Exploring Dental Financing Solutions for Individuals in Need

Exploring Dental Financing Solutions for Individuals in NeedIf you want to live your healthiest life, read on to learn all about dental financing solutions so you know your choices when it comes to taking care of your teeth.

The older you get, the more you realize that the most frightening part of dental treatment is the subsequent bills you get for dental work. It’s a well-known fact that financial limitations are the reason why people postpone visits to dental offices. As a result, many Americans can’t get timely dental care, making their oral health get worse.

Poor oral health comes with multiple problems, making them accumulate. When you postpone your dentist appointment, you may end up with health issues that can’t be ignored anymore. As a result, you may find yourself looking at exorbitant medical bills you can’t afford.

Fortunately, there are various dental financing options that can help you cover dental costs without sacrificing your oral health. I’m sharing this info because I am bestselling wellness author. I founded a nutritionist recommended online program called The Stop Emotional Eating Course!

I love sharing insights and techniques to help people to enjoy their healthiest life.

And so I wrote this article all about dental financing solutions for people in need.

First things first…

Statistics on Dental Costs and Oral Health in America

Take a look at some key takeaways:

  • The average adult who has relatively good oral health spends nearly $1,000 annually on dental care without insurance;
  • Dental care costs have increased over 30% per person over the past 20 years;
  • 14.7% of people in America can’t afford dental treatment;
  • 13.2% of children aged 5 to 19 years, 25.9% of adults between 20 and 44, and 25.3% of adults aged 45 to 64 years have untreated dental caries;
  • 1 in 5 low-income adults state that they haven’t visited a dentist within the past 5 years;
  • 87% of people state that poor oral health negatively impacts their lives.

How Dental Health Affects Overall Health

You may not have thought about this before, but your overall health is closely connected to your dental issues. Our mouth is an ideal environment for various bacteria, and some of them can affect our body far beyond the mouth. As our mouth is also a pathway into our body, bacteria can enter our bloodstream and cause various health problems.

Some of the less obvious consequences of poor dental health include the risk of heart disease, the negative impact on pregnancy, the risk of diabetes, pneumonia, and much more. As you can see, your oral health is not a separate entity. It has a direct impact on your overall health and should be taken seriously.

What Is Dental Financing?

Dental financing is a form of financial assistance that people can access if they can’t cover their dental expenses in other ways. Dental loans are a great option for people in need or those who want to split the cost of treatment into several payments to make it more affordable. In most cases, dental financing options allow you to get a lump sum deposit. Then, you can use it for dental costs and repay the funds within several months or years. Some options also come in the form of a revolving line of credit.

How to Pay for Dental Health Services: Options for Individuals on a Low Budget

There are many things you can sacrifice due to temporary financial hardship, but your health should not be one of them. Luckily, there are options that can come to the rescue when finance is the nuance. Let’s take a look at what kind of financial help you can access if you can’t finance your dental treatment on your own. Bad credit options are also included.

Get a Personal Loan for Dental Work

Personal loans are considered one of the best dental loans for individuals in good standing. If you have a strong credit history, you can get low interest rates and favorable loan terms. Regular personal loans are available from banks and credit unions. They allow you to get up to $50,000 without limiting your loan purpose. You can use the funds to pay for dental implants, veneers, teeth whitening, dental surgeries, and other dental procedures. The repayment will be made for up to 60 months in equal monthly installments. To qualify, get ready to meet minimum income and minimum credit score requirements.

Consider Bad Credit Dental Loans

Even if you have bad credit, there are still dental loan options that you can access. Most bad credit personal loans are offered by alternative lenders and online loan providers, but some options are available through banks and credit unions too. However, if you’re going to deal with a traditional lender while having less-than-perfect credit, get ready to provide collateral or bring a co-signer.

Alternative options come with multiple benefits. Online dental loans for bad credit scores offer a chance to access expensive dental procedures to individuals who otherwise can not afford them and will have to postpone their visits to a dental care provider. They are also extremely fast and easy to get as there are no hard credit checks performed. If approved, you will be able to get the funds within one day directly into your bank account.

However, their pitfall lies in the high cost. The lower your credit score, the higher your interest rate will be. Thus, you will pay more than you could if you had good credit.

