Choosing the right dental insurance for your small business can be challenging. Premiums, deductibles, and coverage benefits can vary widely between plans.
While many consider dental insurance an add-on to their health insurance, it’s essential for various reasons. Finding the best plan for your needs doesn’t have to be complicated.
Know Your Needs
Choosing the right dental insurance for your business involves understanding the unique needs of your employees. Depending on their age, family composition, and any existing dental issues, your team may require more or less coverage. Gathering insights from your employees through surveys or discussions can help you better evaluate coverage options and costs. Relaying this information to a reps that sell small business dental insurance will ensure they who what to offer you as a business owner to make sure your employees are happy.
All purchase decisions involve a cost versus value analysis, and purchasing dental insurance is no different. Considering the amount your business is willing and able to contribute towards premiums and any potential out-of-pocket costs will help you narrow down your choices. Basic dental plans typically cover preventive services such as exams and cleanings. At the same time, more comprehensive policies provide more coverage for basic restorative care (like fillings) and primary services (such as crowns).
When comparing plan costs, be sure to take into account the monthly premium and any deductibles. A deductible is the amount you pay out of pocket before your dental insurance kicks in, and the higher the deductible, the lower your monthly premium will be.
Also, check out the size of the provider network to see whether your preferred dentist is included. This is important because when you choose a dental plan with an extensive network, you can save on costs by visiting in-network providers. By downloading our helpful checklist, you can learn more about comparing dental procedures, including critical features like deductibles and premium costs.
Know Your Budget
Many experts suggest creating a budget to pay off debt, save for a vacation or retirement, and take care of dental and health insurance costs. The best way to know what you can afford is to shop around and see what plans are available for your budget.
In general, most dental insurance plans will require a monthly premium or payment to gain access to the coverage. This will also usually have a deductible or maximum out-of-pocket cost that must be reached before the insurance company contributes to the cost of a covered procedure. This information can be found in the dental plan details.
It would help if you also looked at the provider list for the dental insurance plan you are considering. You may find that your current dentist is in the network, and you can save money by switching to the insurance company’s preferred providers.
Another factor to consider is whether or not a specific dental insurance policy has time limits for certain procedures. For example, some policies only cover basic tooth cleaning twice a year. This is important to understand as it can add up over the years and significantly dent your budget.
In addition, you should look at the client retention rate of a particular carrier to ensure they will provide your business with excellent customer service that helps your employees easily navigate their dental claims and other issues. This will help keep everyone happy, mainly if you must deal with plan cost increases.
Know Your Options
As a small business, you have many options regarding dental insurance. There are individual policies, group plans, PPOs, and HMOs. The type of plan you choose will determine how much you pay for procedures and how much you and your employees are required to contribute toward the cost of services. Some individual policies and groups may allow you to visit any dentist, while others require using a specific provider or network. You should also be aware of what costs the policy covers, such as cleanings, and which ones you’ll have to pay out of pocket.
Aside from the type of plan, you’ll want to be familiar with the insurance company’s customer satisfaction and value ratings, as well as their financial strength rating. These ratings are calculated using several factors, including complaints from the Better Business Bureau and National Committee for Quality Assurance and the insurer’s ability to meet its ongoing obligations.
Offering group dental coverage is a great way to attract and retain quality employees. However, it’s essential to understand that providing a comprehensive benefits package can be expensive, so you should run the numbers and decide what’s financially feasible for your company. You can also consider a voluntary plan for your employees to purchase additional coverage, such as home orthodontic aligners.
Know Your Coverage
When comparing plans, ensure you know what each plan covers and how much you must pay out of pocket. Some programs have deductibles, annual maximums, and copays that will significantly impact the cost of each procedure. Some plans also have different coverage levels for preventive care versus non-preventive work. Also, many dental insurance plans require using in-network providers for the most benefits.
If you decide to provide a group dental insurance option for your employees, you will have many different plans available from which to choose. Generally speaking, group plans offer more comprehensive coverage at a lower cost than individual dental plans.
Many smaller employers prefer bundling their dental and medical insurance plans to save time, effort, and money. This is a good idea, but it can also create some complications. For example, if your business experiences an unforeseen increase in medical costs, you could see a significant change in your overall premium cost for both dental and medical.
Most dental insurance providers cover at least a portion of crowns, root canals, oral surgery, and panoramic X-rays. However, the average dental rates for these procedures are often higher than if you receive them at your provider because insurance companies typically have negotiated prices and discounts.
Arman Ali, respects both business and technology. He enjoys writing about new business and technical developments. He has previously written content for numerous SaaS and IT organizations. He also enjoys reading about emerging technical trends and advances.
