Dental-Insurance

What Is Principal Dental Insurance?

Principal Dental insurance plans offer enrollees the opportunity to join an employer’s group dental coverage. In addition, employers can choose to customize their dental coverage to fit in their annual budgets.

What Is Principal Dental Insurance?

As a group dental insurance provider, Principal allows businesses to:

  • Pay for the entirety of their employees’ insurance
  • Cover just part of the insurance premiums
  • Cover none of the insurance premiums

Nationally, 50% of dentate individuals between 18 and 64 had some level of dental insurance in the past 12 months. As the job market remains highly competitive, employers that offer group dental insurance improve their odds of hiring top-tier talent.

Principal Dental offers:

  • Preferred Provider Organizations (PPO)
  • Dental Health Maintenance Organization (DHMO)

Depending on the state, various options may be available.

Customizable Options for Businesses

Group dental insurance plans have numerous customizable options that influence the business’ expenditures and bottom line. When determining the right choice for your business, you’ll need to customize:

  • Coinsurance
  • Deductibles
  • Options

Businesses can alter the deductible of the employee to match the financial constraints of the business. Higher deductibles for employees mean lower expenses for the company. Management must sit down and come up with a custom plan that maximizes the group dental benefits offered while also remaining within the business’ overall budget.

Principal Dental has an annual maximum refreshment as well as deductibles being waived under certain conditions. Employees also gain access to a mobile app that outlines their benefits and makes it easy to obtain ID cards.

How Group Dental Plans Work with Principal Dental Insurance

Principal Dental follows a standard, three-category system for dental services:

  1. Preventative. Routine exams and cleanings are part of the preventative care offered through Principal Dental and are 100% covered through insurance.
  2. Basic. Cavities that require fillings would fall under the basic care category, where 80% of the cost is covered by insurance and 20% by the employee or employer.
  3. Major. A major procedure, such as a dental bridge or root canal, will have some costs covered by insurance and the rest an out-of-pocket expense for the employee.

Employees will receive a comprehensive list of procedures that are covered through their insurance and which are not. Transparency allows employees to opt into group plans with confidence that the procedures they need the most will be covered as long as they’re listed.

When employers offer group dental insurance through Principal, they’re joining a massive network of nationwide dental providers that their employees can leverage to maintain optimal dental health.

In-network and non-network coverage options are offered, and out-of-network deductibles are combined to quickly help employees meet their deductible limit.

Principal empowers employees to recommend their own dentist for inclusion in the network. If an employee is happy with their own dentist, the ability to continue using the same dentist is crucial.

At ClaimLinx, our consultants can help business owners find group dental insurance that meets the needs of their organization.

Small and large businesses that offer group dental insurance can increase applicants for a position, improve employee satisfaction and boost employee retainment through insurance options.

What is Medicare Supplement Insurance? Supplement insurance, or Medigap insurance, is just like it sounds: insurance that fills in the gaps. For example, in the scenario above, this type of insurance would kick in and cover the $12,000 that original Medicare doesn't cover. Roughly 24% of all beneficiaries on Medicare purchase Medicare supplement Insurance What's Included in Medicare Part A and B? If you're on original Medicare, this means that you're on both Medicare Part A and Part B. Medicare Part B covers about 80% of the costs for approved: • Doctor services • Medical equipment • Outpatient therapy On top of the 20% of the costs, you'll be required to pay a deductible of just over $200 in 2021. While you may not pay for Medicare Part A, you will be responsible for paying for Part B if you want this additional coverage. Supplement insurance is sold through private insurance companies and will offer additional coverage, such as: • Costs of doctor visits • Services rendered outside of the US Insurance companies cannot disqualify you from these programs based on preexisting conditions either. Cost of Medicare Supplement Insurance Is this type of insurance worthwhile for you? It depends. You'll be required to pay additional money to these programs, and they can be very expensive. While the average person paid $152 per month for supplemental insurance in 2018, prices may be much higher for the individual. Depending on multiple factors, the cost of these plans can range from $50 to $650. Factors that contribute to the overall cost are: • Age • Location • Deductible However, some individuals may benefit from state programs that offer to pay for some or all of these costs. Often, low-income individuals will qualify for state assistance, so they'll benefit from low or no cost for their supplemental insurance. Additionally, there may be options to help cover the cost of prescription medications, too. When considering whether signing up for one of these programs is the right thing to do, it's important to note that Original Medicare does not have a limit on out-of-pocket expenses. So, you'll continue to pay 20% out-of-pocket whether the bill is $200 or $2 million. There are options outside of Medigap, such as Medicare Advantage plans that will roll Part A and B into one plan as well as offer prescriptions for free. Medicare supplement insurance is often a good choice if you don't have coverage through a union or employer and you're enrolled in Original Medicare.

