topic Re: Paying for a large dental expense--should this work? in Credit Cards

Paying for a large dental expense--should this work?

LexieCat — Sun, 06 May 2018 18:36:21 GMT

Hey there, haven't posted in a while. Things going well, credit-wise--all my scores well above 800. I just got the lovely news that I will require full-mouth dental implants. I don't have the final cost, but from what I'm hearing it may be around $60k. (Eek--do your flossing!)

I've been researching financing options and it looks as if I will qualify for a low-interest loan that I can spread over five years. So, the cost is doable, even though I'd obviously rather not have to shell out the bucks.

Here's what I would like to do and I just want to know if I'm missing something. I'd like to put the payments to the dentist (who will accept payment up front) on my rewards cards and then pay them off as soon as the charges hit the cards. This would be a huge benefit, as I have a vacation coming up and still owe the tour company the final payment--the points may be enough to pay for virtually all of that final payment. I don't have quite enough of a credit line to put it all on a single card at once, but I can split the travel charge into two separate payments on two separate cards, so it's just a matter of using the cards at the dentist and then promptly repaying with the loan funds.

Is there a downside to this? It seems to me that as long as I pay off the dental charges before the due dates, it should not affect my scores.

Thoughts? Am I missing something? If it makes any difference, I plan to put the dental charges on my Barclays Arrival Plus and my CapitalOne Venture, both of which offer 2 points/dollar and allow me to apply the points to any travel charges.

Re: Paying for a large dental expense--should this work?

Aahz — Sun, 06 May 2018 22:00:24 GMT

Should be fine as long as...

A) Your dentist is willing to take such large payments on credit cards. Remember they're paying 2%-5% for accepting cards.

B) You're getting the loan from somewhere that is issuing funds directly to you. As opposed to some sort of healthcare loan that pays the provider directly.

Re: Paying for a large dental expense--should this work?

Anonymous — Sun, 06 May 2018 22:14:50 GMT

@Aahz wrote:
Should be fine as long as...

A) Your dentist is willing to take such large payments on credit cards. Remember they're paying 2%-5% for accepting cards.

B) You're getting the loan from somewhere that is issuing funds directly to you. As opposed to some sort of healthcare loan that pays the provider directly.

The Dentist will accept your credit cards. They accept large payments on care credit as well.

I'm not suggesting you use care credit as there is no rewards. Just making a point.

Re: Paying for a large dental expense--should this work?

NRB525 — Sun, 06 May 2018 22:56:41 GMT

Probably best to clarify with the dentist how they accept large payments. For something under $10k they are probably fine with CC. For this total amount, maybe not.

Re: Paying for a large dental expense--should this work?

LexieCat — Sun, 06 May 2018 23:04:44 GMT

Well, I have a followup visit to go over everything, including the cost/financing on Tuesday. My impression is that they will accept cards--they have links to Care Credit, etc., on their website. But I can certainly confirm that piece of it then.

The only other small ray of sunshine here is that this expense will be enough to qualify for a tax deduction--before they raise the threshold next year to expenses over 10% of AGI or whatever the amount is. And I can throw any refund into the loan.

I'm trying to look at this from any positive angles that I can--I'm not thrilled to be in this position but trying to make the best of it.

Thanks to those who suggested I make sure this will be acceptable to the dentist--will definitely do that.

Re: Paying for a large dental expense--should this work?

LexieCat — Sun, 06 May 2018 23:12:06 GMT

Ah. Just looked at the dentist's website, and this is on his "financial policies" page: "For your convenience, we accept cash, checks, money orders and the following credit cards: Visa, MasterCard, Discover, and American Express." So it appears they've decided it's in their interest to make it as feasible as possible for patients to pay.

I will double-check on Tuesday just to be on the safe side.

Re: Paying for a large dental expense--should this work?

Anonymous — Sun, 06 May 2018 23:18:50 GMT

They will let you charge it up. They know people, at least me, don't have 60k sitting around waiting to pay a dentist.

Re: Paying for a large dental expense--should this work?

CreditCuriosity — Sun, 06 May 2018 23:26:27 GMT

They will certainly take CC's as most of their work is pure profit especially for the procedure you will be embarking on. Also just a FYI you can certainly negotiate the price once they give you said number. The implants is only a small cost of what you are paying the majority is to the dentist for his time and losing out on 2-4% on a CC transition he is still making a killing. Best of luck as just had a huge dental bill as well and they had no issue taking my CC. Also if you are doing that procedure as you know it doesn't all happen at once and can possibly break down payments during the process as the process is typically a 6-12 month process depending on what they need to do to you. Meaning extracts, bone graphs, putting posts in, time to heal to ultimately your final goal.

TLDR; huge mark-up's they have thus CC isn't a issue and as others stated most dont have 40-80k laying around either.

Re: Paying for a large dental expense--should this work?

