Financing Medical Procedures

[xjsnake]

As some of you know I had to have a front tooth removed about 3 weeks ago due to 3 fractures in the tooth. The tooth was weakened by a root canal originally and was a time bomb according to the oral surgeon my dentist referred me to.

 

Has anyone here financed a medical procedure via carecredit or similar?

 

I'm looking at $3000 out of pocket for a bridge (not my 1st choice as they have to be redone every 5-10 years) or $5000 out of pocket for an implant (buy once, cry once).

 

I don't have that kind of $ just sitting around (school teacher) so I'm wondering if I'm barking up the wrong tree with the idea of financing the procedure on a medical credit card.

 

I don't have any other debt besides a small student loan. Car is paid off and no credit card debt.

 

Thoughts?

[knewcomb]

Get an installment loan maybe?

[Dolomite_supafly]

A loan is better than ANY credit card. With a loan you know the amount and for how long.

Also, ask if they have a cash discount. I know most hospitals give discounts for cash vs insurance.

[UncleJak]

Some doctors will accept payments. I would try that first, as the ones that do accept payments don't charge interest.

sent barefoot from the hills of Tennessee

[xjsnake]

Some doctors will accept payments. I would try that first, as the ones that do accept payments don't charge interest.

sent barefoot from the hills of Tennessee

The implant dentist I talked to (one of the best in the southeast supposedly) doesn't do payments, only referred me to the medical credit card (I'm assuming he gets a kickback). I hadn't considered a personal loan, that's not a bad idea.

[Glock30]

I had dental work done a few months ago. Dentist offered me CareCredit, asked about a cash discount. Offered me a 10% discount, as this is what they gave up to CareCredit for the "no interest" payment plan for me. Needless to say, I took the discount.

 

Edit: That's a defacto ~12% interest rate on the discounted amount. If you can borrow money for less than that, do it.

Edited August 29, 2013 by Glock30

[TNMTBik3r]

I used CareCredit for my LASIK surgery... 2 years 0% and this way I can use my HSA to pay it off over the two years.
No issues with it, but it is a credit card...

[Sam1]

I used CareCredit for my LASIK surgery... 2 years 0% and this way I can use my HSA to pay it off over the two years.
No issues with it, but it is a credit card...

 

That's pretty smart, actually saved you 30%+ from using tax free $ to pay the bill.

[peejman]

I'd shop around a bit first.  Lots of dentists will do a payment plan on these types of procedures. 

 

 

I used CareCredit for my LASIK surgery... 2 years 0% and this way I can use my HSA to pay it off over the two years.
No issues with it, but it is a credit card...

 

This is an excellent idea, assuming you can plan the event far enough in advance.  I intend to do exactly the same thing if/when I ever get my eyes fixed. 

 

Another option is taking loan from your 401(k) if you have one.  There are some fees involved, but you're paying yourself interest rather than a bank. 

[rhyfelwr]

I know we like to keep teeth, but for instance in my family we end up just getting teeth pulled or filled. My dad had one front teeth pulled a couple years ago. You get used to the gap. Or you could look into ObamaCare, does it cover dental? :rofl:

[10-Ring]

I had a friend of mine that recently had some extensive dental work done.  Was discounted 60% for paying cash instead of going through insurance, which she didn't have for dental.  You do have to ask for the cash discount though.  We do live in a messed up world, the fact that there is a different price for cash than insurance tells me that the system is messed up.

[TNMTBik3r]

Another option is taking loan from your 401(k) if you have one. There are some fees involved, but you're paying yourself interest rather than a bank.

I have never done that but know a couple people I work with have. It seems like s good idea if you have the account and funds in it.

[KahrMan]

I have used care credit a couple of times for medical procedures for my wife.  The key is trying to pay off the balance before your promotional 0% is over, usuall 12 months.

 

Another option is to get a loan from a credit union.  I needed to do some repairs to my house.  I took my title to a credit union and got a loan against my truck for 2%.  Credit union car loans are about the cheapest way to borrow money right now.

[KahrMan]

I just noticed you are in Nashville.  Call Southeast Financial Credit Union in Brentwood.  That is who I used.

[RobertNashville]

One word of encouragement I may be able to give is that my one and only bridge lasted at least 20 years  before it needed to be replaced and I probably could have gone longer if I wanted to chance it. Maybe my experience is unusual...I don't know.. but maybe yours would last longer than you think!

 

As to financing it, if you can't cash-flow it then a personal loan is probably the least costly option unless this "medical" CC has an unusually low interest rate.

[Guest TankerHC]

One word of encouragement I may be able to give is that my one and only bridge lasted at least 20 years  before it needed to be replaced and I probably could have gone longer if I wanted to chance it. Maybe my experience is unusual...I don't know.. but maybe yours would last longer than you think!

 

As to financing it, if you can't cash-flow it then a personal loan is probably the least costly option unless this "medical" CC has an unusually low interest rate.

 

Im on 15 for mine, doesnt show any sign of falling out. Hope it doesnt, things cost a fortune. Plus, that bridge cost me two good teeth (either side) when a front one cracked.