If you’re having trouble paying for expensive but necessary dental care, you’re likely not alone. If you can’t afford to pay for necessary dental treatment upfront, Let’s look at what your options may be for dental financing.
Payment plans are essentially loans, which can support you in managing the high cost of dental treatment. Rather than paying for your dental work in an upfront lump sum, a payment plan allows you to pay in instalments over a period of time. It reduces the total amount that you have to pay for dental treatment, which will make your payment plan’s instalments even more affordable.
It is essential to get the dental care you need as soon as possible, because untreated issues often require more complicated, costly procedures in the future. Many approved dentists may be able to offer flexible payment plans, to help you manage the cost of your treatment.
Payment plans can be used for a wide range of treatments, encompassing almost any work involving your teeth and gums or broader oral health. You can use a payment plan for general dentistry, including major treatments like root canals and dental implants. Plans can also cover cosmetic dentistry, including teeth whitening, crowns, and veneers, amongst many other procedures. You can use a plan for orthodontics, including all types of braces. Even less common treatments can sometimes be covered, including dental solutions for snoring and sleep apnoea.
However, be aware that dentists may only accept payment plans for significant procedures with high costs. Indeed, some plans are only available in thousand-dollar increments: minor procedures with low costs, such as check-ups, are unlikely candidates.
A personal loan can be used to pay for a range of personal expenses, which can include dental work and medical treatment. These loans are typically unsecured loans, which mean the lender doesn’t require any collateral to secure the loan. Because of this, the lender will typically consider many factors — including your credit history — to determine whether you’ll be able to repay the loan.
If you’ve got lower credit scores, you may end up paying higher interest rates or may be denied a loan outright.
Some dentists may also offer the opportunity to apply for payment plans and in-house financing through third-party lenders. The terms and details will vary based on each loan provider.
If you don’t think you’ll qualify for dental financing or you’re worried about paying for the care that you need — even with financing — you can consider other options.
It can be uncomfortable to ask, but if you’re struggling to find financing and you really need dental care, turning to friends and family may be an option worth considering. They may be able to lend you money. Or, if they have good credit, they may be willing to co-sign on a personal loan or low-interest credit card, which may increase your chances of being approved.
If your necessary dental treatment is really expensive, you just might be able to claim a tax deduction for it. When tax time arrives, many Australian citizens are unaware that they could very well apply for a taxation rebate and consequently get some money back for their out of pocket net dental expenses.
So read on, learn and find out whether you’re eligible for a dental tax rebate in the 2012/13 financial year upon lodging your Australian tax return:
Net dental expenses are the medical expenses you have paid directly out of your pocket (after any health insurance or Medicare claims have been paid). If your medical expenses incurred in the financial year exceed $2120, you are entitled to claim a tax offset of 20% of your net medical expenses over $2120.
For example, for every dollar you pay after $2120, you can claim 20 cents back on each dollar spent. The good news is that there is no upper limit on the amount you can claim. The tax offset also applies to all medical expenses incurred for yourself and/or any dependents (partner and children).
The Australian Tax Office regards payments to legally qualified doctors, nurses, pharmacies and both public/private hospitals as a medical expense. This means any payment to a dentist, orthodontist or registered dental mechanic qualifies as a medical expense; even if it’s a cosmetic dental procedure.
DISCLAIMER: Please note that this information is correct as per the Australian Taxation Office website and is intended to be taken as general information. It does not constitute as financial or accounting advice. Therefore, we encourage you consult a qualified accountant or your dentist to help determine the extent the medical taxation rebate could apply to your personal circumstance.
Do you need major dental work but have no idea how you’re going to pay for it? You could qualify for the Early Release of Superannuation (ERS), which has been established to provide you with access to your funds when you need them most.
Instead of waiting until you are 65 years old, you are able to access your funds immediately, regardless of you are in your 20s or your 40s. That’s why requesting an early release of superannuation for dental treatment can provide enormous financial relief, especially if you have limited private health cover.
The early access to superannuation funds has been designed to allow you to receive essential dental treatment that is paid for by funds that belong to you.
However, you should note that you need to meet select criteria to apply for the early release of funds. This option should also be a last resort and one taken after all other considerations have been exhausted. Speaking to a financial counsellor before you go ahead is a good idea.
