worry about undergoing the treatment first and paying it off after. To help you pay off dental treatments, there are various dental financing options available. Listed below are a few of these options:
Dental Credit Card:
If you have found yourself in a situation where you require a specific, costly dental procedure immediately and do not have extra money saved up, a dental credit card might be a good option for you. However, like most credit cards you will need to apply and may be turned down if you do not meet the requirements. In addition you will need to select a repayment schedule and being late on payments means your interest rates will increase, which could add to the cost of the initial procedure.
Some Common Dental Credit Cards Include: United Medical Credit, Care Credit, and Lending Club.
Dental Savings Card:
Instead of paying a monthly insurance premium, you can enroll in a dental discount program. Dental discount programs accept all applicants and do not have interest rates. Instead, you will pay a small monthly or yearly fee resulting in twenty to fifty percent of your dental services being covered.
Some Common Dental Savings Cards Include: Carefree Dental, WellCard RX, and Humana.
Another option available is to get a personal loan from a credit union or bank. The benefit to getting a personal loan is that it will come with a fixed interest rate which will help your payments stay consistent. This option is ideal for people who have good credit or who have someone with good credit who can co-sign with them.
Some Common Personal Loan Companies: Lending Tree, Payoff, Even, and Monevo.
If your insurance does not cover a provider or procedure and you still need it, some dentists will agree on a payment deal. This can either be a lower cost of the procedure or it can be an extended payment plan. However it is very important to check with your dentist, and you should never assume that they will do this for you since each dentist has their own approach to this issue.
Borrow From Your 401(k):
With this option, you are simply borrowing money from yourself. The benefit here is that you will have no interest rates to pay back, however you are also not accruing interest either since the money will no longer be in your account. If you plan on continuing to work for the same company that provided you with the 401(k), then you should be able to pay back the money at your own pace. If, however, you lose that job, you will be expected to pay the money back in sixty days.