Tooth loss affects millions in the US, stemming from a variety of reasons including prolonged absence of necessary care, decay, gum disease, or injury. Among replacement options, dental implants stand out for their natural look and function. Yet, because of their surgical requirement, implants tend to be costly, and many may opt to put off. The bright side? Various avenues exist to ease the financial burden of dental implants. Here are seven ways to pay for your dental implant full–arch procedure.
1. Out of Pocket/Personal Savings
Consider tapping into your rainy-day fund to cover dental implant costs. Alternatively, start saving now to pay for them outright down the road. Although this route may take longer, it avoids debt with interest accruing, or seeking financial help from others. Remember, implant surgery is a major decision and lifelong investment, so taking your time is wise.
2. Dental Insurance
All-on-4/X full-arch dental implant procedures are generally not covered by dental insurance, however Smart Arches patient ambassadors help patients submit paperwork for claims, namely tooth extractions, to their insurance company, so they can reimburse them for applicable treatments.
This will depend on the specifics of your policy, how much coverage you currently have, and how much money is remaining in your annual deductible.
Dental insurance is usually not a go-to option for many, however, aspects such as cost, coverage, and network are critical when making your decision.
There are some providers who offer limited/partial coverage based on the severity of your condition or the number of teeth requiring replacement.
To determine your coverage, reach out to your insurer directly and inquire about their policies regarding implant procedures. They can provide insight on in-network surgeons and dentists, along with the extent of coverage for your surgery, if any.
Be Sure to Read and Understand Your Policy
Review your insurance contract’s Summary of Benefits diligently. This section details potential copays, appointment requirements, and other pertinent information.
Keep an eye out for:
- Missing Tooth Clause: Determines coverage for pre-existing missing teeth.
- Waiting Period: Specifies how long you must wait after applying before treatment.
- Set Rate: Caps the insurer’s payment for your treatment.
- Pre-existing Conditions: Some medical conditions may exclude you from coverage.
- Co-Payments and Deductibles: Out-of-pocket expenses you’re responsible for.
- Maximum: Yearly and lifetime limits on medical expenses, potentially affecting coverage for dental implants.
3. Dental Financing
The most common means of paying for dental implants is through dental financing, which allows you to spread payments over an extended period, typically ranging from two to ten years. This approach breaks down the expense into manageable monthly payments, ($175-$550). Ideal financing terms are typically available to individuals with credit scores of 660 or higher, however, Smart Arches collaborates with multiple financing providers that extend options to individuals below that threshold.
Our partnered dental financing plans permit you to pay for implants through monthly installments or within a specified timeframe. Smart Arches additionally offers zero-interest plans for up to 60 months and conventional loan financing for more substantial treatment plans, with payment terms extending up to 144 months.
To explore dental financing, speak with your Smart Arches patient ambassador and inquire about pre-qualification processes, upfront costs, and monthly installment amounts.
Types of Dental Financing
- Medical Credit Cards: Medical credit cards are just like regular store credit cards but offer financing options for medical procedures. Smart Arches offers these cards through collaborations with lenders, in which they come with a low/no-interest rate.
- Conventional Loan: If you have excellent credit and a high income, you may consider applying for a conventional loan. This type of financing is similar to getting a mortgage, with interest rates typically ranging from 6% – 22%.
- Personal Loan: Another option for financing is a personal loan. Banks or credit unions offer these loans, and they come with interest rates ranging from 5% – 31%.
- Zero Percent Intro: If you have excellent credit and a high income, you may qualify for a zero-percent intro promotion. These promotions can help you lock in your treatment at no interest for a limited time, generally between 6-18 months, until interest begins.
Can I finance dental implants with less than perfect credit?
Many patients encounter challenges with credit but are thrilled to learn that Smart Arches works with an array of lenders ready to meet their needs.