LexieCat — Sun, 06 May 2018 23:34:02 GMT

Actually, the procedure I'm having done IS all done in one day. As expensive as this is (and trust me, I've done a ton of research), this dentist is an internationally-known expert and a professor at the nearby Ivy League university's denistry school. I actually had work done at that school's dental clinic over 15 years ago, and they would be great for saving money but the process would entail over a year of visits. So I do have a lot of confidence in this guy, and what he charges is not out of line with what other dentists charge--I want someone who REALLY knows what he's doing.

And, for purposes of the tax deduction, paying it all in one year is better than spreading it out. My dental plan has a $1,000 max per year, which is not much help even if I were to spread it out.

Re: Paying for a large dental expense--should this work?

xenon3030 — Sun, 06 May 2018 23:36:34 GMT

Breaking it into some small bills over time can be good, using different payment options (get the most of cashbacks by CC). Also, negotiate the payment options over time, if having cards with large cashbacks in specific quarters. Paying by other options like Android/Apple pay, Paypal can be helpful, if the office has this payment option and your CCs can have these deals (Chase Freedom 5%+1%, etc.).

USB VS+ might be another option (5%), but choose the right category in advance.

If discover can have such a 5% deal, in the first year, it would be 2X.

Re: Paying for a large dental expense--should this work?

LexieCat — Thu, 10 May 2018 23:54:25 GMT

Just an update.

Dentist does take all forms of payment, including credit cards. I was approved for a low-interest loan at SoFi to stretch the payments over five years, and also had $20k saved that I could put toward the expense. Just made my first $20k payment with my Barclays Arrival+ and have already repaid the amount charged. Will make subsequent payments the same way. I'll have enough points to make the final $2,500 payment for my vacation this fall (meaning I'll have paid almost nothing for this three-week vacation). I'll also have a big enough medical expense tax deduction to give me a pretty large refund next year. And I can deduct my health insurance premiums, too--something I generally couldn't do because I normally don't have enough medical expenses to take the deduction. So those benefits offset a BIT of the financial pain.

Thanks, everyone, for the suggestions--I think I have it all nailed down and am getting excited at the prospect of having a great smile again!

Re: Paying for a large dental expense--should this work?

Anonymous — Fri, 11 May 2018 02:48:15 GMT

@LexieCat wrote:
Just an update.

Dentist does take all forms of payment, including credit cards. I was approved for a low-interest loan at SoFi to stretch the payments over five years, and also had $20k saved that I could put toward the expense. Just made my first $20k payment with my Barclays Arrival+ and have already repaid the amount charged. Will make subsequent payments the same way. I'll have enough points to make the final $2,500 payment for my vacation this fall (meaning I'll have paid almost nothing for this three-week vacation). I'll also have a big enough medical expense tax deduction to give me a pretty large refund next year. And I can deduct my health insurance premiums, too--something I generally couldn't do because I normally don't have enough medical expenses to take the deduction. So those benefits offset a BIT of the financial pain.

Thanks, everyone, for the suggestions--I think I have it all nailed down and am getting excited at the prospect of having a great smile again!

Sounds like you have it under control. Good luck to you and your new smile.

Re: Paying for a large dental expense--should this work?

lexrjSD — Sat, 12 May 2018 23:50:50 GMT

@LexieCat wrote:
Hey there, haven't posted in a while. Things going well, credit-wise--all my scores well above 800. I just got the lovely news that I will require full-mouth dental implants. I don't have the final cost, but from what I'm hearing it may be around $60k. (Eek--do your flossing!)

I've been researching financing options and it looks as if I will qualify for a low-interest loan that I can spread over five years. So, the cost is doable, even though I'd obviously rather not have to shell out the bucks.

Here's what I would like to do and I just want to know if I'm missing something. I'd like to put the payments to the dentist (who will accept payment up front) on my rewards cards and then pay them off as soon as the charges hit the cards. This would be a huge benefit, as I have a vacation coming up and still owe the tour company the final payment--the points may be enough to pay for virtually all of that final payment. I don't have quite enough of a credit line to put it all on a single card at once, but I can split the travel charge into two separate payments on two separate cards, so it's just a matter of using the cards at the dentist and then promptly repaying with the loan funds.

Is there a downside to this? It seems to me that as long as I pay off the dental charges before the due dates, it should not affect my scores.

Thoughts? Am I missing something? If it makes any difference, I plan to put the dental charges on my Barclays Arrival Plus and my CapitalOne Venture, both of which offer 2 points/dollar and allow me to apply the points to any travel charges.

Just a thought but have you considered getting this done abroad? The US is literally the most expensive place in the world for healthcare and you can probably save a ton of money going elsewhere AND get a vacation.

I understand you've done tons of research and you want someone experiencend but there are a lot of excellent professionals around the world.

The dollar is very strong right now and you can probaly still charge on a card, anyways just think you shoud consider.

Re: Paying for a large dental expense--should this work?

Anonymous — Sun, 13 May 2018 02:54:22 GMT

@lexrjSD wrote:
@LexieCat wrote:
Hey there, haven't posted in a while. Things going well, credit-wise--all my scores well above 800. I just got the lovely news that I will require full-mouth dental implants. I don't have the final cost, but from what I'm hearing it may be around $60k. (Eek--do your flossing!)

