Braces Payment Plan

Getting braces is a big step toward a healthier, more confident smile, but it can also be a significant financial commitment. On average, braces could cost you anywhere between $3,000 and $10,000, depending on the type you need and where you go to get them.¹

Fortunately, many orthodontists offer flexible braces payment plans that can make the process more manageable. Whether you’re a parent or guardian planning for your child’s braces or an adult looking to improve your smile, a payment plan allows you to spread the cost of treatment over time.

This article will explore how these plans work, the options available and how to choose one that fits your budget.

What is a braces payment plan?

A braces payment plan is a payment plan designed to help you pay for orthodontic work. With a braces payment plan, you can spread out the cost of braces over time and won’t have to pay a large sum of money at once. Typically, you’ll make fixed monthly payments until you pay off your plan. Some orthodontists offer their own payment plans in-house, allowing you to spread the cost over months or years.² Some may offer a 0% or low interest plan with flexible terms.³ In other cases, your orthodontic practice may not offer this option, and you may use third-party financing options to pay for this expense.

Alternative ways to pay for braces

A braces payment plan with your orthodontist is just one way to cover the cost of braces. Here are a few tools and methods you may want to explore to help you pay for braces:³

Personal loan

Offered by lenders like OneMain, banks and credit unions, personal loans allow you to borrow a lump sum of money upfront. Upon approval, you’ll repay what you borrowed plus interest over an agreed-upon term. Depending on the lender, you can receive your funds the day you get approved or within a few days. At OneMain, you may receive your money in as little as one hour after loan signing.^†

Both secured and unsecured loans may help you pay for braces. A secured loan requires you to back the loan with collateral, which is something of value that you own. On the other hand, an unsecured loan doesn’t require collateral. Your eligibility depends on factors like your credit score and income. OneMain works with people who have all kinds of credit, looking beyond credit scores to find the right loan for you.

A secured loan may work for you if you need a higher borrowing limit to cover the expense or if you want a lower interest rate or a longer repayment term. If your credit score is less than perfect, a secured loan may also be easier to qualify for.

A great way to find out what types of personal loans are available to you is to check for prequalified offers. Prequalification lets you consider your options and budget before you apply for a loan, and checking for prequalified offers won’t impact your credit score.

Make sure you have a plan for paying back your loan so you can avoid late fees and any other penalties that add to the cost of your braces.

Credit card

A credit card is another option to help you pay for braces. You can use a credit card for all kinds of purchases up to a set limit. You might also earn perks and rewards like cash back and travel points. Unlike personal loans, credit cards are a form of revolving credit, meaning you can borrow again as you repay what you owe. Interest rates vary across credit cards, but you’ll generally owe interest if you carry a balance month to month.

That’s why it’s important to use your credit cards responsibly. Missing payments or paying only the minimum amount due could lead to high interest charges,⁴ which may make your braces more expensive in the long run. If you’re not able to pay the monthly balance in full, consider paying more than the minimum.

Flexible Spending Account (FSA)

An FSA is a special account you can set up through your employer to save pre-tax money for medical expenses.⁵ Pre-tax money is taken from your paycheck before taxes are deducted.⁶ You can use your FSA to pay for doctor visits, prescriptions and dental care, including braces. However, FSAs have a "use-it-or-lose-it" rule, meaning you have to spend the money by the end of the year, or you may lose any unspent balance.⁷

Health Savings Account (HSA)

An HSA is an account that is typically available if you’re enrolled in a high-deductible health plan (HDHP).⁸ Like an FSA, you can save pre-tax money for medical expenses, but the funds in an HSA roll over from year to year, so you won’t lose them if you don’t spend them right away.⁹

Should I take out a braces payment plan?

Whether you should move forward with a braces payment plan depends on your financial situation and how you manage your expenses.

A braces payment plan may be a helpful tool if you can’t afford to pay the total cost of braces upfront, since it allows you to spread the payments over several months. Braces payment plans are not created equal, so it’s worth researching and comparing options. Once you get a few quotes, you can determine if a plan might make sense.

On the other hand, if you have the funds available to pay for braces upfront, it may be better to avoid a payment plan and prevent potential interest charges or monthly payments. Some orthodontists offer discounts to patients who can pay for their braces upfront.¹⁰ If yours does, you might want to save up and take advantage of this deal, especially if your orthodontist says you can delay treatment for a while.

Additionally, if you don’t feel comfortable managing long-term debt or have concerns about your ability to meet monthly payments, a payment plan for braces might not be the best choice.

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A beautiful, healthy smile is within reach

Getting a winning smile doesn’t have to break the bank. Carefully consider your payment options to make sure you’re not straining your budget. If you're exploring additional ways to cover the cost, consider checking for prequalified offers for a OneMain dental loan with no impact on your credit score.

Sources

1 https://oralb.com/en-us/oral-health/life-stages/braces/how-much-do-braces-cost/
2,3,10 https://aaoinfo.org/whats-trending/how-much-do-braces-cost/
4 https://www.consumerfinance.gov/ask-cfpb/how-does-my-credit-card-company-calculate-the-amount-of-interest-i-owe-en-51/
5,8 https://hr.nih.gov/about/news/benefits/difference-between-flexible-spending-account-fsa-and-health-savings-account-hsa
6https://www.investopedia.com/terms/p/pretaxcontribution.asp#:~:text=A%20pretax%20contribution%20is%20made,burden%20for%20the%20current%20year.
7,9 https://www.paychex.com/articles/employee-benefits/fsa-vs-hsa#:~:text=HSA%20account%20holders%20must%20participate,employer%20and%20is%20not%20portable.