Believe it or not, the cost of dental implants has been falling as more people are choosing this option for replacing missing teeth. Even so, the cost is still very expensive for a full set of dentures. There are no one-size-fits-all financing solutions with a long term investment like implants. Lifetime Family Dental in Gilbert is able to offer state-of-the art implant surgery and we have some financing plans available. But given the high price of implants, however, we want to present some other options for financing dental implant procedures that might work better for your financial situation
Dental insurance is frequently used to cover the cost of basic procedures like cleaning, exams, simple extractions and x-rays. Some insurance policies will also cover all or portions of denture costs and single implants. Most have a maximum limit of $2000 or less, so that may only be a small fraction of what is needed for a full set of dental implants. It is still worth considering as a supplement to other forms of payment.
Healthcare Installment Plan
Many people need to cover the cost of a dental implant procedure over an extended period of time. Fortunately, there are companies whose business is helping patients establish a long-term financing plan. With a healthcare installment program, you can make small monthly payments over a longer period of time while you enjoy the immediate benefits of a beautiful smile and fearless eating. The total cost of treatment can usually be covered with a monthly payment of $200-$500. It’s like buying a new car and paying it off over a number of years. It may be a good option for many people.
Home Equity Line of Credit (HELOC)
Home equity lines of credit are often used for home improvements, higher education and other expensive needs. Improving your quality of life with dental implants is certainly a worthy use of a home equity line of credit. The interest rates on these types of loans are often very low. There may also be tax savings that go along with a HELOC payment plan. It would be a wise option to consider.
Borrowing from your 401K is a great solution for establishing a long-term payment plan. Low monthly payments can be extended over a period of up to five years. Low interest rates between 3-5% are also an advantage. And, all the interest paid by you is deposited back into your retirement account. For working folks, this is a smart financing option. Repayment is often made through payroll deductions, so it couldn’t be more simple.
Flexible Spending Accounts
Beginning this year, the federal government allows you to deposit up to $2750 into a Flexible Spending Account (FSA). These are before-tax dollars, so you get a tax savings as well. FSA funds can be used tax-free for uninsured healthcare expenses. The payment plan is repaid through payroll deductions during a full calendar year. It is tax and interest-free.
Personal Bank Loans
It is becoming increasingly difficult to apply for an unsecured loan. Your bank or credit union may not be entirely receptive to your desire to borrow money for dental work. If you have a great credit score and a good working relationship with your bank, however, you may be able to secure a loan for dental implants. You could expect monthly payments in the range of $300-$500.
Smile Now, Pay Later
There are almost always options for financing dental implant procedures. Some may work better for you than others, depending on your age and financial situation. As daunting as it may seem to do the research and secure a loan, consider the cost of doing nothing. A welcoming smile, great self-confidence, and the ability to eat whatever you want are not beyond your reach. Lifetime Family Dental is here to help you achieve your desires for good oral health. Call us today for an appointment so we can discuss your financing options, both in-house and outsourced. Don’t let fear of financing stand between you and the smile of your dreams!