As a small business owner, HR professional, or other benefits decision-maker, you want to ensure your team is well cared for. Offering attractive dental coverage is a great way to show your commitment to employee health and retention.
However, it can take some work to know how to choose the right plan for your business. To help, here are some key things to consider:
Price
All purchase decisions involve a cost versus value analysis. Choosing the right company that’s selling small business dental packages is of the utmost importance. As an employer, you want to keep costs in check, and employees wishes for coverage that offers the best value for their dollars.
Insurance companies set their premiums each plan year based on projections and the claims history of all the groups they insure. As a small employer, you may be part of a pool of other small businesses that help reduce risk for the insurance carrier and keep costs moderate for all. However, you’ll still have to weigh the options and be mindful of overly optimistic projections by the insurance company.
An excellent option to consider is a group dental savings plan that uses the power of groups to negotiate lower fees with dental providers. This type of plan is not insurance but rather an alternative to traditional dental insurance, and it’s usually less expensive and simpler to manage.
However, it doesn’t cover significant services like fillings or crowns, and the annual limits are typically low. It’s essential to understand the needs of your team, and their varying dental care needs when reviewing your options. It will ensure you choose the best small business dental package for your employees and your budget.
Benefits
Dental and vision benefits are a great way to attract, retain, and reward your employees. As a result, they tend to have some of the highest participation rates among all employee health and workplace benefits. Additionally, these benefits can improve your workforce’s overall health and productivity.
Choosing the right small business dental package starts with understanding your employees’ coverage needs. It is also essential to consider the budget your company is willing and able to contribute towards each employee’s premium costs. Additionally, it’s necessary to look at the deductibles, copays, and other costs associated with each plan.
Once you have a clear picture of your employee’s coverage needs and budget, it’s time to look at the network options available with each plan. A strong network is crucial to providing your employees affordable and accessible care. When selecting a program, be sure to check out the number and variety of dentists that are included in each network.
As you compare the cost of different plans, remember that the small business tax credit is available if you are a small business owner who provides group health insurance through the Small Business Health Options Program (SHOP). In addition to the SHOP, you can find a range of competitively priced dental and vision plans from eHealth.
Coverage Options
Small businesses can provide dental coverage with a variety of options. For example, some offer various plan options for companies with two to 100 employees. These plans are backed by one of the country’s largest dental insurers and have an extensive network.
Another option is to offer a group dental savings plan for your team. These are typically much less expensive than traditional dental insurance and can provide great value for your employees. These plans are similar to a membership buyers’ club where participants pay a low annual fee to access a network of dentists who have agreed to give members discounts on services.
Other large providers that offer affordable dental plans for small businesses have more comprehensive coverage and can cover orthodontics, dental implants, and teeth whitening. However, they may also require a higher deductible and copays.
Network
While health insurance is often a key component to attracting and keeping talented employees, there are other types of benefits your business may want to consider. Providing dental benefits is a relatively inexpensive and highly sought-after employee perk that can help keep your company competitive in the market for talent.
The right dental plan can also be a great way to promote better oral health among your workforce and prevent costly dental problems from developing. When employees are healthy, they’re less likely to call in sick or be distracted at work – making them more productive.
Several types of dental plans are available, but some options may be more suitable for your small business than others. For instance, preferred provider organizations (PPOs) typically offer a network of dentists your employees can visit. When they choose a participating dentist, their claims are usually paid less. Traditional (or indemnity) plans offer more flexibility but come with deductibles, copays, and a range of other costs associated with visits to the dentist. Another option is a group dental savings plan, which is not technically insurance but can provide your team with many of the same benefits. These plans require a low annual fee to access a network of dentists who have agreed to accept discounted rates for group members.
