No one want to receive the news that they need a root canal. After the initial worries about procedure-related pain, the next thoughts often drift to the cost of the procedure. With dental insurance, patients pay an average of $682 for a root canal on a molar. Individuals without dental insurance can expect to pay a whopping average of $1,184 for a root canal on a molar. Fortunately, there are a few ways to make paying for a root canal more affordable.
1. Utilize a flexible spending account.
A flexible spending account (FSA) is a tax-advantaged account that enables individuals to set aside pre-tax dollars for their qualifying medical and dental expenses. Pre-tax dollars means that the contributions are made before taxes are taken out, providing a significant tax savings. For example, an individual who makes $50,000 and has a 30 percent tax rate will have his or her tax obligation decreased by $700 with an annual contribution of $2,550.
In addition to the tax savings, many find that it is easier to save money when the contributions are deducted directly from their paychecks.
2. Apply for a medical credit card.
A medical credit card allows patients to pay for their root canal over time rather than all at once. Medical credit cards are solely used for health-related expenses. One advantage of a medical credit card is that it usually has a certain period that it is interest free or incurs a low rate of interest. This makes medical credit cards much more attractive than conventional credit cards.
One caveat is that patients must make sure their dentist accepts the medical credit card. They also need to pay the cost of their root canal off before the promotional period expires so that they do not incur interest expenses.
3. Consider joining a dental savings plan.
A dental savings plan is a membership plan that provides you with discounts on dental work. It is a terrific alternative for individuals who do not have dental insurance or who have a plan that covers very little towards dental work. Though the savings depends on the plan's details, some dental savings plans may save patients as much as 60 percent off their treatment costs.
Dental savings plans are also generally only 50 to 60 percent of the cost of premiums for dental insurance.
Having a root canal doesn't have to drain your bank account. With a bit of information, you can make an informed decision to make the cost of your root canal more budget friendly.
If you need a root canal, talk to a dental office like Pinon Hills Dental to learn more about your payment options.
Share8 April 2016
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