Dental Care Costs Can Range from $51,000 for Single Adult Coverage to $95,000 for Couple and Family Coverage During a
Lifetime According to the Synchrony "Lifetime of Dental Care Costs"
Study
58% of Americans Say Dental Care is Not
Affordable
STAMFORD, Conn., Oct. 4, 2023
/PRNewswire/ -- Costs are a major factor impacting American's
dental care, according to new study results from Synchrony, a
leading consumer financial services company, conducted on behalf of
the company's leading dental financial solution, CareCredit.
Synchrony's Lifetime of Dental Care Costs study interviewed
more than 1,000 insured and uninsured Americans between the ages of
20 and 79 about annual out-of-pocket dental costs and the
financial, emotional, and psychological effects surrounding those
costs.
"People should be able to access their
routine dental care when they need and want it." –Bete Johnson,
Synchrony
"Dental health is essential to overall health, and rising out of
pocket costs are preventing patients from accessing the care they
want and need," said Bete Johnson, Senior Vice President and
General Manager, Dental, Synchrony. "We conducted this research to
get a clear picture of what patients can expect in dental care
costs during a lifetime – to help them plan ahead, and connect them
with the tools and resources to manage these costs."
The report found that more than half (58%) of consumers
expressed that dental care is not affordable, and for those living
without dental insurance, that number rose to 75%. Results depicted
that dental care for the average adult, aged 20-79 can cost
$51,000 for single coverage and up to
$95,000+ for couple and family coverage during a lifetime— and is
only the tip of the iceberg. Additional care, like dental implants,
orthodontia or more complex needs, could costs tens of thousands of
dollars per procedure.
Cost as a Barrier to Dental Care
As a result of
these costs, 9 out of 10 respondents (92%) said they would consider
holding off on general dental care because of cost, with 4 out of 5
(83%) saying the same for emergency dental care. Fifty-four percent
of the surveyed consumers cited costs as the primary reason they
did not visit the dentist in the last year. Among consumers, people
with dental insurance (78%) were more likely to visit the dentist
than those without insurance (55%).
Data also showed the ability to afford dental care worsens as
Americans age. When asked if dental care was affordable, 51% and
52% of Generation Z and Millennials said "no," and that number
increased for older generations— 61% of both Generation X and Baby
Boomers as well as 67% of Silent Generation respondents reported
dental care as not being affordable.
Are Consumers Prepared for Unexpected Dental
Costs?
People are more likely to experience a dental
emergency than they realize, with half of the survey respondents
reporting at least one dental emergency in their lifetime and 13%
reporting one in the last year. Despite this, just 26% of
respondents said they actively save for dental expenses. Among
those that do, on average, only $648
is saved—nearly two-thirds use a savings account and a quarter have
a Health Savings Account (HSA) or FSA. More than half of all
respondents (52%) said they would hold off general dental care if
the out-of-pocket cost was up to $1,000.
The Impact of Delayed Dental Care
Nearly half of
respondents who delayed care reported that delaying their
recommended procedure caused additional dental issues. Poor dental
health can lead to additional problems, as supported by a
growing body of evidence that shows the
connection between oral health and overall health.
"People should be able to access their routine dental care when
they need and want it, just as they should with other aspects of
their wellness," added Johnson.
With patients shouldering more financial responsibility for
their dental care because of higher out-of-pocket costs, rising
costs can result in people choosing between their financial and
their physical health.
"The research findings are important because the reality is that
patients are far more likely to delay dental care because of the
associated costs," said Dr. Brian
Harris, DDS. "I believe it's important to have full
transparency with patients about the cost of their care so they can
know their options before they sit in my chair. I think the
findings of this study highlight just how important that step is to
ensuring people can plan, pay for and ultimately receive the care
they need."
The Importance of Financial
Support
Increasingly, dentists are looking to external
support to maintain financial operations while ensuring patients
are getting the experience they want and financial support they
need. Synchrony, a leader in consumer lending for more than 90
years, has also been a leading financial solutions provider in the
dental space with its CareCredit credit card for more
than 35 years.
CareCredit is accepted in 80% of dental practices across
the country and is a convenient and reliable solution that offers
financing options for qualified consumers. CareCredit is integrated
in many of the top dental practice management software solutions
available today, making it easy for dental teams to offer to
patients and for patients to apply. It fulfills the evolving needs
and expectations of patients, empowering people to pay for the
health and wellness care they want or need in a way that fits
within their budget.
Synchrony is providing the resources and tools to help educate
patients on dental costs and the financial solutions they can use
to plan and pay for care. To read the Synchrony Lifetime of
Dental Care Costs research or to find content about solutions
to pay for dental care with or without insurance, and opportunities
to ask questions of care experts, please visit
www.dentallifetimeofcare.com. To learn more about CareCredit,
please visit: www.carecredit.com.
Methodology
The "Lifetime of Dental Care
Costs" study was performed by ASQ360 Market Research and
Stephens & Associates on behalf of Synchrony. Researchers
surveyed 1,335 respondents in the U.S (aged 20-79+), including 93
members of Gen Z (born after 1996), 360 Millennials
(born 1977 – 1996), 374 members of Gen X (born 1965 to 1976), 427
Boomers (born 1946 to 1964) and 81 members of the Silent Generation
(born before 1946). Researchers also conducted 22 dentist/practice
manager interviews. The survey and interviews were conducted in
January 2023.
About Synchrony
Synchrony (NYSE:
SYF) is a premier consumer financial services company
delivering one of the industry's most complete digitally enabled
product suites. Our experience, expertise and scale encompass a
broad spectrum of industries including digital, health and
wellness, retail, telecommunications, home, auto, outdoor, pet and
more. We have an established and diverse group of national and
regional retailers, local merchants, manufacturers, buying groups,
industry associations and healthcare service providers, which we
refer to as our "partners." We connect our partners and consumers
through our dynamic financial ecosystem and provide them with a
diverse set of financing solutions and innovative digital
capabilities to address their specific needs and deliver
seamless, omnichannel experiences. We offer the right
financing products to customers in their channel of choice. For
more information, visit www.synchrony.com and
Twitter: @Synchrony.
Media Contact
Michelle
Blaya Romero
Synchrony
Michelle.Blaya@syf.com
(626) 250-1415
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SOURCE Synchrony