The struggling economy dominates the news these days and people are looking for ways to stretch a dollar.
And it has become more important than ever to provide payment options to patients who don't have dental insurance or wish to avoid paying large sums up front for dental treatment.
Unlike many luxury items, routine dental care is necessary whether you have the money to pay for it or not.
Offering different financing options such as Health Services Credit Cards keeps dental treatment accessible to people who are experiencing tough times financially.
Dental treatment can be costly for people without insurance.
It also can be expensive for people with dental insurance if they require procedures such as root canal therapy, crowns or dental implants.
The financing options enable patients to spread out the cost of their dental procedures over time.
Offering the credit lines has made dental care more accessible to patients.
It's a win-win for dental practices and for the patients.
It allows dental practices to focus on treatment and providing the best quality of dental care, and it leaves the finances up to the credit providers.
What are Health Services Credit Cards? CareCredit is a personal line of credit for healthcare treatments and procedures.
It works like a credit card but can only be used for healthcare services.
It offers no interest financing and patients who need more time to pay for their procedure can take advantage of CareCredit's extended payment plans with low, fixed interest rates.
Capital One Healthcare Finance is similar to CareCredit, in that it provides a financing option for elective dental procedures.
It offers installment loans with fixed rates and interest-free periods.
How it Works People interested in paying for their healthcare services through CareCredit or Capital One complete an application, just as they would if they were applying for a Visa or MasterCard.
Upon approval, they are given a line of credit.
Depending on their credit history, they can be eligible for interest-free financing.
For example, CareCredit offers 18 months of interest-free financing to qualified applicants.
Cardholders receive a monthly statement and must pay a minimum payment by the due date to maintain their interest-free status.
Once patients have these lines of credit, they can be used elsewhere.
Many people use them to purchase glasses, at their veterinarian's office and for nonsurgical cosmetic procedures.
Avoiding the Interest It is important to read the fine print to avoid having to pay the interest.
If a patient does not pay off the balance on the card during the deferred interest period, all of the interest accrued from the date of purchase will be added to your account.
Paying the minimum amount each month will not result in paying off the balance during the deferred interest period.
To use CareCredit as an example, a charge of $275 on the credit card with an 18-month interest free period results in a minimum monthly payment of $15.
However, by paying $15 per month for 18 months, the cardholder would have paid just $270- not the $275 balance.
At that point, the cardholder would accrue interest on the entire $275 purchase, and not the $5 balance.
By increasing their monthly payment by just $1, the balance would be paid off within the 18-month time frame.
When it comes to your dental health, it is better to take advantage of the financing services available, even if you have to pay a bit of interest, rather than let a dental issue go unresolved.
Untreated dental problems can lead to more serious illnesses.
-end-