I've been researching financing options and it looks as if I will qualify for a low-interest loan that I can spread over five years. So, the cost is doable, even though I'd obviously rather not have to shell out the bucks.

Here's what I would like to do and I just want to know if I'm missing something. I'd like to put the payments to the dentist (who will accept payment up front) on my rewards cards and then pay them off as soon as the charges hit the cards. This would be a huge benefit, as I have a vacation coming up and still owe the tour company the final payment--the points may be enough to pay for virtually all of that final payment. I don't have quite enough of a credit line to put it all on a single card at once, but I can split the travel charge into two separate payments on two separate cards, so it's just a matter of using the cards at the dentist and then promptly repaying with the loan funds.

Is there a downside to this? It seems to me that as long as I pay off the dental charges before the due dates, it should not affect my scores.

Thoughts? Am I missing something? If it makes any difference, I plan to put the dental charges on my Barclays Arrival Plus and my CapitalOne Venture, both of which offer 2 points/dollar and allow me to apply the points to any travel charges.
Just a thought but have you considered getting this done abroad? The US is literally the most expensive place in the world for healthcare and you can probably save a ton of money going elsewhere AND get a vacation.
I understand you've done tons of research and you want someone experiencend but there are a lot of excellent professionals around the world.
The dollar is very strong right now and you can probaly still charge on a card, anyways just think you shoud consider.

Hmmm, I should of thought about that before I had my total hip replacement.

But thinking about it now, nah, I don't think so.

Re: Paying for a large dental expense--should this work?

NRB525 — Sun, 13 May 2018 03:47:11 GMT

@xenon3030 wrote:
Breaking it into some small bills over time can be good, using different payment options (get the most of cashbacks by CC). Also, negotiate the payment options over time, if having cards with large cashbacks in specific quarters. Paying by other options like Android/Apple pay, Paypal can be helpful, if the office has this payment option and your CCs can have these deals (Chase Freedom 5%+1%, etc.).

USB VS+ might be another option (5%), but choose the right category in advance.

If discover can have such a 5% deal, in the first year, it would be 2X.

I am not sure which USB Cash+ category would work for Dental / Medical?

The Cash+ category is limited to $2k spend per quarter anyhow.

Re: Paying for a large dental expense--should this work?

LexieCat — Thu, 17 May 2018 11:15:24 GMT

Having the first phase of dental work done tomorrow. I've been making payments with my Barclays Arrival+ in advance to the dentist--around $15-20k at a time, and then immediately paying off each payment with the loan proceeds, to stay under my credit limit and avoid a large balance when my statement closes. I just made a $1400 payment on my vacation, for which I can redeem points, and will have enough within a month or so pay off the rest of my vacation with points.

I never even considered getting a points card until a few years ago--wish I'd started sooner! I've managed to pay for several vacations using all or mostly points. I'm not as interested in the cashback cards or those that have complicated formulas for categories--too many details to figure out and keep track of. I stick with cards that pay two points on everything and are redeemable for travel--for me, the trips FEEL like a reward. My Barclays Arrival+ is my everyday card, and I really love it. Have had nothing but positive experiences with Barclays.

Re: Paying for a large dental expense--should this work?

LexieCat — Thu, 17 May 2018 11:17:57 GMT

Oh, and I DID consider traveling to have the dental work done, but even though there are many highly qualified professionals who could do it cheaper, I feel more "secure" having the work (and followup) done by someone close to home that I trust.

But that's just me--would not discourage anyone else from doing it, as long as they do their research.

Re: Paying for a large dental expense--should this work?

Anonymous — Sat, 19 May 2018 00:28:07 GMT

@LexieCat wrote:
Oh, and I DID consider traveling to have the dental work done, but even though there are many highly qualified professionals who could do it cheaper, I feel more "secure" having the work (and followup) done by someone close to home that I trust.

But that's just me--would not discourage anyone else from doing it, as long as they do their research.

That's the biggest thing, follow ups and interim care. It doesn't just happen overnight. lol

The whole process is a year from start to finish. Though with all the points aquird via spend on CC, one coud likely go back for a couple retuen visits. I've also considered going abroad for same thing, but the security of having my Dentist in the same City means a lot.

Re: Paying for a large dental expense--should this work?

LexieCat — Fri, 01 Jun 2018 17:15:46 GMT

Just an update. Phase one of the procedures is done, and it went very well. Step 2 (extraction/replacement of upper teeth) will be in a couple of weeks. It will then be a few months before the final teeth are ready.

I'm very pleased with my dentist and his work, and even though it's incredibly expensive, it's worth it to me to have someone I really trust doing the work.

I'm choosing to look at this as an investment in myself and my personal quality of life.

Re: Paying for a large dental expense--should this work?

Anonymous — Fri, 01 Jun 2018 17:30:59 GMT

You'll be smiling bright in those vacation photos