There’s no secret that dental care can be extraordinarily costly. If you’re not using insurance – or even if you are – you’re faced with a big bill every time you have to get your teeth tended to. A dental payment package for dental implants, implants, dentures, braces, or other dental treatment helps to distribute the expense of the care to make it more manageable.
But did you know that there exist various forms of payment plans and various methods to manage for the payment with your dentist? Here, we will take a look at how different dental financing arrangements operate and the things to be aware of before signing up for one.
Backed with this knowledge, you can securely hunt for a dental specialist with the right payment plans for you without having to worry about the finances.
Types of Dental Payment Plans
1. Dental insurance
If you already have dental coverage or a dental insurance plan, either individually or through your company, review it to see if there are any limitations that your dentist can opt-out of. If you have a package that allows you to attend any dentist of your choosing, you are likely to receive preferential rates from an orthodontist Calgary or licensed dentists in the network of your insurance company.
Although services such as check-ups are often available free of charge, you are likely to obtain a percentage discount or a discounted rate for all other services. The reduction could be anywhere from 10% to 80% of the actual cost, based on the type of coverage you have.
For private treatment insurance policies, any benefits are typically subject to a periodic cap, and there is often a special life limitation in effect for orthodontic treatment. This implies that you will also have substantial out-of-pocket expenses for treatments such as:
- Root canal work
- Wisdom teeth extractions
- Dental implants
- Oral surgery
In this scenario, you might also choose to pay a subscription to the doctor for a section that is not protected by your coverage. Also, bear in mind that insurance typically doesn’t compensate for any strictly cosmetic work, such as veneers or whitening of the teeth.
2. Pay Your Dentist Directly
Your dental surgeon can give you a discount if you can somehow afford to pay for the cost of the treatment in full. This could range anywhere from 5-10% – and puts you in a great position to bargain if you a good relationship with your dentist. This choice is also helpful to doctors because they save resources on administration costs and get the full sum right away.
Making the payment upfront in cash might yield a better deal, especially since the dentist would not have to make any additional payments to your credit card company. And if you can’t afford it in full, your dental surgeon might be able to work something around and organize for an in-house payment package.
For instance, you will be able to pay a third of the total cost in advance, with the remainder distributed throughout the next six months. Again, this is only probable when you are a long-term patient with a strong history.
3. Get Financing With a Dental Payment Plan
The third and final method is to organize a formal dental financing plan by availing the help of a third-party financial institution. Most dentists have arrangements in place with a specific company, but you might be able to arrange your entire funds independently if you wish.
Keep note that a dental payment plan is separate from a dental discount plan. Financing options are not a type of insurance; they are merely a way to distribute the expense of the treatment to make it more manageable. You collect the money you require for your treatment and then make monthly payments.
Dental implant payment plans and veneers payment plans can be particularly helpful due to the high cost of these treatments.
Dental Payment Plans: Things to Consider
Businesses that offer dental financing have to make profits in some way or the other. While some practitioners might be fair in their practice, there are others that will try their best to make a profit off you as well. Here are the things you should know about to avoid falling into finance traps.
1. Interest rates
An effective way for a dental financing plan provider to earn a profit is via interest. While some offer 0 percent interest, at a minimum, for a fixed period, others can charge rates that might be much greater than a mortgage or a credit card.
Keep checking the offer you are given and evaluate it against other choices. Also, if you’re using a credit card, make absolutely sure to also make daily monthly mortgage payments to stop your bill from getting bigger.
2. Application or Administration Fees
Always ask yourself if the third-party financing institutions charge any fixed rates for their services of arranging for the dental financing plan. These administrative fees can be obscured from sight from the monthly payments, so it is better to check.
3. Early Repayment Default Fees
What about when you realize that you have the means and can afford to repay the loan amount early? This can potentially save you a lot of interest income, and that is why financial services do not allow it or, at the very least, charge a penalty on it. A repayment plan without such a penalty would allow you the option to make your transactions sooner than expected if you wanted to.
4. Late Payment Default Fees
If you fall back on your payment plan, you can expect to be charged a fee. However, some third-party companies can be more lenient than others; read the terms and conditions of your plan so that you are at least aware of any penalties.
5. Credit Checks
If you’ve had a poor credit background, you’ll have to monitor separately for defaulted credit dental payment plans.
The easiest approach is possibly to avail such a plan provider that does not perform credit checks. These arrangements are usually coordinated directly with your dental surgeon, and you will have high chances of an immediate approval. This also means that you can commence your treatment right away.
If you are of the mind that a repayment plan would contribute to making your dental care more affordable, your first move should look for a dental surgeon with the right payment plans near you. Whether it is financing your dental procedures or home improvement financing, never forget to inquire about the terms of the contract so that you can find an offer that meets your requirements the best. So the next time you care for your smile with dental implants in greenbelt, make sure you enquire about their payment plans!