3 Ways to Afford Braces When Your Kid Needs Them

When my dentist told me a few years back that all of my kids would likely need braces, my first thought was, "Well, there goes my savings account." And now that my oldest child is on the cusp of braces -- he's already done the pre-braces routine, like a palate expander and retainer -- I can tell that my dental insurance is going to be pretty useless.

Some dental insurance plans do include orthodontic benefits, but they commonly impose a lifetime limit. So even if you're fortunate enough to have that coverage, it might only pay for a fraction of your child's orthodontic treatment.

That's my situation. Since my coverage has been maxed out on pre-braces treatment, the actual cost of braces is something I'll have to swing on my own.

Meanwhile, Luna Pediatric Dentistry says the average cost of traditional braces is $3,000 to $7,500. That may or may not include the extras your child might need, like retainers and such.

If your child needs braces, you may be resigned to taking on a whopping credit card balance you pay off over time. But there may be a much better way to go than that. Here are some options worth exploring.

1. Fund an HSA

An HSA won't make braces cost less. But what it can do is lower your taxes so you can save money when socking funds away for orthodontic treatment.

HSAs let you withdraw money for healthcare expenses, and braces count. The money you put into an HSA goes in tax-free, which, in turn, means the IRS can't tax you on a portion of your income. That tax savings could help offset your orthodontic costs.

You should also know that normally, you can't have an HSA and an FSA (flexible spending account) at the same time. But some employers will let you open a limited-purpose FSA in conjunction with an HSA. And in that case, you can use an FSA for orthodontic treatment while reserving your HSA balance for expenses like urgent care visits and medications.

2. Get on a payment plan through your orthodontist

Orthodontists understand that the cost of straightening a child's teeth can be astronomical. So they commonly offer affordable payment plans that have you covering the cost of your child's treatment over time. These plans tend to come with little interest or no interest -- unlike credit cards, which are notorious for charging loads of interest.

You may be inclined to take out a personal loan to cover the cost of braces. But before you do, see what payment options your orthodontist offers, because there might be a lot of interest-related savings to reap.

3. See if your child is a candidate for removable braces

In recent years, treatments like Invisalign that revolve around removable braces have become increasingly popular. These treatments spare patients a mouth full of metal, and they can be quicker than traditional braces. They can also be less expensive -- though not always.

Children aren't always candidates for removable braces. But if yours is, it pays to compare the cost of a treatment protocol like Invisalign to the cost of traditional braces. Your orthodontist can give you a cost breakdown based on your child's specific case, and from there, you can see which route is less expensive to take.

Learning that your child needs braces is a bummer -- not just because of the numerous appointments and inevitable complaints on your kid's part, but also because of the expense involved. It pays to explore different options for paying for braces, so money doesn't have to get in the way of your child's smile.