Tooth loss could cause stress during retirement—you may worry about enjoying the foods you love, smiling confidently and staying healthy. Your dentist in Fort Myers may recommend dental implants to replace missing teeth and help you maintain your oral health. While dental implants could improve your quality of life, they often come at a high price. And while dental implants may last for decades, which adds to their value, the upfront expense is challenging. If you’re interested in dental implants in your golden years, the following payment options could help.
Retirement Accounts
If you have abundant retirement savings, paying for dental implants using your retirement account might make sense. However, it’s essential to consider the accounts’ unique guidelines, tax implications and impact on your future financial circumstances. Each type of retirement account offers different options.
IRA
If you have a traditional IRA, you can withdraw from your savings without penalty after age 59½. You may still owe income tax on the withdrawal. Roth IRAs allow you to withdraw your contributions at any time without additional fees or tax liability.
401(k)
A 401(k) account offers several options for covering your dental implants. You may typically take money from your 401(k) for any reason during retirement, including to cover medical expenses like dental implants. The amount you withdraw is taxable like ordinary income. You could also take out a loan against your 401(k) and repay it over time. It’s important, however, to consider how that debt may impact your future retirement expenses.
Dental Insurance
Dental insurance probably won’t cover the entire cost of dental implants, but it may reduce the financial burden. Organizations like AARP and private insurers also offer supplemental dental insurance plans for retirees. However, it’s important to check your coverage details before relying on your dental insurance to cover part of the dental implant expense. Some plans only cover basic and preventative procedures. Others may consider dental implants “cosmetic” and exclude them from coverage under most circumstances. You may also have to adhere to a waiting period before using your dental insurance for major procedures like implants. If you’re unsure how to pay for dental implants with your insurance plan, a representative should be able to talk you through the process.
Also Read : What are Your Options in Dental Financing?
Discount Plans
Some dental insurance providers and third parties offer dental discount plans. Dental discount plans are distinct from insurance policies. For an annual membership fee, discount plans grant you access to select services at a set lower cost. Members still pay dentists the discounted cost out-of-pocket, but the program could help you save hundreds or thousands of dollars. Each discount plan offers deals on different procedures with its own network of providers. As you shop around for the right fit, make sure you find plans that include dental implants.
Payment Plans
Your dentist may offer financing plans for expensive procedures like dental implants. Spreading the cost of treatment over an extended period could make your costs much more manageable. Some offices have an in-house financing plan, while others may work with a third party. You may also have the option of finding your own financing plan. While payment plans often alleviate the immediate financial burden of care, they could cost more in the long run. Before you agree to a payment plan, examine the terms closely and ask questions. Repayment plans may have high interest rates that add to your long-term debt.
Dental implants are an investment in your quality of life, confidence and health in retirement. The expense may be challenging to manage, but many tools could help alleviate the financial burden. By prioritizing your oral health, you could enjoy your retirement to the fullest.
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