Knowing When Patients Are Ready to Make a Financial Decision


When it comes to pricing and marketing your in-house dental plan, it’s important to consider how a person chooses to spend, invest, and save their money. Dental practices should take a few factors into consideration before marketing their dental plan to the wrong demographic.

  • Income
  • Needs
  • Values

are often all taken into consideration when making any financial decision.

Millennials Don’t Want Credit

Each living generation right now has their own financial profile which helps us to categorize what kind of dental plan they are looking for.

Generation Z, born between 1997 and 2015, has very little to worry about as many of them are too young to be financially dependent. At age 20 and younger, this generation is typically not making money decisions, especially not when it comes to their physical or dental health.

Millennials who were born between 1980 and 1996, are still preferring to rely on debit cards and mobile payment options. According to a 2016 survey by Bankrate, only 33% of adults between the ages of 18 and 29 had credit cards. Often times, this generation believes having a credit card will put them into debt, however, this generation also struggles to pay for health insurance coverage. Not having financial independence has also permitted millennials to adopt risky alternatives such as skipping dentist appointments, delaying them, or not scheduling them at all.

Those born between 1965 and 1979 are known as Generation X. Making up about 16% of the population, Generation X has the most credit card debt. Being between the ages of 39 to 53, this generation is looking after the healthcare decisions of their children as well as their parents. Because healthcare costs are high, many of this generation has chosen to skip mandatory treatments for themselves.

In fact, in a 2017 survey conducted by the West Health Institute and NORC at the University of Chicago, 43% of people ages 45 to 59 did not go to a dentist when they needed treatment. Of people ages 60+, 30% skipped going to the dentist when it was necessary.

Although those born in the baby boom generation have the best credit scores, the most cards, and the largest total credit limit. Most of them are empty nesters, and are planning or already in retirement. They are at a point in their lives where a lot of money goes into health insurance, and a typical healthy 65-year-old couple is likely to spend $245,000 on health care in retirement.

Knowing where these generations are at in their lives allows us to become better predictors of buying needs. Major life events paint a clearer picture of what these groups are looking for when it comes to dental care and what kind of financial decisions they are able to make.

Flexible Payment Options

At Ascension Dental, we understand the demographic data and can help you build your in-house dental plan cost based off of our wealth of knowledge and experience.

Because each patient is different not only in their physical wellness but in their own financial responsibility, it’s important to give each of them the opportunity to pay based off of their own financial need. Providing them with options like an in-house dental plan may be the solution that enables them to enjoy their life while also making sure their oral health is just as enjoyable.

If you’d like to start an in-house dental plan for your practice, schedule your free consultation with Ascension Dental.