Many times, we discover that dental insurance is second to medical. However, being savvy about your dental plan will pay off in the long run. Although many dental procedures look similar, it might leave several unknowns. Check out these tips on what to avoid when picking dental insurance for your company.
Only Thinking About the Bottom Line
Even though the bottom line plays a significant role in your decision, what goes into that number matters. If a percentage looks too good to be true, then it possibly is. For instance, if dental insurance doesn’t include dental implants, the cost might be higher when adding premium and out-of-pocket expenses. Also, ask how the renewal rate is calculated if there’s a low rate. Is there a rate that goes beyond a year? Takeaway: a lower rate is only sometimes ideal when reviewing the total value of dental insurance.
Not Asking About the Discount Calculations
When looking at dental plans, you’ll typically see companies demonstrate their dental discount rate. For instance, an insurer may say their dental discount is 25%; that number generally represents the savings percentage below the average cost of dental procedures in a particular geographical area. The challenge is that not all dental companies calculate discounts the same way. So, it’s best to ask how the rate is calculated and ask more questions until you understand the number.
Neglecting to Ask How a Dental Network is Built
A dental network consists of dentists contracted by the insurer to discount the service costs to members. That’s the dental discount. The challenging part is that insurance carriers might have different network types. Also, some insurers provide better deals than others. Generally, a PPO (preferred provider organization) network will offer the best discounts; others might have a more extensive overall network outside of a PPO. Consequently, a PPO network is your best option for the discount.
Forgetting to Ask About Additional Benefits
What additional benefits does the dental plan have to offer? Extra perks and benefits can save employees money and make them healthier. Additionally, healthy employees minimize your total costs. Most importantly, ensure to ask what the services are and if the dental plan will cover them. Other essential perks can include gym memberships, fitness equipment, hearing aids, and much more. Overall, you should receive more than just the basics from dental insurance.
Overlooking Plan Administration
Choosing dental insurance is at least a yearlong commitment. So, what should you seek? Online tools, personal assistance, and excellent reporting all go a long way to helping you make better decisions. We suggest you value your administration time and question how your dental carrier will save you time and make it easy to operate your business.
Plus, the customer service you receive makes a tremendous difference. When one of your employees calls regarding their plan or with a question, you want a quick and accurate interaction. Ultimately, it keeps employees happy, and you receive no complaints.
Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!