Is Medicare Supplement Insurance Right For You?

Medicare is available for people who are 65 or older or individuals that suffer from disabilities. Original Medicare, which is more of a basic form of the program, provides just the most basic form of coverage.

While original Medicare covers most of your medical and hospital bills, you’ll still have to pay for 20% of approved doctor treatments.

If you’re in the hospital for even three days, the cost of the hospital stay can be as much as $60,000. Paying 20% of these costs still leaves you with a $12,000 bill that you need to pay.

Medicare supplement insurance can help.

What is Medicare Supplement Insurance?

Supplement insurance, or Medigap insurance, is just like it sounds: insurance that fills in the gaps. For example, in the scenario above, this type of insurance would kick in and cover the $12,000 that original Medicare doesn’t cover.

Roughly 24% of all beneficiaries on Medicare purchase Medicare supplement Insurance

What’s Included in Medicare Part A and B?

If you’re on original Medicare, this means that you’re on both Medicare Part A and Part B. Medicare Part B covers about 80% of the costs for approved:

  • Doctor services
  • Medical equipment
  • Outpatient therapy

On top of the 20% of the costs, you’ll be required to pay a deductible of just over $200 in 2021. While you may not pay for Medicare Part A, you will be responsible for paying for Part B if you want this additional coverage.

Supplement insurance is sold through private insurance companies and will offer additional coverage, such as:

  • Costs of doctor visits
  • Services rendered outside of the US

Insurance companies cannot disqualify you from these programs based on preexisting conditions either.

Cost of Medicare Supplement Insurance

Is this type of insurance worthwhile for you? It depends. You’ll be required to pay additional money to these programs, and they can be very expensive. While the average person paid $152 per month for supplemental insurance in 2018, prices may be much higher for the individual.

Depending on multiple factors, the cost of these plans can range from $50 to $650. Factors that contribute to the overall cost are:

  • Age
  • Location
  • Deductible

However, some individuals may benefit from state programs that offer to pay for some or all of these costs.

Often, low-income individuals will qualify for state assistance, so they’ll benefit from low or no cost for their supplemental insurance. Additionally, there may be options to help cover the cost of prescription medications, too.

When considering whether signing up for one of these programs is the right thing to do, it’s important to note that Original Medicare does not have a limit on out-of-pocket expenses. So, you’ll continue to pay 20% out-of-pocket whether the bill is $200 or $2 million.

There are options outside of Medigap, such as Medicare Advantage plans that will roll Part A and B into one plan as well as offer prescriptions for free.

Medicare supplement insurance is often a good choice if you don’t have coverage through a union or employer and you’re enrolled in Original Medicare.

Is supplemental coverage right for your company?

Open enrollment has almost arrived, and for most companies that means taking a look at their coverage options. There is one extra question every company should be asking themselves this year: should I be adding supplemental insurance to my benefit plan?

Supplemental insurance is extra or additional insurance you can purchase to help pay for services and out-of-pocket expenses that regular insurance does not cover. Some plans reimburse for expenses incurred, while others pay specific amounts regardless of how much you have paid out-of-pocket. So many people with these policies even get a little extra cash in their pocket in addition to their services paid for.

Examples of policies are Critical Illness, Short-Term and Long-Term Disability, Dental, Vision, Life, Accident and more.

We recommend to all of our clients that they add supplemental insurance to ensure employees are truly taken care of in their time of need. Supplemental plans are typically inexpensive and pay quickly so employees can start using the funds to pay incurred medical bills, seek additional treatment or supplement lost income as a result of injury or sickness.