Ask Your Dentist About Dental Financing In Place

Some dental offices offer dental financing options for their patients. This can be a great alternative to health insurance. This way, you will be offered an extended payment plan. The whole cost of your dental procedure will be split into several parts. Then, you will make affordable monthly payments over the whole loan lifetime. However, not all dental offices offer such options. Ask about available payment plans before a dental procedure starts to avoid unpleasant consequences.

Use a 0% APR Credit Card

A 0% credit card can help you save significantly, provided that you will manage to repay the funds within the introductory period. This period usually lasts from 12 to 21 months and allows you to use the money within your credit limit without accruing any interest.

Within the whole introductory period, you can make only minimum monthly payments, which are typically a small percentage of your balance. If you manage to repay the amount you spend within the period, there’s no interest you will have to pay. If you don’t, a certain interest rate will be applied to your unpaid balance.

Get a Medical Credit Card

Ask your dentist whether they accept medical credit cards as a payment method. Such a card can be used to cover a wide range of medical expenses, including dental treatment. Then, you need to repay the funds within the set terms. Some medical cards can also require you to make minimum payments each month.

For example, the CareCredit card’s repayment terms range from 6 to 24 months. The interest rate is typically 26.99%. Borrowers with credit scores below 600 can find it challenging to get approved for a medical card. However, each issuer may have its own requirements. Shop around for other options if this one doesn’t fit you.

Attend a Dental School

Dental schools offer various dental programs designed to help students gain more practice and experience. Some people consider it risky to trust their oral health to non-professionals, but do not sweat. Students there always act under the supervision of experienced specialists. While you’ll get dental treatment at reduced prices.

Alternative Options to Cover Dental Expenses

If the options above don’t work for you, consider a few more ways to finance dental work.

Get a Dental Savings Plan

A dental savings plan, also known as a discount plan or referral plan, allows you to pay a certain annual fee in exchange for a discount for dental services. The percentage of the discount depends on where you live and what kind of plan you choose. This option can work for you if you have only a few dental problems. If you have some ongoing dental issues, you’d better consider dental insurance.

Consider Dental Insurance

Let’s make it clear, dental insurance is not a cheap option. At the same time, it can result in significant savings in the long run and prevent you from extremely-high out-of-pocket dental costs. In most cases, dental insurance offers 100% coverage for cleanings and exams and up to 80% coverage for other dental procedures. Shop around and compare insurance plans offered by various service providers and choose the one with affordable monthly fees or premiums.

Borrow Money from Your Family or Friends

Borrowing from relatives or close friends is often an interest-free way to get extra cash. You can turn to your loved ones if you can’t get any other dental financing options. In most cases, you can agree on flexible and convenient repayment terms without overpayments. However, you must understand that your relationship with loved ones is at stake. So try to always stick to the repayment deadlines.

What to Pay Attention to When Choosing a Dental Financing Option

Whether you’re going to choose dental loans or in-house financing, pay attention to the following traits:

  • Repayment terms. This is a two-edged sword, so you need to be informed about both favorable and unfavorable consequences. The longer your repayment terms, the lower your monthly payments will be. At the same time, it will result in a higher total loan cost as an APR is applied annually. Try to choose something in between.
  • Monthly payments. Make sure you have enough money to maintain your regular lifestyle after you make your monthly loan payment. List your earnings and expenses, including your potential dental loan, and see whether the remaining amount is enough for you.
  • Interest rates and fees. Try to avoid loans at hefty interest rates when it comes to long-term borrowing. Options with three-digit APRs can work only if you need a fast solution for short-term needs.
  • Lender’s reputation. Make sure the lender you choose is worth dealing with. Check out customer reviews to stay warned.
  • Bad credit tolerance. If you have a bad credit score, ensure that a lender will accept your application. Make it clear before you apply to avoid unpleasant consequences.

Also, you need to be realistic about your ability to repay. Make your calculations properly, and always have a plan B.

The Bottom Line

Even if you don’t have excellent credit, there are various dental financing options that can come to the rescue. Multiple lenders offer dental loans, allowing you to maintain your oral health timely. Dental loans work almost like regular personal loans. However, some options can come with high interest rates.

The most popular ways to finance your dental treatment include personal loans, bad credit dental loans, and 0% APR credit cards. Additionally, you can access in-home dental financing, use a credit card, or ask your loved ones to help. If your financial situation allows, consider dental insurance or a dental savings plan. We hope some of these options will help you pay for your visits to a dentist.

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