As part of a growing trend, more and more dentists are supporting payment plans, which are approved at their discretion.
Payment plans may be offered in-house by a dental practice itself, but are more commonly provided by third-party, specialised companies. Some of these third-party providers offer generic payment plans for any major spending (not just dental), including zipPay, Openpay, and PayRight. Other providers cater exclusively to dental health services, as with DentiCare, MySmilePlan, and MediPay. Regardless, all payment plans have the same premise, of allowing you to pay over time as opposed to a single lump sum.
Like any loan, a payment plan is a commitment. If you are interested in commencing a plan, make sure you carefully discuss your options with your dentist before you undertake any actual treatment.
The conditions of a payment plan are flexible, and often vary depending on the amount and duration of the loan. The time span for a payment plan is commonly 6 months, 12 months, or 24 months. A deposit may or may not be necessary, and while monthly repayments are common, weekly and fortnightly options may also be available. If your application for a plan is approved, you will need to finalise its terms to suit your personal circumstances.
If your dental practice offers in-house payment plans, you will need to inquire about their terms and conditions. The application process will differ for each practice, so make sure to check. Upon actually commencing a plan, you will simply make your repayments directly to the practice before each due date.
If your dentist approves, you can set up a payment plan with a third-party provider. Providers have set frameworks to determine the conditions of your plan, which will affect your repayment amount and its frequency.
Some dental practices have a preferred plan provider, but if not, discuss with your dentist if you can choose your own and apply individually. Depending on the provider, your payment plan application may be a direct debit form or an online process.
If your provider and your dentist approve the payment plan, you can begin your dental treatment. The provider will pay your dentist in full on your behalf. Then, you will make your agreed repayments to the provider – often through an easy, automated process – until you have fully paid for your dental treatment.
Aside from repaying your dental treatment itself, third-party payment plans will involve additional spending obligations. Start-up and account maintenance fees are common, and there are sometimes penalties for early or late repayments. Plans choose their own interest rates – however, many major providers are actually interest free, including DentiCare and MySmilePlan.
Many approved practices may be able to offer payment plans. However, before making decisions based on the right plan for you, make sure to source consistent and clear information. The information on this website serves as a guide, but it is best to contact the providers directly. When you start a payment plan, it is important to carefully read all of the terms and conditions, and keep an eye out for any hidden fees.
Each payment plan provider has its own approval process and criteria to assess your eligibility. They may look at your credit score, income, and any history of tax debt. However, some major providers do not take credit checks at all, such as DentiCare.
Virtually all major plans require you to be 18 years or older, an Australian citizen, and able to prove that you are not bankrupt. You may also need to prove that you have a certain income in some capacity.
Temporary residents need to hold a visa that’s valid for at least the next 12 months
We may ask you to verify your identity
e.g. Driver licence, Medicare card, Passport
We may ask for supporting info about your income
e.g. Electronically or by uploading documents
Other lender like Zipmoney will require your login details to your Bank account.
Some lenders main qualifying criteria is an income based, others are non-income based criteria. For patients who are retired or patients who does not have job but receiving a disability dole, or patients have no job but receiving a monthly income from a non-income based source are well suited to apply to a lender who’s main qualifying criteria is a non-income based. let us know your specific financial position so we could recommend a lender that would best suits you.
LATTITUDE GEMVISA https://www.gemvisa.com.au/
SPOTTER LOAN https://spotterloans.com.au/dental-loan/
CHAMPION LOANS https://www.championloans.com.au/PersonalLoans/DentalLoans-380/
JACARANDA FINANCE https://www.jacarandafinance.com.au/personal-loans/dental-loans/
AUSTRALIAN LENDING CENTRE https://www.australianlendingcentre.com.au/personal-loans/dental-loans/
SAVVY DENTAL LOANS https://www.savvy.com.au/personal-loans/dental-loan
LEADING EDGE DENTAL http://www.leadingedgedental.com.au/finance/
OPTIONS FOR PEOPLE ON CENTRELINK PAYMENTS -CENTERLINK LOANS
ACCESSING MY SUPER FOR DENTAL WORK -DENTAL TREATMENT FUNDING
More information: https://help.zip.co/en
Create and Account or Start Application: https://my.zipmoney.com.au/?m=bed055e5-95cb-451f-8d6a-8b10835591ee#/
More info https://www.openpay.com.au/shop/?CategoryID=209006&PageSize=20&Keyword=vogue%20smiles%20melbourne
Start Application: https://www.openpay.com.au/how/
More Info: https://medipay.com.au/how-it-works/
Start Application: https://medipay.com.au/apply-now/
More Info: https://www.gemvisa.com.au/
Start Application: https://cardapp.latitudefinancial.com/apply/gem/?cardType=gemvisaau&gemid2=gemvisa-web%3Ahome%3Ahome%3Aapply-now%3Aheader#/Intro
This payment plan is ideal for patients who have smaller, non-urgent treatment plans, it is self-managed and straight forward.
