When health insurance doesn’t cover everything, the cost of dental implants can feel hefty. If you’re considering investing in dental implants for a crown, bridge, or implant denture, you probably have some important financial questions. For instance, are dental implants tax deductible? The short answer is: Yes! But, as with all tax conversations, there’s a lot more to this story.
By knowing how you can offset some of those expenses with tax deductions, you can better financially prepare to enjoy a complete set of teeth that restores your ability to chew and speak clearly.
How Are Dental Implants Tax Deductible?
It might surprise you to know that tax benefits can help you afford your mini dental implants. But how exactly do dental implants factor into your taxes? The IRS sees dental implants as a category under medical and dental expenses. According to the IRS, you can deduct “artificial teeth expenses,” like dentures and mini implants, from your income if you:
- Itemize deductions for the year. You must itemize your deductions when filing for the year instead of taking the standard deduction.
- Meet the Adjusted Growth Income threshold. The amount of all your qualified medical and dental expenses must be greater than 7.5% of your Adjusted Growth Income (AGI).
- Paid for the expenses during that tax year. You need to have paid for the expenses that year to include them in your itemized deductions.
This is just a bit of what goes into medical tax deductions. With so many factors, it’s best to talk to a tax professional to determine the right way to take advantage of the tax deductions that come with paying for your dental implants. You can also use this interactive tax assistant tool on the IRS website to give you a better idea of whether your circumstances qualify.
Other Tools in Your Financial Toolkit for Dental Implants
Leveraging deductions on your taxes is just one way you can make dental implants a financial reality. Other key tools that can support your investment are insurance, a health savings account, and healthcare financing.
Insurance is the first thing that comes to most people’s minds when considering the cost of dental care. What your insurance covers will vary widely by plan. Some don’t cover it at all, while others cover roughly 50% of the cost. Most patients will have to cover some costs with other means.
One effective way to offset the financial load of dental implants is by paying for some of your care using a health savings account (HSA). This kind of savings account allows you to deduct pre-tax money by placing it into a separate account that can only be used for medical and dental expenses. You’ll have an HSA debit card sent to you when you open the account. You can use that card to charge medical expenses like dental treatment and prescriptions. It’s important to note that you cannot deduct dental implant expenses paid with an HSA. This is because you can deduct annual contributions to an HSA separately when you do your taxes. So you’ve already received a tax benefit on this money. You should consult a tax preparer to understand the HSA tax deduction.
Lastly, you can make your dental implants a reality with flexible healthcare financing. At San Francisco East Bay Mini Dental Implants, we offer healthcare financing through Healthcare Finance Direct, LendingClub, and LendingUSA, allowing you to pay off your procedure over time in monthly installments. You only undergo a credit check if you decide to move forward with treatment. With healthcare financing, you can get pre-approved for flexible payments. And when you pay using this method, you can write off the expenses for what you paid that tax year.
Schedule a Dental Implant Consultation Today
The cost of dental implants might feel daunting, but you don’t have to forego dental care that can change your life! By understanding your different financial options, your ideal smile is within reach. Even when you’re the one supporting everyone else in your life, with tax deductions, insurance, and healthcare financing, you can finally do something for yourself. Dr. Rose Magno is happy to work with you to make your smile a reality.
Text or call 510-591-0091 or fill out our contact form to set up your mini implant consultation today.
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