A handy guide to managing your dental expenses

Published on November 25th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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There are many reasons why people delay their visit to the dentist, but this could lead to even bigger health and financial problems. Not having medical insurance to buffer the costs is one of them that can leave many Aussies exposed to facing an unexpected medical cost that could drain their budget. A dental loan can be one of the effective ways to handle your medical bills. Here are a few more ways a dental loan can help you cover expenses.

Get access to dental care that doesn’t break the bank

the general perception that dental health care can have you paying through your nose if you do not have health care insurance has left 51.0% of Australians skipping a visit to the dentist. This has more than half of the Australian population thinking that they are forced to choose between a hefty bill or rotting teeth. However, a dental loan can resolve such issues with flexible repayment plans that won’t see you breaking the bank.

You get to choose how you want to finance your dental expenses

Personal loans such as a dental loan can give you access to multiple lenders who have various rates to cover your expenses. However, it is vital that you know what to compare to find the right fit for you. Various lenders will offer different interest rates, but to know the true cost of the loan this means you will have to look at the comparison rate, the loan features, and if there are any penalty fees that come with it to see if it a comfortable fit. Without comparing your options, you could through yourself into debt.

Get something that doesn’t bust your budget

Going for a regular routine check up on your teeth can help you avoid extra cost or losing your teeth. According to AIHW, dental visits peak around the age of 15- 24 and the ages of 65 onwards with females making more visits to the dentists than males.

Having a budget in place can help you cut down on your dental expenses. Even when you have an unexpected medical procedure you can get access to a loan that is more predictable by choosing a fixed repayment plan that blends well with your budget.

Take care of your medical debt

Not many Australians have a safety net in place when it comes to taking care of their dental health and can end up paying out of pocket expenses of more than $2,000. As a nation, we’ve spent a total of $8,706 million from 2012-13 in dental services (except those in hospitals).

69.5% of people with insurance were more likely to go for a procedural dental check-up when compared to 56.0% of people who didn’t have insurance. This could cause a problem where minor dental procedures grow into big ones that can have you paying up to $20,000 for an emergency procedure. By comparing the various loan options that are available to you, you can find an affordable solution to manage your dental bills without going into the red.

It is vital that you compare your financial options and the medical practitioner. Speaking to a financial advisor or broker can help smoothen your journey to finding financing that is suitable for your financial circumstance which will be affordable when the procedure has long ended.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for personal loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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