Fewer and fewer private companies are providing dental insurance for their employees, while Medicare does not provide it at all. You may well be wondering if you should purchase dental insurance yourself; these pros and cons can help you make the right choice.
What Is Dental Insurance?
Dental insurance, simply put, helps cover some of the costs associated with dental care. It can be purchased as a group policy through your employer or privately as an individual policy.
Although each policy has its own benefits levels and coverage limits, most policies cover 100 percent of the costs associated with diagnostic and preventive care. Many policies cover about 80 percent of periodontal cleanings, while root canals, fillings and oral surgery are usually covered at 50 percent. In addition, most policies have a yearly maximum on the total benefits they will cover; for most, this cap falls at about $1,500. Of course, the specific coverage levels will vary from one policy to another. Higher caps and benefit levels may be available from some companies if you pay a higher monthly premium
Pros
If you or someone in your family expects to need extensive dental work, dental insurance could help you save money. It can help you pay for expensive procedures like crowns, fillings, root canals and sometimes orthodontics.
Cons
Dental insurance can be costly to purchase. In light of the deductibles and co-payments for which you will be responsible before coverage begins, as well as the yearly cap on benefits, you might decide that the cost for the insurance is not worth its benefits.
So, should you purchase dental insurance or not? If you have ongoing dental issues, or expect to have extensive dental work in the near future, it may be worthwhile to buy dental insurance. However, if you do not anticipate having expensive dental work in the next year, it may be smarter for you to deposit the money that you would spend on dental insurance premiums into a flexible spending account or personal savings account.
