Insurance is a method that individuals can use to minimize their risk for things that may be catastrophic. You pay a small premium, and in the event that you need or have a claim, the insurance company covers you up to the terms of your agreement.
Individual dental insurance is a type of insurance where in an individual buys an individual dental insurance plan from an insurance company by paying a monthly or annual premium. When you have to get dental work, you make sure you see a care provider that accepts your insurance, and then your claim gets paid.
There are a variety of dental insurance plans available in the market. A search on the internet will give hundreds of results. It is easy to get confused with so many options. However there are basic principles of insurance which when applied can reduce the overall costs to the individual. Let's take a look at some of the important terms you should familiarize yourself with regarding dental health insurance.
Deductibles. When you take dental treatment while under the coverage of a dental insurance plan, you can claim the bill from the insurance company. You pay a portion of the cost called the deductible. Deductible is predefined, so choose a dental insurance plan giving due thought to deductible. The higher the deductible, the lower the premium.
If you have low dental work needs, you should consider paying a higher deductible so your insurance premiums are lower. The trick is to find a balance between how much you pay and how much your insurance will pay. You don't want to be paying more in premiums for something you will not be taking full advantage of.
Co-insurance. Co-insurance is the percentage of the dental costs that you will pay and the rest is paid by the insurance company. The higher the co-insurance the lower is the premium. The term is similar to the term deductible.
Another term you may hear is co pay. The co pay is a small payment you make when you see the doctor. Currently, the average co pay is between 5 and 15 dollars.
Individual dental insurance plans are available to individuals only and not through employers, hence they tend to be expensive. If you are a frequent visitor to the dentist, then keep co-insurance and deductibles low, but if you are an occasional visitor, select a plan which has co-insurance and deductibles on the higher side and premium on the lower side.
For some, who have jobs, the insurance coverage is so low that they need to get supplemental insurance. Usually the supplemental insurance you pay will be much higher because it is not partially covered by a large network.
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