November 25, 2019
The instant that 2019 becomes 2020, more than 100 billion dollars in dental insurance benefits will be lost. This is a fact that affects millions of people every year, but is hardly known. To make sure you don’t contribute to this statistic, let’s talk about how you can avoid losing money in dental insurance benefits before 2020.
Use It or Lose It
Most dental insurance plans operate on a “use it or lose it” type of plan. This means that if you don’t meet your annual maximum, all the leftover funds do NOT roll over into the next year. Your annual maximum is the highest dollar amount that your insurance plan will cover your care in the calendar year. For most dental insurance plans, this is around $1,000.
Here’s a not-so-fun fact: only about 3% of people with dental insurance ever end up meeting their annual maximum. That means 97% of people lose money! Let’s look at a couple ways to keep you from being a part of that 97%.
Get a Second Checkup and Cleaning
Even though the American Dental Association recommends that you get two checkups and cleanings a year, most people only get one, if any. This is detrimental to your oral health, as well as your wallet. These biannual appointments allow your dentist to keep your smile clean and healthy, as well as diagnose small problems early enough that they’re still easy to treat.
Your dental insurance plan usually focuses more on prevention than treating larger issues, so it’s best to put a stop to problems like cavities before they become bigger problems like root canals or tooth extractions. Your insurance also likely covers these appointments close to 100%.
Get Any Needed Dental Work Done
Your plan has something called a deductible, which is the amount you must pay out-of-pocket before the insurance company steps in and starts paying for your care. Deductibles for dental insurance are pretty low and therefore easy to meet. However, just like your annual maximum, your deductible does NOT roll over into the next year.
This means that once you’ve met your deductible, you will pay significantly less out-of-pocket costs for your care. If you have any dental work that you need to get, like a filling or a crown, now is the perfect time of year to get it taken care of. You will likely pay next to nothing for it!
As you can see, end of year dental insurance is no joke. Make sure to schedule any needed appointments before 2020 arrives so you don’t lose any money!
About the Author
Dr. Vince Fava has a Doctor of Dental Surgery degree from the University of Toronto, and now practices at Torbram Dental in Brampton, ON. His practice will work with you to file your insurance claims, so you don’t have to spend a cent more than you have to. To learn more, click here or call 905-792-7163.
No comments yet.
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.