Dental care can be expensive, and financing can be difficult if you have bad credit. However, there are many options for financing your dental care, and these loans can be tax deductible. The key is to understand your options and get prequalified. By following the steps below, you’ll be well on your way to getting the dental care you need.
Health Savings Account (HSA)
A Health Savings Account (HSA) is a special account where you can set aside money for eligible dental expenses. The money can grow tax-free and you can use it to pay for eligible dental bills. You can also rollover unused money from year to year. However, you should be aware that you need to have a high-deductible health plan and an HSA to make use of the account.
The money you put into an HSA can be used for a variety of medical expenses. Some expenses are not covered by insurance, such as health club dues or cosmetic procedures. Fortunately, dental and vision care are eligible expenses.
Flexible Spending Account (FSA)
Before you apply for a loan for dental care, you should visit a dentist. The dentist will be able to give you a treatment plan, laying out the dental procedures you need and the total cost. Then, you can compare the plans and determine how much you will need to borrow to cover the costs. Depending on how much you need to borrow, you may be able to finance part of your treatment.
Dental care using an FSA is available to people with qualifying medical expenses. You must be a member of a high-deductible health care plan to qualify for an FSA. These plans typically have a deductible of $1,400 per individual or $2,800 for a family of four. In addition, a dental plan must be organized by your employer in order to qualify for an FSA.
Loans
Whether you’re a first-time borrower or have bad credit, you can get a dental loan to pay for a variety of procedures. Different lenders will have different interest rates and repayment terms, and you’ll want to make sure to compare each loan’s terms before choosing one. Generally, the longer the loan term, the lower your monthly payments will be. However, you’ll also have to pay more interest over the life of the loan. In addition, some lenders will charge you fees for late payments, application fees, and prepayment penalties.
You can find a loan through your dentist or a third-party lender. These lenders often offer payment plans that include low or no money down. Some dental care financing plans do not require any money down, while others require a minimal down payment. Some lenders will also perform a credit check, so be sure to read the fine print carefully to avoid paying excessive interest. Alternatively, you can use a credit card with an introductory rate of zero percent to pay for your dental care.
Prequalification
Prequalification is an important step when comparing dental loan options. It lets you know how much you can afford to borrow and what type of APR you could end up paying. It also lets you know which lenders offer the best rates. WalletHub’s dental loan prequalification tool can help you do that. It also provides information on potential loan amounts and payoff periods.
There are many factors to consider when comparing different dental loan options. The terms, fees, and prepayment penalties of each loan should be carefully scrutinized. It’s also important to know that not all lenders are created equal. This is why a qualified financing expert will work with you to determine which lender is right for your practice.
Flexible financing options
Dental care is a necessary part of a healthy lifestyle, but many people don’t see the dentist often enough, especially if they’re not experiencing pain. However, regular checkups and quick action at the first sign of problems can prevent a host of chronic problems. However, visits to the dentist are expensive and not every health insurance plan covers the expense. That’s why you should look for affordable dental financing options to pay for dental work.
Some dentists offer in-house payment plans to help patients pay for dental care. These plans are different from those offered through traditional dental insurance, but they are beneficial for people who want to pay for dental care in monthly installments. These plans are flexible, with no annual fees, no pre-payment penalties, and no deductibles. The best part is that they allow you to pay over three to 60 months and can cover just about any health care expense.