Buffalo Dental Implant
1526 Walden Ave. Cheektowaga, NY 14225
716-882-3777
Financing
At Buffalo Dental Implant, we believe everyone deserves a healthy smile. That's why we've partnered with CareCredit and Lending Club to offer you flexible financing plans. It’s an easy way to get the care you need today and pay for it over time.
Financing Plans 💰- You can pre-apply to CareCredit and LendingClub without affecting your credit score.
We have 4 most common ideas that patients use to finance dental procedures.
1. Healthcare Credit Card - CareCredit
CareCredit is like a traditional credit card and is more lenient towards slightly lower credit scores. The APR amounts are higher than Lending Club (Option 2). The amount of your treatment and your credit score determine which payment plans are available to you. Here's a simple breakdown of the options:
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For Treatment $1.00 to $199.99: You'll have standard terms based on your contracted APR with CareCredit. This amount is just like a credit card.
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For Treatment from $200 to $499.99: We offer zero percent financing! This means you won't pay any interest on your loan if you pay it off within the promotional period of 6 months. Be sure to pay off the full amount on time to avoid interest charges.
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For Treatment of $500 or more: You have a choice of repayment periods. This gives you the flexibility to choose a plan with monthly payments that best fit your budget:
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24 months APR usually between 17% and 20%
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36 months APR usually between 17% and 20%
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48 months APR usually between 17% and 20%
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For Treatment of $1,000 to $24,999: You can choose 24 to 60 month plans, giving you a longer period to pay and making monthly payments even more manageable. APRs are usually between 17% and 20%. You can pre-apply without affecting your credit score.
2. Lending Loan Solutions - Lending Club
LendingClub Patient Solutions is a loan. It offers lower APR rates than CareCredit offers. Lending Club usually requires a slightly higher credit score.
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Loan Amounts: Loans are available from $1,000 to $65,000.
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APR: The Annual Percentage Rates range from 3.99% to 30.99%. Your specific rate is determined by your credit score and the loan amount.
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Loan Terms: You can choose a repayment plan from six to eighty-four months. The length of your term will be based on your credit score and the loan you select.
Credit Score: A credit score of 600 is the minimum to apply, and a score of 660 is considered "good," which may help you qualify for a better rate. You can pre-apply without affecting your credit score.
3. Savings Solutions - HSA
An HSA is a special, tax-advantaged savings account that you can use for qualified medical and dental expenses. To have an HSA, you must be enrolled in a high-deductible health plan (HDHP).
The Triple Tax Advantage Using an HSA for your dental care provides unique financial benefits:
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Contributions are Tax-Free: When you contribute to your HSA, the money goes in before taxes are taken out. This lowers your taxable income, saving you money from the start.
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Tax-Free Growth: The money in your HSA can be invested and grow over time, completely tax-free.
Tax-Free Withdrawals: As long as you use the funds for eligible medical and dental expenses, your withdrawals are completely tax-free.
Many people think an HSA is for medical only, but it is an excellent way to pay for dental care. Eligible expenses include: routine dental cleanings and exams, x-rays, fillings and crowns, root canals and extractions, dental implants and bridges, orthodontic treatments like braces and Invisalign (when medically necessary).
Some employers offer to match a portion of your HSA contributions. This is essentially free money that you can use for your dental treatment, making your savings even greater. By using your HSA, you can pay for a large portion of your procedure with money you've already set aside on a pre-tax basis. This can significantly reduce your out-of-pocket costs and make your dental care more affordable.
You may be able to deduct some of the cost from your dental work on your taxes.
Here's a simple guide to understanding if your dental work could be a tax write-off.
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You Must Itemize Your Deductions: To claim a deduction for your dental expenses, you must itemize your deductions on your federal tax return using Schedule A. This is only beneficial if your total itemized deductions are greater than the standard deduction for your filing status.
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Your Expenses Must Exceed 7.5% of Your AGI: You can only deduct the amount of unreimbursed medical and dental expenses that is more than 7.5% of your Adjusted Gross Income (AGI). For example, if your AGI is $50,000, you must have more than $3,750 in total medical and dental expenses to claim a deduction. If your total qualified expenses were $5,000, your deduction would be $1,250 ($5,000 - $3,750).
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The Dental Work Must Be Medically Necessary: This includes a wide range of services, such as: teeth cleanings and exams, fillings, sealants, and fluoride treatments, braces, dentures, and other dental appliances, dental implants, bridges, and crowns, X-rays and oral surgery, prescription medications for dental ailments. This does NOT include cosmetics, veneers, teeth whitening or toothpaste/mouthwash
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You Can Only Deduct Unreimbursed Expenses: The amount you deduct must be reduced by any payments from your insurance or employer. You cannot claim expenses paid with tax-advantaged funds, such as from a Flexible Spending Account (FSA) or Health Savings Account (HSA).
What You Need for Documentation - It is crucial to keep detailed records of all your dental-related expenses in case of an IRS audit. This documentation should include: receipts or invoices from Buffalo Dental Implant, a list of the procedures performed and the amount paid, records of any reimbursement received from insurance or other sources. Please consult with a tax professional to determine your eligibility and to ensure you have the proper documentation. We are not accountants.
