If you have just left a large company benefit plan, and are looking for replacement dental coverage, what should you consider?
Well, it depends of course on a number of factors:
One thing is for sure, keep going to the dentist to ensure health!
- Are you still working?If you have changed jobs, and are an employee again at another company, will you be eligible for another group plan once you meet the minimum employment time (waiting period)? If this is the case, you might want to see in advance what the terms of coverage are, and what your contribution will be. Under this scenario, you are not likely allowed to opt out unless you have a spouse that has coverage elsewhere. If that is the case, a “spousal opt out” is usually allowed to avoid double payments, and double coverage. Having said that, you can claim at one company where the other leaves off, so all these considerations need to be weighed carefully.
- Have you become contracted or self-employed? If this is the case, there are traditional options, and also another option – a health spending (savings) account. The argument for this method is for those that have mainly routine appointments, and paying extra per month to an insurer if you are not likely to reclaim the money does not make sense. The full deposit into these accounts is 100% tax deductible, which has more favourable tax treatment than the medical tax credit.
So, what else can you expect from a personal, or family dental plan, otherwise known as individual dental coverage?
The premium range per person in the current market is approximately $50 to $70 per month. Family discounts can apply, and depending on the company and your situation, you may find better rates.
The biggest question related to your quest to find dental insurance is the question of “why”?
Why are you looking for coverage? Is it because you had a plan and lost it? Or is it because you need dental work right now?
If you have been an employee in the past, and are now on your own as a self-employed worker, the bigger question you must ask yourself is what are the big risk issues?
- Did you have a full benefit plan,that included life, disability, medical and dental?
- Based on that, are you now losing your disability coverage?
- How would an illness truly affect your income and family security?
- Relatively speaking, would an illness affecting income have a bigger financial impact than the odd bit of dental work?
- The question then is, what should be the “benefit dollar priority”?
We fail to see what is not an issue.
We can see dental bills. We cannot, unless ill, see the impact of a disability.
You may know of others that have been disabled and lost everything. And this would drive the point home.
Now, going to the dentist should be a priority. Did you know that your teeth and gums can affect your heart? Well, periodontal disease leads to heart disease if you get an infection in your gums, that travels in your bloodstream. It can cause major heart issues, even heart attacks.
So, if you are without dental coverage, that is not the end of the world. Not going to the dentist may be.
Some dental offices give special rates to patients that do not have dental coverage. If you are self employed, this may mean a health savings account, coupled with a good discount will ensure you pay the least amount for a given amount of dental work. And isn’t that the goal? Make the cost of going to the dentist as cheap as possible?
We offer dental coverage from many major carriers including Blue Cross, Manulife, and Group Medical Services. The health savings account option for the self-employed is provided by Benecaid.
We can help ensure you are provided with an overview and specific information enough to make an educated decision.
But as a strong proponent of ensuring there is money first, for the next dollar you spend on you new benefit plan, should it be used to ensure your income, or cover a bill?
Without income, we cannot pay the bills, including the insurance bills.
And that’s food for thought.
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