Dental work can be downright expensive and often way out of our price range. Some people simply refuse to seek treatment because they know they can’t cover the price tag. But the thing is, sometimes dental work is necessary for good health or to alleviate any acute pain or discomfort.
If your bank account isn’t adequate to cover the cost of a trip to the dentist, consider dental financing options in Canada.
Key Points
- Dental care can cost Canadians hundreds of dollars a year, which may be out of reach for many.
- Those who can’t afford the cost of dental care may turn to dental financing for help.
- Several dental financing options are available, including personal loans, lines of credit, in-house financing, and government-backed financial assistance.
Is Dental Care Covered Under Canada’s Healthcare System?
Dental care is not covered under health care plans in Canada, except under emergency situations.
However, the federal government recently introduced its Canadian Dental Care Plan (CDCP), an insurance-based program that is designed to help lower-income families cover the cost of dental care. More government-backed programs may also be available on a provincial level, depending on the province.
However, these programs are only available for certain people, as you’ll need to meet income criteria. Further, these programs do not cover every type of dental service, like orthodontic services, which can be very expensive.
Private or employment dental coverage can be very useful in these situations, and can cover a wide range of dental services, including crown, dentures, orthodontic care, oral surgery, and others. However, many of these insurance plans have caps on coverage amounts. In this case, dental financing can be very helpful for bridging the gap or covering the full cost of dental care entirely.
Can You Get Financing For Dental Services In Canada?
If you’re struggling financially and don’t have the funds readily available to visit the dentist for regular check-ups or even for additional dental work, financing these services may be an option.
If you need some financial assistance to pay for dental work needed, you have certain options, including the following:
Personal Loans
You may be able to take out a personal loan to pay for your dental work. These loans are generally unsecured, which means no collateral is needed for this type of loan.
The interest rate and the loan amount you may be eligible for will depend on the strength of your credit and financial health. Personal loans are paid back in installments until the full loan amount – plus interest – is repaid.
Dental In-House Financing
Many dental offices provide financing programs that allow you to take out financing directly through your dentist. Many of these programs are interest-free, at least for a specific period of time, after which interest may be charged.
Dental work that is more on the expensive side is more likely to come with the option to finance, such as braces or dental implants.
Specialized Dental Loan
There are certain types of loans that are designed for medical procedures, including dental work. Procedures that are not covered by your provincial health care may be eligible for specialized dental financing.
Many of these types of loan programs are also applicable to cosmetic procedures that fall under the scope of dental work. You’ll need to work with specific lenders who offer these types of unique loans.
Line Of Credit
A line of credit is similar to a personal loan. But instead of getting a lump sum of money to pay for your dental work, you’ll have access to a credit line that you can withdraw funds from as needed. You’ll only be charged interest on the amount taken out.
Learn more: Best Line Of Credit Rates In Canada
Credit Card
If you have a credit card, you can use it to cover your dental costs. Just keep in mind that credit card debt can be difficult to climb out of due to the high-interest rates. Credit cards can be a good option for smaller dental work, such as a general check-up or cleaning.
What Type Of Procedures Can You Pay For With Dental Financing?
No dental treatment is off-limits when it comes to how you choose to use the funds from a dental loan. Whatever your dental need may be, dental financing can help you cover these expensive bills. Here are just some of the dental procedures you can pay for with dental financing:
- Regular dental check-ups
- Dental cleaning
- Cosmetic dental work
- Root canals
- Dentures
- Dental implants
- Braces
- Emergency dental work
- Fluoride
- Fillings
- Mouth guards
- Crowns
- Retainers
- Invisalign
- Veneers
- Tooth repair
How Much Do Common Dental Procedures Cost?
There are so many types of dental procedures available, and the cost associated with each varies quite a bit from one dentist to another. Further, the same procedure may also vary based on location and dentist.
That said, the following is a list of some of the more common dental procedures and the average cost for each:
| Braces | $5,000 – $6,000 |
| Root canals | $300 – $2,000 per tooth, depending on the exact type of tooth |
| Porcelain veneers | $900 – $2,500 per tooth |
| Wisdom tooth removal | $75 – $600 per extracted tooth |
| Dental implants | $1,000 – $3,000 per tooth |
| Full-mouth implants | $24,000 – $100,000 |
| Dentures | $1,000 – $8,000 |
How To Choose The Best Dental Loan
To make the best decision in terms of dental financing, consider the following:
1. How Fast Do You Need The Money?
If there’s no rush for your dental work, then you’ve got time to arrange for financing. But in the event of a dental emergency — such as an accident that has severely damaged your teeth — you’ll need the cash right away to pay for the dental bill.
Some lenders will give you the borrowed funds on the same day you apply, especially online lenders, while others might take a few days to extend the money. Make sure you compare lenders to find one that offers fast turnaround times if you are in urgent need of cash. You can quickly compare lenders and loan options using Loans Canada’s CompareHub.
