Review the following tips on what to avoid when choosing dental insurance for your business.
Many times, we notice that dental insurance is second to medical. But being savvy about your dental plan will pay off in the long run. Even though many dental procedures look similar, they may leave several unknowns. Review the following tips on what to avoid when choosing dental insurance for your business.
Only Considering the Bottom Line
Although the bottom line significantly contributes to your decision, what goes into that number matters. If a percentage looks too good to be true, then it probably is. Suppose dental insurance doesn’t include dental implants, the cost may be higher when adding premium and out-of-pocket expenses. Also, consider how the renewal rate is calculated if there is a low rate. If there is a rate, does it go beyond a year? Takeaway: a lower rate is only sometimes best when looking over the total value of dental insurance.
Not Inquiring About the Discount Calculations
When searching for dental plans, you will generally see other companies display their dental discount rate. For example, an insurer might mention their dental discount is 25%; that number typically represents the savings percentage below the average cost of dental procedures in a specific geographical area. The challenge is that not all dental companies calculate discounts equivalently. It’s ideal to ask how the rate is calculated until you understand the number.
Not Considering How a Dental Network is Built
A dental network involves dentists contracted by the insurer to discount the service costs to members. That is the dental discount. The challenging part is that insurance carriers may have various network types. In addition, some insurance companies offer better deals than others. Generally, a preferred provider organization network (PPO) will provide the best discounts, while others may have a more comprehensive overall network outside of a PPO. As a result, a PPO network is your best option for the discount.
Overlooking the Dental Policy Administration
Picking dental insurance for your business is at least a yearlong commitment. Online tools, excellent reporting, and personal assistance can help you make better decisions. We suggest you value your administration time and question how your dental carrier will save you time and money to make it easier to operate your business.
Excellent customer service makes a grand difference because your employees expect a quick and accurate interaction when they call regarding their plan or with a question. Overall, it keeps them happy, and you receive no complaints.
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