They can also be a great employee recruiting and/or retention tool. In a competitive job market, benefits can be one of the biggest reason an employee chooses to stay at or join your company. Supplemental benefits are not offered by all employers, though they are easy to set up and require little administration from an employer.

One of the best parts about ClaimLinx’s Simple Option Solution is that it creates savings, which companies can use for any number of improvements. It’s a great opportunity to add these policies at no additional cost overall to the company. Employers can select plans for employees or offer employees a monthly dollar amount so they can choose the plans that fit their needs.

These plans pay employees when they need it most. Catastrophic incidents can leave families with thousands of dollars in bills, even with a good insurance plan. Using savings to buy these plans shelters employees from this problem at no additional cost to you.

We tell clients to think of their overall health plan like raising a roof. The major medical plan is the frame that holds it all together. The Section 105 MERP is the outer layer of shingles that prevents leaks and is the part people experience day to day. Supplemental plans are the insulation that keep people protected, warm and comfortable.

Contact sales@claimlinx.com if you’re an employer looking to explore adding supplemental insurance to your plan. Or visit www.claimlinxmarketplace.com to see your options for a supplemental plan.

Explore dental coverage for oral health month

When it comes to dental hygiene and overall oral health, there is nothing more important than regular checkups with a dentist, but without dental coverage affording consistent preventative visits can be a struggle.

June is oral health month, the perfect time for business owners to look at their dental coverage and evaluate if they are offering employees all the benefits they need to remain healthy.

Employers can add dental coverage to their plan at any time during the year; they do not need to wait for their health plan renewal. ClaimLinx will consult with any client on the best option to fit a company’s needs and budget.

One option is to set up a traditional supplemental insurance policy for dental coverage through a major carrier, such as Guardian, Aflac, National General, Delta Dental and more. Another is to use ClaimLinx’s third party administrator services to set up a self-funded dental plan in which employees are reimbursed for qualifying expenses.

The American Dental Association recommends people brush their teeth at least twice per day, floss at least once per day and visit the dentist twice per year for a cleaning and checkup.

Twice annual visits are especially important, because they keep oral health costs low by treating an issue before it escalates. It is estimated that for every dollar spent on preventative care, a person can save between $8-$50 in restorative and emergency treatments, according to a study at the University of Illinois.

But many Americans are forced to put off these visits or early treatment because of out-of-pocket costs or because they do not have dental coverage at all. The same study estimates 1 in 4 American adults have untreated tooth decay.

Offering dental benefits can often be a simple and relatively inexpensive way to improve overall health coverage, which gives employees the peace of mind and fiscal confidence to continue consistent checkups. It is the best way to ensure one of your employees does not become one of the 36% of American adults that has gone more than one year without a dental checkup, according to the Center for Disease Control.

Contact sales@claimlinx.com if you would like to start a conversation about your company’s dental coverage.

 

Growth Predicted for Life Insurance Market

Recent data reveals only 46% of consumers have individual life insurance, and that more than 3/4 of consumers age 25-64 say they would benefit from more close guidance from financial services professionals in adding that important voluntary benefit.

Related Post: US Health Spending Expected to Grow 5.8% Annually

  • According to LIMRA, half of consumers prefer to buy life insurance face-to-face through a financial professional.
  • Consumers want an adviser who will educate, listen and gain trust.
  • Research shows employees under age 45 prefer to purchase online.
  • 60% of those surveyed say they own group life insurance, but coverage is less than individual policies and is only in place while the person is employed.
  • A quarter of consumers studied say they have no life insurance at all.
  • LIMRA reports 4 in 10 life insurance shoppers are prompted to start shopping for life insurance due to life events such as marriage,  divorce, having or adopting a child, buying a home, or experiencing the death of a relative or close friend.

Related Post: 2014 Ends With Strong Employment Numbers

“Life insurance is the one product that can help families keep a roof over their heads, provide for basic living expenses and allow time to recover and heal from the loss of a loved one,” says Robert Kerzner, president and CEO of LIMRA. “LIMRA’s research shows that people do not fully understand the risks they take by not having adequate life insurance coverage.”

Read the full article by Nick Otto here.

Please keep in mind that ClaimLinx can write life insurance policies as well as individual, surgery, accident and dental policies. Contact us for more information.