Many of us have used or have heard of, the layby system that the larger department stores have, this payment plan works in a similar fashion.
We open a file or account for you within our dental software and whenever you get some spare money you transfer it into this account. Once you have sufficient funds for your treatment, we will go ahead with the work.
It is totally up to you how much and how often you want to pay. No finance companies are involved and no credit checks are required. This is an easy way for patients to save up for their dental treatment.
STEP 1 Book an initial consultation
A fully paid consultation (and x-ray if you still have teeth) is required to establish the extent of treatment and the final figure.
STEP 2 Choose your service
During the initial consultation, your dentist will advise and guide you in order to choose the service targeted to your needs and budget.
STEP 3 Choose your Dental Layby duration.
You can choose to spread your treatment over 3, 6, 9, or 12 months.
STEP 4 Choose the instalments frequency
You can set up your instalments weekly, fortnightly or monthly* according to your income and budget.
STEP 5 Agree to your treatment plan.
Depending of what kind of treatment is involved, there are 2 ways of starting the treatment.
For a treatment such as Porcelain Veneers, Crown and Bridges, the work will be started after you completed a full amount.
For a treatment where it involves a combined restorative and Cosmetic treatment plan, your full treatment plan will be divided into 2- 4 major payment milestones. Each milestone has a target payment cost that must be paid off in order to activate them. Once activated, we will complete all work associated with that milestone. As you continue to pay off each milestone, we’ll continue to complete the dental work associated with that milestone until all milestones are completed, the treatment plan is finished according to your Dental Layby Agreement.
Dental LayBys is Subject to these terms and conditions :
Every time you completed the payment, send us quick email letting us know you have made the deposit with a screenshot of transfer receipt to ensure your account is updated as quickly as possible.
If we are unable to successfully process any of your credit card payments, we will give you a ring and to organise payment of the outstanding amount on some other dates.
Once we received bank transfer payment or process your credit card payment, we will send you an invoice by email.
Your health insurance can be used in conjunction with your Dental Lay by plan.
At your initial consultation, we’ll develop a treatment plan that we can use to define how much your health insurance will cover. The difference between the total treatment cost, and what is covered by your health insurance will become the new total amount of your Dental Lay by that you’ll pay over your chosen Dental Lay by duration.
All Dental Lay by monies must be collected in full before completing final treatments associated with your treatment plan.
If you wishes to cancel your Dental Lay by agreement, you needs to visit the our clinic, and request a cancellation, and confirmation of this cancellation will be provided, along with any refunds you are entitled to.
If you cancels your Dental Layby, you will be entitled to a refund. The amount you are entitled to will depend on what, if any, payment milestones/treatment have been activated or done. The customer will only be refunded the amount they have paid towards a milestone that hasn’t been activated/reached. For any payment milestones that have been activated where treatment has been completed, that money is paid to us for the associated treatment.
If the payment was process through Credit cards, you will be charge with the total merchant fee to transact your credit card payment.
If payment is done through Bank transfer there is no payment charges
Both payment method will incur a $30 per month admin fee
Patient must sign the Dental Layby Agreement to acknowledge these terms and conditions.
We utilizes HICAPS, a simple and easy way to process payments for your private health fund claims, Medicare claims and lodgement of Worksafe Victoria claims.
HICAPS is an electronic health claims system that allows members of ACA Health Benefits Fund to claim automatically on the spot whilst they are at our dental practice. All it takes is a swipe of your ACA Health membership card through our HICAPS machine.
Using HICAPS will save you time, as you will no longer have to lodge your claim via the post. And, more importantly, you will save money because you won’t be out of pocket during the time it takes to claim your benefit.