Are you considering orthodontic treatment, but worried about how to pay for it?
When it’s time to seek medical care, the cost of medications, procedures and visits to the doctor are top of mind for many Americans. Like any other medical treatment, orthodontic treatment can feel like a significant investment in your health and well-being.
This comprehensive guide will help you navigate the world of orthodontic financing so that you have a comprehensive understanding of what lies ahead on your road to treatment. From understanding your payment options and budgeting effectively, to evaluating insurance plans and taking out special loans, we’ll take a look at all of your options so that you can make the right financial decision for yourself or your family.
Take a look below for all the tips and tricks about successfully funding your much-needed (and desired) orthodontic treatment.
Benefits of Orthodontic Financing
Financing is a popular option for patients that are looking to pay their medical bills over a period of time as opposed to all at once. Here are some of the various benefits of orthodontic financing:
Pay at Lower Fixed Rates Over a Longer Period of Time
For lots of people, getting the funds to pay a lump sum upfront can be quite difficult. Financing allows you to pay significantly lower rates over a longer period of time so that you can appropriately budget out your payments.
Get Treatment Sooner without a Large Upfront Payment
A major benefit of not having to pay your entire bill upfront is that it allows you to get the treatment that you need sooner. Without financing, the time spent saving up money means that the medical care you need is getting pushed back. Some conditions can’t wait, so it’s best to get the care that you need as soon as you can.
In-house Financing Can Save You On Interest
Usually, if you choose to finance your bills in-house through your provider, the APR is 0%. Meanwhile, many third party lenders charge significantly higher interest on their loans which can cost you in the long run.
Questions to Ask About Financing During a Consultation
Financing isn’t the right choice for everyone, so it’s important to ask the right questions about financing during your consultation to see if it’s a good option for you and your financial needs. This can depend on your ability to budget, the specific procedure or treatment you’re receiving, and a number of other important factors.
Here are some questions to consider asking at your next consultation:
Do you have a budget that you stick to each month?
For some patients, they aren’t able to budget out the necessary money to pay back their loan each month. If this is the case and the treatment you need isn’t urgent, it may be best to save up to pay your bill all at once.
Is a single payment too high for what you can afford?
A main reason that patients often choose to finance is that they simply can’t afford to pay their entire bill in one payment. This is where financing becomes an option to seriously consider, especially if the medical care you need is relatively urgent.
Does the orthodontist offer financing in-house or through a third-party?
During your consultation, make sure to ask if the orthodontist does in-house financing or if they use a third party. As we mentioned before, in-house financing is typically 0% APR while third parties can charge higher interest rates. If the only option is through a third party, it may be worth considering if financing is still a fiscally sound choice for you.
Does financing apply to all types of treatment or just metal braces?
For certain procedures, you may not qualify for financing at all. Be sure to ask your orthodontist if financing applies to your specific treatment so that you know if it’s an option.
Is a down payment required for financing?
While financing removes the need to pay the entire lump sum up front, you may still need to provide a down payment. Check with your orthodontist to see if they require a down payment, and if so, how much that will cost.
Get 100% Financing for Orthodontic Treatment in Johnson City
If financing is the right choice for you, Local Orthodontics has you covered.
To learn more, schedule a consultation today.