If you need dental work that’s not covered by insurance or there is no insurance to help with the expense, you need some sort of dental payment plan. The thing to remember is that not all dental payment plans are alike. Before you make any decision, check the plan to ensure it provides these five benefits.
Your Ability to Repay the Financing Matters More Than Your Credit Rating
With some types of medical lending programs, your credit score is important. If your score is below a certain level, the lender will not even consider working with you. That particular dental payment plan is off the table and will not be worth applying for until your credit rating is higher.
There are other dental payment plans that are less concerned with your credit and how it got where it is today. The main thing they look at is whether you have enough income to make the monthly installment payments and retire the debt in a reasonable amount of time. Assuming you can verify your income quickly, the plan could be in place the same day that you apply.
The Terms and Conditions Don’t Contain Any Surprises
There are dental payment plans out there with hidden costs. They only become apparent when you begin to incur them. That can make what seemed to be a great plan at first into something that’s difficult to manage.
The right type of dental payment plan will provide full disclosure about interest rates, how the rates are applied, and any other possible fees, charges, or penalties that might apply at some point. This level of disclosure makes it a lot easier to decide if this plan is for you.
The Amount You Have to Pay Up Front is Affordable
It’s not unusual for a dental payment plan to require the patient to pay something up front to the dental office. The better dental payment plans require a smaller percentage of the overall costs for treatment. That makes it all the easier for you to afford the up front payment and schedule the dental work.
The Payment Plan is Workable
The right dental payment plan allows you to repay the balance in a series of monthly installments. The amount of those installments fits into your household budget with ease. That’s important, since you don’t want to struggle with keeping up the payments from month to month. Best of all, repaying the loan on time will make it all the easier to obtain another loan the next time you need to finance some dental work.
You Can Easily Track Your Account Status
Always find out if the provider of the dental payment plans allows you to make payments online and monitor the overall status of your account. It helps to know when a payment is received, when it posts to the outstanding balance, and how much you still owe.
Remember that not all plans are alike, even if they seem to be similar at first glance. Research the details and ask a lot of questions. Once you are satisfied that the plan is the right one for you, submit an application. You could be having the dental work done a lot sooner than you had hoped.