Mark Greene
It is no secret that medical expenses can be extremely costly. Dental work is no exception. An office visit alone can range from $50-350, depending on what it might include. Any speciality work such as a tooth extraction can cost up to $450. Those procedures are even on the lower end of the spectrum. If you find you need braces that can cost even more.
The average cost of braces is about $5,000-6,000. This can be a big dent in your budget. Braces are often thought of as a cosmetic procedure, but it can actually be a necessity for your oral health. Getting braces does not have to be a financial burden. There are many different options for those that are not able to get their braces covered by insurance. Here are some ways you can get your first loan or other alternative forms of payment for braces:
Arrange A Payment Plan - Before even applying for a loan you want to check to see if your orthodontist has any type of payment plans available. Most orthodontists have an option to pay for braces for a certain period of time. However, often you will still need to put a down-payment. You also may not have much flexibility for how much you pay regularly and how often you must pay. Although this might not be the most desirable option for your financial situation, it is always a good idea to check what your available options are to make the best, educated decision.- Short- Term Loans - Often times, the best way to pay for braces is to pay immediately with cash. You can often get a discount if you offer to pay in full and in cash. However, not everyone might have immediate cash in that amount available. In such cases, it might make sense to search for a loan where you can get immediate cash such as a title loan. Title loans are a great and quick way to get cash for braces. The way these type of loans work is that you can take out cash when you use your car as collateral. You can get cash immediately and pay your loan later when you have more funds available. It is best to choose this option when you know you have more income coming at a later time.
- Specialized Dental Loans - Some banks offer special dental loans that are to be used exclusively for dental costs such as braces. The benefit of using a personal dental loan is that it often allows you to spread the costs over longer periods of time even up to five or seven years. This might be a better alternative compared to a payment plan which might only allow you to pay over a 24-month period. However, the downside to these specialized dental loans is that they tend to have higher interest rates. Thus, you will end up paying more for your braces over time.
- HSA/FSA - If you qualify for a Health Savings Account or Flexible Savings Account through your employer, it could be a better alternative to look into rather than a loan from a bank. There are several differences to know between an HSA and a FSA. While both are accounts that utilize amounts from your paycheck, an HSA is not subjected to federal income tax like an FSA. However, you can only use an HSA if you need braces for high health risks such as gum health and must be approved first. FSA allows you to pay for braces full upfront and you pay for them through FSA overtime.
- CareCredit - Using a credit card could also be a good alternative to paying upfront for your braces. However, keep in mind that credit cards could have much higher interest rates than personal loans. Alternatively, there is the option of applying for CareCredit. CareCredit is a specialized credit card that is used only for medical care expenses. Unlike other credit cards, you are often given the opportunity to pay off braces interest-free if you pay within a certain time period.
Paying for braces can be stressful and overwhelming if you are not well-versed in all your payment options. Figuring out the best way to pay for such expenses really requires you to think about what will work for your financial situation in the long run.
