Financing makes wisdom teeth extraction more affordable. Instead of funding the entire amount upfront, you make monthly payments.
Payment plans and financing mean the same thing. Do not get confused.
Borrow as little money as you can! Get medical and dental insurance to cover most costs. If you have Medicaid, you get extra benefits.
Healthcare Flexible Spending Accounts provide funding upfront while saving you money. Sign up at work before getting a loan, credit card, or in-house plan.
Dental Financing Options
Parents have several options for financing wisdom teeth extraction. One option has low monthly payments, does not check credit reports, and accepts poor credit. Make the best choice for you.
Personal Loan
Parents can use a personal loan to pay for wisdom teeth extractions. These loans have fixed monthly payments and transparent borrowing costs. You will know the fees, interest rate, and repayment period upfront.
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- Employer name and phone number
- Driver license number
- Social Security number
- Bank account and routing number
- Total balance of unsecured debt
- An estimate of your credit score range
Flexible Spending
Families can use a Healthcare Flexible Spending Account (FSA) to pay for wisdom teeth removal. An FSA is not a loan but works like one. One parent must have access to it at work to unlock critical advantages.
Bad Credit
Parents with bad credit can use an FSA to fund dental expenses without fear of rejection. Employers must accept all employees willing to participate even if they have bankruptcies, repossessions, or charge-offs on their consumer report.
Medical financing with a 500 credit score is typically impossible, but not with an FSA.
- When you pay for a qualifying expense using your FSA debit card, your employer immediately transfers money to your dentist.
- Employees can use their annual FSA funds at the start of the plan year, even before making contributions.
No Credit Check
Parents can use an FSA to fund dental expenses without a credit check. Employers cannot access employees’ credit reports or scores.
No credit check dental financing usually means small amounts to reduce lender risk. However, with an FSA, employees can contribute up to $3,300. If both spouses have access, they can contribute up to $6,600.
Tax Savings
An FSA offers affordable payments because parents use pre-tax money. Pre-tax contributions reduce income subject to federal, state, and FICA taxes.
For example, a family could reduce their federal tax by 24% and their FICA tax by 7.65%. Assuming it costs $3,150 to extract four wisdom teeth, they would save $997.
Credit Card
Patients can use a medical credit card to pay for wisdom teeth extraction. These cards offer flexible monthly payments but have uncertain costs.
Medical credit cards often have deferred interest during promotional periods. Your costs depend on how well you manage the flexible payments.
- Your costs are zero if you pay off the balance during the zero-interest period. However, you need to pay more than the minimum each month.
- If you do not pay off the balance within the promotional period, the interest rate jumps to 29%. This consequence applies to people who make only the minimum payment.
In-House
Dentists and oral surgeons often offer in-house payment plans for wisdom teeth extractions. However, they usually do not provide the financing themselves.
Most providers went to dental school to learn how to treat patients. They did not take classes in credit underwriting, billing, and collections. Typically, they refer patients to third-party finance companies.
In-house programs are convenient. However, contacting an outside lender first is better for people with bad credit, as the chances of rejection are high.
Reducing Financed Amount
Reducing the financed amount increases approval odds. Lenders prefer applicants who can afford the monthly payments.
Patients can reduce the cost of wisdom teeth extraction in several ways. Consider these options before applying for a loan or credit card.
Medical Insurance
Medical insurance can reduce the cost of bone-impacted wisdom teeth extractions. The remaining expenses are often small and may not need financing.
Medical insurance is the primary payer for the removal of bone-impacted third molars deemed medically necessary. Most patients have health insurance, and the cost-sharing features are less onerous.
- No waiting period for pre-existing conditions
- No annual benefit maximum
- Smaller coinsurance percentages
Dental Insurance
With careful planning, patients with dental insurance can reduce costs for gum-impacted wisdom teeth removal. Strategies are needed to maximize the benefits of two key features.
Annual Maximum
Dental insurance often has annual benefit maximums. The average plan limits claims payments to $1,500 yearly, about the cost of removing four gum-impacted third molars.
Schedule extractions over two years to avoid the annual maximum. Remove two teeth in year one and two in year two. Do not wait until the pain is unbearable.
In-Network
PPO dental plans offer discounts when patients use in-network dentists for gum-impacted wisdom teeth removal.
In-network dentists accept the insurance company’s allowed amount as full payment. Out-of-network providers charge more for the same service.
Choose wisely.
Medicaid Benefits
Medicaid recipients can consistently lower the financed amount for bone-impacted wisdom teeth removal. However, the benefits for gum-impacted third molars vary.
Medicaid covers wisdom teeth extraction differently based on the age and residence state of the patient.
- Medicaid provides health insurance nationwide, covering medically necessary oral care for all ages.
- Medicaid offers dental insurance to teenagers nationwide, covering oral care up to the age of 19 or 21.
- Medicaid pays for adult dental care differently in every state. Twenty-five states cover the removal of gum-impacted third molars.