DENTAL FINANCING OPTIONS WITH LOW CREDIT
| MEDICAL & DENTAL LOANS | DENTAL CREDIT CARDS | PERSONAL CREDIT CARDS | PAYMENT |
Interest Rates | 6%-35% APR | 0% with deferred interest | 0% with deferred interest | Varies by provider |
Credit Score Needed | 520-630 | 520-630 | 300-630 | Possibly none; 580-660 |
Loan Amount | Up to $100,000 | $300-$10,000+ | $300-$10,000+ | Varies by provider |
Source: www.creditrepair.com
You may consider applying for a personal loan from your bank or credit union as one option. These loans typically have stricter approval requirements compared to medical credit cards, often requiring good or excellent credit.
If you are denied of a loan, another possibility is securing a co-signer for the loan. A co-signer with good or excellent credit can enhance your chances of approval and may secure a lower interest rate.
Specialized lenders cater to individuals with lower credit scores, offering loans with higher interest rates than those for individuals with better credit but still lower than payday or auto title loans.
Alternatively, you can choose to explore peer-to-peer lending platforms like LendingClub or Prosper. These platforms connect borrowers with individual investors and often offer lower interest rates than conventional loans. However, these loans lack guarantees, so it’s crucial to have a robust repayment plan in place before applying.
Before committing to a loan for your dental implant procedure, ensure you have full confidence in your ability to repay it promptly and completely. While the allure of low-interest rates may be enticing, it’s essential to evaluate the long-term financial implications carefully. Additionally, thoroughly examine any fees, interest charges, and other potential costs linked to the chosen financing plan before finalizing your decision.
Dental Implant Tip: Our primary goal is to help you achieve your dream smile. That’s why we work with the largest names in dental financing such as Proceed/OneMain, Cherry, Care Credit, and Lending Club, and we’ll continue to add more to help you move forward with your dental implants.
4. Flexible Spending Account (FSA)
If you’re enrolled in a Flexible Spending Account (FSA) through your employer, it can serve as an excellent means to finance your dental implants.
With an FSA, you have the ability to allocate pre-tax dollars from your paycheck throughout the year, which can be utilized for approved medical expenses at any time in the future.
Contributions made to your FSA effectively reduce your taxable income, resulting in significant tax savings.
It’s important to note that depending on your plan, there may be annual contribution limits and restrictions on the utilization of funds for specific procedures.
However, if you’re considering dental implants, exploring the option of utilizing your FSA to help offset the cost of surgery is certainly worthwhile.
How Does It Work?
Imagine the total cost of your dental implants in Jacksonville, FL is $10,000.
If your FSA holds a balance of $5,000, you can apply these funds toward a portion of the implant cost. The remaining $5,000 can be covered by alternative payment methods such as cash, credit card, or check.
It’s crucial to retain all receipts and documentation pertaining to your dental implant surgery for FSA claim purposes. Additionally, your FSA provider will require a letter from your dentist confirming the medical necessity of the implants.
Here’s a Dental Implant Tip: Before utilizing your FSA for dental implants, ensure that your dentist accepts FSA payments and that dental implants are classified as a “qualified medical expense” by your specific FSA plan.
5. Health Savings Account (HSA)
Similar to an FSA, a Health Savings Account (HSA) offers tax advantages and can cover qualified medical expenses, including dental implants.
Funds in your HSA grow tax-deferred, and withdrawals for qualified expenses are tax-free, essentially making it a healthcare-focused retirement account.
To qualify for an HSA, you must also be enrolled in a high-deductible health plan, which typically offers lower monthly premiums than traditional plans.
Unlike FSAs, HSAs do not have a “use it or lose it” rule—unused funds roll over from year to year, making it a valuable long-term savings tool even after surgery.
Here’s a Dental Implant Tip: IRS recognizes dental implants as a qualified medical expense eligible for pretax payment from an HSA. However, it’s advisable to consult your plan administrator before making significant decisions regarding surgeries or other costly procedures.
