Does Medicare pay for dental implants? Unfortunately, no, Medicare does not pay for dental implants. Now, just because Medicare will not pay for dental implants does not mean you should give up on getting implants.
Dental implants are a popular and effective solution for seniors who need to replace missing teeth. However, they can be quite expensive, with costs ranging from $3,500 to $6,700 for a single implant and up to $56,000 for a full mouth dental implant. The high cost of dental implants raises the question: how can seniors afford to pay for them?
In this article, we will explore alternative ways for seniors to finance their dental implants. We will discuss options such as cash payments, Care Credit cards, and a lesser-known solution the reverse mortgage. While Medicare and Medicaid do not cover dental implants, there are still viable options available for seniors to consider.
How to Pay for Dental Implants with Traditional Options
One option for seniors to pay for dental implants is to use their personal savings or retirement funds. However, this may not be feasible for everyone, especially if the cost of the implants is a significant portion of their savings. Another option is to finance the implants using a Care Credit card, which is often offered by dental offices. However, the monthly payments can still be quite high and may not be affordable for many retired seniors.
For example, let’s consider the case of Cheryl, a 67-year-old who wants both upper and lower arch dental implants. Cheryl has an income of $2,200 per month and owns her home free and clear, with a value of $400,000. She also has $75,000 in retirement savings. However, financing the implants with a Care Credit card would require a monthly payment that is half of her income, which is not feasible for Cheryl.
Consider Using a Reverse Mortgage to Pay for Dental Implants
Instead of giving up on getting dental implants or depleting her retirement savings, Cheryl could consider a reverse mortgage. A reverse mortgage allows homeowners aged 62 and older to convert a portion of their home equity into loan proceeds, which can be used for various purposes, including paying for dental implants.
In Cheryl’s case, she could take out a reverse mortgage for $43,000, which covers the cost of the dental implants and includes closing costs. The loan balance would increase over time due to the addition of interest and mortgage insurance, but Cheryl would not be required to make monthly mortgage payments. She would still need to pay her property taxes and homeowners insurance.
Benefits of Using a Reverse Mortgage to Pay for Dental Implants
One of the main benefits of a reverse mortgage is the flexibility it provides. Cheryl could choose to make voluntary monthly payments towards the reverse mortgage if she wishes. By making a payment of $500 per month, she could significantly reduce the loan balance over time. In 15 years, she would have paid down almost $12,000 of the loan balance.
Additionally, a reverse mortgage can create a line of credit that grows over time. Initially, Cheryl would have a line of credit, which is even larger than her savings account. If she doesn’t use the line of credit, it continues to grow, providing her with more funds to draw from in the future.
By using a reverse mortgage, Cheryl can get the dental implants she wants without draining her retirement savings. She can leave her liquid cash in her retirement accounts to cover other expenses that may arise during her retirement. The reverse mortgage also offers financial flexibility, as Cheryl can choose to make payments or not, depending on her financial situation.
Conclusion
Paying for dental implants can be a challenge for seniors, especially considering the high costs involved. While Medicare and Medicaid do not cover dental implants, there are alternative options available. Seniors can consider paying cash, using a Care Credit card, or exploring the possibility of a reverse mortgage.
A reverse mortgage can be a viable solution for seniors like Cheryl who want dental implants but cannot afford the upfront costs or monthly payments. It allows them to tap into their home equity without having to sell their home or make monthly mortgage payments. The flexibility and potential for a growing line of credit make it an attractive option for seniors looking to finance their dental implants.
If you’re a senior considering dental implants and want to explore the possibility of a reverse mortgage, it’s recommended to speak with a reverse mortgage specialist. They can provide personalized advice and help you understand the potential benefits and drawbacks of this financing option.
Remember, it’s important to carefully consider your financial situation and consult with professionals before making any decisions. Dental implants can greatly improve your quality of life, and with the right financing option, you can achieve the smile you desire.
