Unfortunately, dental plans are usually an afterthought to medical health care coverage because there's no legal obligation for a business of any size to provide the benefit. As a consequence, many Americans don't have dental coverage. In 2008, a survey from The Segal Group, a benefits and human resource consultancy with offices across the U.S. and Canada, reported that dental coverage was the third-most-utilized health care coverage. Medical and prescription coverage take the No. 1 and No. 2 spots, respectively. The Segal Group, however, cautions employers to not overlook the importance of providing some level of dental benefit.
Dental insurance, like health insurance, is a definite plus in recruiting and retaining top talent. Here's a step-by-step guide to selecting and implementing a dental plan for your company.
How to Set Up A Dental Plan: Deciding What Plan is Best For your Company
There are several questions you'll want to ask yourself and other decision-makers within your company to determine what type of plan is best for your staff:
• What do I want my plan to look like?
• How much should I pay for coverage?
• How much should my employees pay for coverage?
Expect that the most popular plans are fully-employer funded, partially-employer funded or fully-employee funded:
• Fully-Funded Employer Plans: A plan wherein the employer bears 100 percent of the costs associated with providing benefits.
• Partially-Funded Employer Plans: Typically employers will pay less than 100 percent of the costs (traditionally about 80 percent) and the employees pick up the remaining balance (typically about 20 percent).
• Fully-Funded Employee Plans: Employees are responsible for 100 percent of the cost of the plan. On the back end the employer often takes over administrative costs and payroll deductions.
GET A QUOTE FOR FULLY INSURED PLAN
CONTACT US FOR PARTIAL OR FULL SELF FUNDED PLAN
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