Group Dental Insurance
...Why Should Your Business Offer
Group Dental Insurance?
1. Dental insurance is inexpensive and can save both employees and employers money in the long run.
Dental plans typically cost around $25-$35 per month for employee only coverage. Visiting a dentist for two annual cleanings and checkups without insurance costs about the same as a dental insurance plan. But, what about unexpected dental procedures like fillings, root canals, or tooth extractions? Without coverage, your employees could face bills that run into the hundreds or even thousands of dollars.
Furthermore, dental insurance can actually save employers money in the long run. By providing preventive care and early treatment, dental insurance can help employees avoid more serious and expensive dental problems down the line. This can lead to lower overall healthcare costs for employers, as well as improved productivity and employee satisfaction.
2. Attract, retain and reward talented employees.
This coverage is viewed as a valuable benefit and will help increase employee retention. Often times, employees will not obtain their own dental coverage. Making dental coverage available to employees is important for businesses to show they care for their overall health. Offering a group dental insurance plan is a win-win for employers and employees. Employees gain access to affordable coverage and a vast network of dentists while employers reap the benefit of tax deductible premium contributions, low turnover and good morale at work.
Examples of How Dental Insurance Helps Employees.
Joe is an employee with dental insurance who needs two cavity fillings and a routine dental cleaning. Joe's dentist charges $150 for a routine cleaning and $200 per filling, which are discounted rates for members with in-network insurance plans (Joe's dental plan is in-network with his dentist). Joe has a $10 copay for preventive care, so he pays $10 and the insurance company pays the remaining $140 of his routine cleaning. Also, his dental insurance has a $50 deductible and a 80% coverage for basic restorative care, which is what his cavity fillings fall under. Joe pays the full $50 deductible upfront, so the remaining cost is $350 for his fillings. After the deductible is met, Joe will be responsible for paying 20% of the remaining cost for each filling, which is $35 per filling (20% of $350 divided by 2 fillings). Joe will pay $10 for the cleaning, $50 for the deductible, and $70 for both fillings for a total of $130. Meanwhile, his dental insurance pays $390. If Joe didn't have dental coverage, he would have paid around $550 for this dental visit.
Nora is an employee who needs a dental crown, which costs $1,000. Nora is enrolled in her employer's dental insurance plan that has a $1500 annual max benefit. The plan covers 50% of the cost of major restorative procedures like crowns and Nora has not used any of her max benefit for the year. Without insurance, Nora would be responsible for the full cost of the crown. She has already met her annual deductible of $50, so she will only be responsible for paying her portion of the cost, which is 50% of $1,000, or $500. This is much more affordable for Nora rather than paying the full cost out of pocket. Nora greatly benefits from having dental insurance, as it significantly reduces the cost of the crown and makes it more affordable for her.
Key Dental Insurance Terminologies and Definitions
Deductible - the amount an insured person must pay out of pocket before their dental insurance coverage begins.
Copay - a fixed amount (usually $10) an insured person pays for a particular dental service, such as a routine cleaning or filling.
Coinsurance - the percentage of a dental service cost that an insured person is responsible for paying after their deductible has been met.
Annual Maximum Benefit - the maximum amount of covered dental expenses that an insurance plan will cover in a given year.
Premium - The amount an individual or employer pays the insurance carrier for coverage. Premiums are usually paid to insurance carriers on a monthly basis.
Pre-existing Condition - a dental condition that an insured person had before enrolling in their insurance plan.
In-Network - a group of dentists and dental providers that have contracted with a dental insurance company to provide services to insured persons.
Out of Network - refers to dental providers, such as dentists and dental clinics, that are not part of an insurance plan's approved network. Insured persons who receive dental care from out-of-network providers may have to pay higher costs or may not be covered at all, depending on the terms of their insurance plan.
Orthodontics - the branch of dentistry that deals with the treatment of misaligned teeth and jaws, which may be covered by some dental insurance plans.
Endodontics - the branch of dentistry that deals with the diagnosis and treatment of dental pulp and nerve-related issues, such as root canals, which may also be covered by some dental insurance plans.
Periodontics - the branch of dentistry that deals with the prevention, diagnosis, and treatment of gum diseases and other conditions that affect the supporting structures of the teeth, including the gums, bones, and ligaments. Periodontal treatment may include deep cleaning (scaling and root planing), gum surgery, and other procedures. Some dental insurance plans cover periodontal treatment, although the extent of coverage may vary.
Exclusions - specific dental services that are not covered under an insurance plan.
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