Do you have an unexpected dental bill that’s not covered by insurance? It happens. Many people don’t have dental insurance, and most policies don’t cover everything. It’s very common that patients are left paying for substantial dental bills out-of-pocket. It’s understandable that these costs can be difficult to afford, even if it’s what you need.
So what do you do? You deserve to have the dental care you need. There are several options our Cincinnati dental office can help you with.
Payment Plans, Loans or Credit Cards
You could discuss working out a payment plan with your dentist. We may be able to accept payments over time, depending on the circumstances and your credit history. It doesn’t hurt to ask.
You could also consider asking your bank for a personal loan. You might consider a credit card, especially one that has no interest for the first 6 to 12 months to give you time to pay it off.
Advantages of CareCredit and Why You Should Be Cautious
Another option is CareCredit, a medical card that offers deferred interest for medical expenses. Approval rates for CareCredit are high. The card features a fast acceptance rate so you have quick access to funds for timely dental treatment.
The catch is you need to pay off the card within the agreed upon time (this is the deferred interest part of the equation). If you fail to meet the time limit, the interest you deferred suddenly kicks in at a very high rate of 26.9% (compared to 16% for most credit cards). This can make a CareCredit card problematic if you aren’t able to pay it off fast enough.
“The terms certainly are not hidden, but many times people don’t read all the information with any financial product to fully understand what they’re getting into,” says Matt Schulz, senior industry analyst at CreditCards.com, told Time.
You can visit CareCredit’s website and use their handy interest calculator to do projections on what a loan could cost you.