30 Second Insurance Tips©

Tip 179- Dental Plan Design

I reviewed a dental plan renewal with a group of 20 last week. Although covered in a pooled product, the insurer in this case provides a nice reporting package. Those really help when considering plan design changes.

For example, lowering the annual limit from $1,500 to $1,000 would save 7% of premium ($2.75/month) but 5 of the 20 employees have claims over $1,000. Paying an extra $33 of annualized premium to get an additional $500 of benefit seems like an easy decision.

Dropping orthodontia coverage would lower the family (and employee + child) rates by 11%. Not a single member of the group had utilized the ortho benefit in the last 24 months.

Guess what the savings was for raising the deductible from $50 to $75? (No, this isn’t a trick question!)

By now almost everyone understands the link between oral and overall health. That makes it even more important to find ways to make a dental plan affordable.