6. Borrow From Your Retirement Plan or Home Equity
An alternative approach involves borrowing from your retirement plan or tapping into your home equity to cover the costs of full-arch dental implants. Let’s delve into each of these possibilities in more detail.
Retirement Plans
If you possess a 401k, IRA, or similar retirement plan, you can typically borrow up to 50% of the funds without incurring taxes or penalties. These loans generally feature lower interest rates compared to personal loans, and repayment terms typically span five years or less. However, it’s essential to note that if you depart from your job before repaying the loan, you may be required to settle the entire amount within 60 days, potentially incurring a 10% early withdrawal penalty.
Home Equity Loans
Another common method to finance dental implant treatment is through a home equity loan. This type of loan allows you to borrow against the equity in your home, which is the difference between your mortgage amount and the current market value of your home. Home equity loans typically offer lower interest rates compared to personal loans and credit cards, and the interest may even be tax-deductible. However, it’s essential to note that defaulting on a home equity loan could result in the loss of your home.
While using a home equity loan may not be the most ideal solution, it can be considered if other options are limited. However, it’s crucial to weigh the potential risks against the benefits carefully.
Dental Implant Tip: Consult with your dentist and financial advisor before making any decisions. They can provide guidance on the best option for your specific circumstances.
7. Dental Grants
An increasing number of individuals are exploring dental grants as a means to cover the costs of dental implant procedures. Over recent years, numerous dental grant organizations have emerged to assist patients in funding their dental implant procedures. Some operate with intricate procedures, while others receive legitimate funding from government agencies or foundations, adhering to strict income and need-based criteria.
However, many of these entities serve as lead-generation platforms for participating dental practices. These dental offices pay a monthly fee to the grant providers for dental implant leads. Our offices do not participate with grant providers, and it is highly recommended to be cognizant of the arrangements made between the grant provider and the dental practice so that you are not responsible for treatments the grant claims to cover. How it typically works is a partial grant is offered, but this is generally offered as a discount taken off an inflated price point.
While dental implants are undoubtedly a significant investment, often costing several thousand dollars per tooth or more, they are frequently deemed worthwhile due to their longevity compared to other tooth replacement options like dentures or bridges. Nonetheless, acknowledging that not everyone can afford dental implants, one alternative is to opt for inaction and endure your current dental condition. Although this may appear viable initially, it’s crucial to recognize that leaving your teeth in poor condition carries its own set of risks and expenses. Dental complications can manifest unexpectedly if left unaddressed, potentially resulting in greater costs and discomfort in the future, along with significant overall health problems.
Costs of Leaving Your Teeth In Poor Condition
Neglecting missing teeth can trigger neighboring teeth to gradually shift position, leading to various complications such as gum disease.
Untreated missing teeth can lead to a plethora of issues. If you’re experiencing tooth loss, it’s crucial to address it promptly to prevent further complications. Delaying treatment can exacerbate jawbone loss, resulting in more challenging and expensive dental procedures in the future.
Moreover, dental problems can impact your overall health and dietary choices. Neglecting oral health may lead to increased healthcare expenses over time. Additionally, studies suggest that individuals with dental issues may face challenges in career advancement and salary growth.
It’s essential to recognize that dental issues often escalate if left untreated. For instance, a seemingly minor chip can progress into a severe infection, causing significant dental and financial repercussions. By seeking timely dental care, you can mitigate future complications and expenses, ensuring a healthier and more prosperous future.
Conclusion
There are various affordable options available for obtaining full-arch dental implants without financial strain or accruing debt. Our team is here to assist you in exploring our financing alternatives and addressing any inquiries you may have. Additionally, for individuals residing out of range of our 8 locations on the east coast, we provide virtual consultations to accommodate your needs, as many of our patients travel from afar for their dental implant procedures.
If you’re eager to reclaim your smile, don’t hesitate to schedule a complimentary consultation with us today.