2. How Much Money Do You Need?
Dental work ranges quite a bit in cost. Different lenders have their own minimum and maximum loan amounts that they extend to borrowers. So be sure to find out what these limits are before applying for a dental loan.
3. Do The Monthly Payments Fit Your Budget?
A dental loan will require that you repay the full loan amount in regular installments. Make sure these monthly payments fit well within your budget before applying.
4. What Interest Rate Are You Being Offered?
The interest rate you’re charged will have a significant impact on what you’ll owe the lender when all is said and done. A lower rate is ideal as it will lower your monthly payments.
A lower rate will also reduce the overall amount you’ll have to repay by the end of the loan term. As such, it’s important to compare lenders and the interest rates they offer based on your credit and financial profile.
Alternative Ways To Finance Your Dental Costs
While dental loans can be a great help when your bank account can’t support an expensive dental work bill, there are other ways to cover these costs.
Check If You’re Covered
Are you an employed worker or student at an accredited post-secondary institution? If so, you may have some form of dental coverage without realizing it.
Before seeking out dental financing, find out first if you’re already covered. Call your employer or school to see what they offer, as many offer dental plans for employees and students.
Check Your City Or Province For Dental Financial Assistance
Depending on your income and financial status, you may qualify for some form of financial assistance from your local or provincial government. These programs offer heavily discounted or free dental work for those who are eligible, including low-income Indigenous individuals, disabled, elderly, and children. Generally speaking, only basic dental care and preventative services are covered.
In Ontario, for example, the Healthy Smiles Ontario program offers free dental services to children under 17 years of age, including dental exams, preventive care, and emergency dental services.
See If You Qualify For The Canadian Dental Care Plan
The Canadian Dental Care Plan is an insurance-based program from the federal government. Under the CDCP, patients are not required to pay the full cost of their dental care. Instead, dental providers who are enrolled in the program will submit claims directly to Sun Life, an insurance company that administers payments on behalf of the CDCP. Dental providers will then be reimbursed for a portion of the costs.
The amount a patient may need to pay is determined by their family net income. To qualify for the CDCP, participants must not already have a dental insurance plan, and cannot have a net family income exceeding $90,000.
Ask Family And Friends
Your family members or friends might be willing to loan you the money needed to pay for your upcoming dental work. If you take this route, however, be sure to establish some ground rules in terms of how and when the funds are to be repaid.
Some people might not be too concerned about when — or even if — they’re ever repaid, while others might want the funds returned by a specific date. And in some cases, a contract can be drafted that may even include an interest rate charged on top of the loaned funds.
Find Less Expensive Care
Different dentists might have their own price list, which means you may be able to get the same dental work done more affordably, depending on the dentist you choose. You’ll be more likely to find a dentist with better prices outside of city centres, so consider commuting a little to get a cheaper price tag on your dental work.
That said, the cost of dental work can vary even among dentists within the same area. Take some time to call around and inquire about prices for the dental work you need.
Buy Dental Insurance In Canada
If you have the financial means, you may consider taking out a dental insurance policy so you’re covered whenever the need to visit a dental professional arises.
However, most dental insurance policies don’t cover the full cost of dental treatments. Instead, you’ll need to pay a deductible when you make your first claim, after which the policy will kick in. At that point, only a portion of your dental cost will be covered, depending on the specifics of your plan. That means you’ll still have to pay some of the cost out-of-pocket.
Four types of dental insurance coverage are available in Canada: basic, comprehensive basic, major, and orthodontic. The cost of these plans varies greatly.
How Much Do Canadians Spend On Dental Care?
Canadians are fortunate in that they don’t have to pay out-of-pocket to see a doctor when a medical need arises. But that’s not the case with visits to the dentist.
It’s estimated that the average amount spent on dental services on a per capita basis every year is $378.60 per Canadian. And if there is any major dental work required, that number can easily and quickly skyrocket. Add several household members to the total, and the dollar figure can be too much for some Canadian families to handle.
Cost Of Dental Care A Deterrent For Many Canadians
While many Canadians are fortunate enough to have a large portion of their dental visit costs covered by employment insurance plans, many others are left to pay for these visits on their own. Unfortunately, due to the high cost of seeking dental care, 1 out of 6 Canadians who have a dental need do not visit a dentist due to financial reasons, according to the Canadian Dental Association.
As a result, lower-income Canadians tend to experience more oral health problems than the general public. More specifically, 47% of lower-income Canadians had a dental need identified. That’s nearly twice the amount of higher-income Canadians. With finances being a clear hindrance to proper dental care, dental financing can be a solution.
Bottom Line
Dental work is costly, but depending on the type of work involved, it’s essential to overall health. Given the high cost, dental financing may be required for many Canadians who may not have the financial means to cover these expenses. Luckily, there are several types of dental financing available to suit various financial profiles, so there’s no need to let these costs get in the way of maintaining good oral health.
