Have you recently discovered you need dental implants, but you aren’t sure how to pay for them? You are not alone.
When you first start your research, the upfront cost of quality dental work can be a surprise. If you know you need the full mouth dental implant procedure, putting it off adds up as you will need to invest in other services and procedures like scalings, gum grafting, bridges, fillings, etc.
There are health complications that become worse over time: compromised nutrition, plaque buildup entering your cardiovascular system, and ongoing bone loss that leads to more complications for full mouth restorations.
We are not trying to scare you. This is just a reminder of how making the larger investment sooner saves people money compared to investing in a lifetime of dealing with dentures or periodontitis procedures that cannot solve the underlying problem.
We have patients from all economic backgrounds who can and do find ways to afford full mouth restorations.
Everyone’s personal finances go through seasons of change. Not being able to afford something now, does not mean you will never be able to pay for it. For example, if you suspect you will need New Teeth Now in the future, it is a good idea to get an estimate as soon as possible to guide your financial planning strategy. This way, if necessary, you can begin saving a down payment and building up your credit to be approved for financing at your best rate.
What Are the Most Common Financing Options for Full Mouth Dental Implants?
Many patients cannot afford to pay out of pocket for large dental implant procedures. Because of limited insurance coverage, patients research their financing options to pay in monthly installments.
So then, how do you pay for dental implants? Here are some payment options patients have used to afford New Teeth Now.
- Payment plan through a personal loan, or any collateral-based loan
- Borrowing from retirement savings such as a 401(K) or IRA
- Request financial help or cosigning from family or a friend
- Home Equity Line of Credit (HELC), or a reverse mortgage
At New Teeth Now we do not manage financing in-house. We work closely with our preferred financial partners. You can research current rates through our company pages.
Does New Teeth Now Offer a Payment Plan?
No, New Teeth Now does not manage payments and financing.
We have established a relationship with our financing partners so that finding a payment solution can be fast and accessible for everyone. Before scheduling a consultation, we encourage new patients to research their financing options. Our partners offer prequalification, which allows you to avoid hard inquiries, and their rates are competitive.
One of the benefits of contacting them directly through these links is that they can recognize you as a New Teeth Now patient. This streamlines the application process, allowing us to review the status of your financing application. And it can mean avoiding a hard hit to your credit report, which is helpful if you are concerned about needing to build credit to qualify in the future.
We highlight a preferred lender when we notice a trend of better interest rates from that lender. This is not a guarantee that you will get the best rates from them. Our partners’ rates are not fixed, and interest rates differ based on the patient’s financial history.
It is also best to contact multiple financing companies as some of our patients will utilize more than one financing partner.
Patients may not be approved for the full amount by a single financing company. A patient may be approved for 60% of the full price of the procedure for one loan and take out the remaining 40% through another.
What Does a Monthly Payment Look Like?
Budgeting is an important part of determining how much you can finance. Ask yourself what you can afford and be honest with yourself about it. Your installments, or how much you pay in financing each month, are determined by several factors.
- How much you are borrowing
- The length of your payment plan
- Current rates offered by lenders
- And, your credit score
If you are approved for the full amount by a single lender, your loan term can last for 84 to 90 months (about 7 and a half years), which can drive down the monthly expense. Bear in mind the interest will increase the overall cost of the loan the longer your repayment period is.
Some lenders will offer the first six months to a year without interest. This is an appealing option if you think you can pay off most of your loan within that interest-free window. Make sure to read the terms. Typically, there are stipulations for not paying off the amount owed before your interest-free deadline.
Will Dental Insurance Cover a Dental Implant Procedure?
It is exceedingly rare to receive much insurance coverage, if any, for dental implant procedures. Why? Because most dental insurance plans will not cover the cost of dental implants. Despite the serious medical impact of living with missing teeth, insurance companies view dental implant procedures as cosmetic, or elective.
Because of cheap alternatives like removable dentures, the insurance industry considers dental implants a choice rather than the necessary medical procedure that it is.
When coverage is an option, it will be limited by your selected plan’s yearly maximum. The normal maximum coverage is not going to cover bigger investments, normally falling between $1,000 to $2,000.
A common point of confusion we see related to yearly maximums is when patients expect their insurance plan to cover 50% of the cost of oral surgery because of the way those plans were advertised to them. These 50% coverage plans typically only cover up to the yearly maximum, meaning that the 50% coverage will not exceed a maximum, or something like a $2,000 limit (depending on the plan), and you will have to find a way to cover the rest of the cost on your own.
New Teeth Now is not in-network for HMO or DMO insurance plans. If your dental insurance is a PPO plan, you can expect to receive some level of coverage for your new teeth through your out-of-network benefits. This will only cover a fraction of the cost of the procedure.
When it comes to full mouth restorative procedures like New Teeth Now, the approved maximum coverage will help with a few monthly payments from a lending plan.
Borrowing from Life Insurance
Whether you can borrow from your life insurance depends on the type of policy and the stipulations underlined in your plan. You cannot borrow from a term life insurance plan, for example. However, you are more often able to take out a loan from a permanent or whole life insurance policy. In this case, the insurance company measures the loan amount as collateral against the death benefit. Meaning if the funds aren’t repaid, they would not be refunded and the amount awarded to your beneficiaries will be lower.
How to Borrow from Retirement
Most 401K plans have guidelines allowing you to borrow early. Past patients have found ways to borrow against their retirement without having to pay taxes for a withdrawal. You could essentially be taking a loan out against your future self; in which case, the interest you owe is paid back into your retirement fund. Contact your plan administrator to learn about rules and restrictions specific to borrowing from your retirement plan.
How Much Will Medicare Help?
Neither Medicare nor Medicaid will cover this procedure. In fact, at the time of our writing this, Medicare does not provide any coverage for dental services.
Are Dental Implants Tax Deductible?
Medical care, including dental implants, is a deductible expense. You will have to file an itemized tax return to benefit from care.
If you do not like the sound of itemizing your taxes, another way to save money would be to budget ahead of time with your Flex Spending Account (FSA) or Health Savings Account (HSA). Dental implants are commonly covered by these untaxed accounts.
As an FSA will not cover cosmetic procedures, and make sure to note that any elective cosmetic work done at the same time as the procedure will not be covered.
Important Questions to Ask When Shopping for Dental Implants
Having all or most of your teeth replaced with New Teeth Now prosthesis is a big investment in your quality of life. Do not be discouraged by the first estimate you receive. Do compare prices and ask about hidden fees or add-on expenses. Remember, it is not all about the price.
If you find someone advertising a price that sounds too good to be true, chances are it really is not true. Before jumping at the cheapest option, make sure to research the quality of their service. Here are some important questions to ask before choosing a dental implant surgeon.
- Do they have video testimonials from real patients?
- How are their online reviews?
- Do their past patients still engage with them on social media?
- Is the implant specialist an oral surgeon or a dentist?
- If your surgeon isn’t board certified, are they on track for certification?
- How often does their surgeon perform the procedure?
- Are there any hidden fees or additional fees not included in their first quote?
At New Teeth Now we work hard to keep costs down and to have a transparent price range available for you the first time you contact us. When you ask us how much your procedure will cost, we provide you with a good faith estimate and explain fees or complications related to bone loss. Services are all inclusive, not à la carte. This includes all extractions (if any), implants, abutments, professional general anesthesia by a CRNA, two sets of teeth (temporary and permanent), and two years of follow-up care (excluding routine cleanings with a dental hygienist).