Financing is a Big Bonus for Patients and Clinics Alike
Dental work is often a necessity: not just in terms of pain, but also general health. But what if you don’t have dental coverage, or your dental coverage has a very high deductible?
It’s a huge source of stress for many, but there is a solution.
One option is to procure dental financing. Dental financing gives you the opportunity to get the dental work you need now, while putting off the expenses until later.
The best part? Dental financing has a ton of benefits for clinics, too! It’s a win-win for everyone involved. Let’s take a closer look:
What to Do If You Don’t Have Dental Insurance
Don’t assume that you can’t get anything done if you don’t have dental insurance.
Even without dental insurance, it’s possible to get dental procedures done. In fact, it’s a common situation. Dental insurance isn’t like health insurance: it’s an optional addition that not everyone has.
Let’s start at the beginning: talking to your dentist.
Talk to Your Dentist
Begin by talking to your clinic. They may already have financing and payment options ready to go.
Different dentists may work with different programs or may have insight into how you can get your work done more affordably.
Some dentists even offer their own financing programs, though these are usually large clinics, but it’s not unheard of for a smaller practice to work with financing institutions to help patients get the treatment they need.
Financing and Payment Options
Most dental clinics work directly with a larger financing solution. These financing solutions are specifically for medical debts and work just like a credit card or a line of credit.
You will usually be approved for a specific amount, such as $5,000. Your dental work will be charged against this.
From there, you can make payments directly to the financing plan. Often, you can get a financing plan at 0% interest until a certain amount of time has passed, such as a 0% introductory APY for the first twelve months.
This gives the time you need to pay off your dental work without even incurring additional costs.
Does Dental Financing Work?
Does dental financing actually work? That is the question!
Dental financing is one of the most popular methods that patients who don’t have OHIP dental coverage use to pay for their dental work.
Most clinics work with at least one financing option, and the financing options have benefits both for patients and practices. But beyond benefits for patients, there are some surprising incentives for clinics to offer financing, too.
Easy Payments for Patients
Dental financing makes it possible to make small payments towards your debt while getting the treatment you need immediately. It’s often beneficial to have the credit line open in case there are emergencies later, and you can even get cosmetic work that you want done.
Compared to credit cards, dental financing is easier to procure and often has better interest rates. Further, dental financing usually provides a higher credit line, as well. Because it can only be used at a dental office, you can get thousands in credit when you might only be able to get hundreds on a credit card.
Dental financing is a flexible option and can be used for any type of dental procedure. Unlike dental insurance, which often has restrictions on the types of dental procedure available, dental financing can be charged directly by the dental clinic for any of their available services.
Furthermore, dental financing can be used in conjunction with dental insurance, to reduce the cost of co-payments and deductibles. Often, dental financing can even be used from clinic to clinic, in the event that you need to see a specialist.
Benefits for Practices, Too
For a practice, the benefits are obvious: they get paid immediately through dental financing.
The risk is associated with the credit company rather than the dental office. Many dental offices are hesitant to personally offer payment plans, because they can’t be certain that the patient will keep paying on the debt.
With this, the dental practice knows they will get paid, and will be able to get their patients out of pain without worry.
In fact, practices that offer financing and payment plans typically get more patients that are willing to proceed with treatment. It’s much easier to sell smaller monthly payments over a few months than it is to get a patient to commit to a full payment up front.
Money’s a big factor in why many patients outright avoid or delay treatment, too. By making it easier for patients to get treatment and reducing their stress factors, clinics get valuable business while patients get the treatments they need. It’s a win-win scenario!
Don’t Panic! You Can Get the Treatment You Need
Dental financing is frequently available through clinics with existing relationships with financial institutions, but it’s also common for these clinics to offer flexible payment plans.
You can get the treatment that you need without the worry or the wait.
Bills for dental work add up. It’s not uncommon for a dental patient to not be able to pay for these procedures or surgeries out of pocket. With dental insurance itself being optional, there are many people who find themselves backed into a corner.
But getting dental care is incredibly important: a dental issue could be fatal if it is left unaddressed, and it’s almost always painful. Before assuming that you can’t get the work you need done, talk to your dental office. You can get started now by making an appointment at Highbury Park Dental.