The Added Value of Dental & Vision to Group Health
April 25, 2022
Businesses that purchase group health insurance plans for their employees may also have the option of purchasing vision and dental coverage. Employers could add significant value to their employee benefits packages without busting a hole in the company budget. Recently, employees have gravitated more and more towards jobs that offer stability in the form of comprehensive health plans. Moreover, it has been proven that routine vision and dental health exams can uncover signs of far more serious health conditions, including diabetes, glaucoma, and heart disease.
While businesses may not be mandated to offer group vision or dental plans, it is imperative to consider the benefit of these options. Most dental and vision plans are inexpensive and won’t significantly increase your existing group health premiums if you choose to add them to your plan. Here is the value in adding vision and dental to your group health plans, as well as a breakdown of vision and dental and how they add valuable gains to your employee benefits packages.
What is Vision Coverage?
Vision coverage is an add-on to a comprehensive employee benefits package. Vision benefits reduce healthcare costs for employees while significantly improving productivity and overall health. Commonly, a vision benefits plan will include coverage for things like purchasing eyeglasses and/or contact lenses, routine care services including eye exams, and enhanced plans may include significant discounts on corrective eye surgeries, including LASIK and PRK. The exact details of a vision plan will vary depending on the coverage options you choose to include, as well as the carrier you select.
There’s no doubt that good eyesight can play a significant role in the health of your workers. Vision insurance may also be purchased standalone, but it can be included in group health plans. Many employees prefer plans that include vision coverage. This benefit has been proven to increase employee morale, create a positive work environment, and encourage increased productivity. Benefits like vision coverage also offer several tax incentives to your business, as you may be allowed to deduct up to 100% of your overall premiums that are paid towards qualifying group plans.
What is Dental Coverage?
While it might not seem like it, dental health has a considerable impact on an individual’s overall health. Dental coverage should be considered when designating a group health package, as it can include benefits from routine health exams and hygiene cleanings to fillings, root canals, extractions, and even some oral surgery. Enhanced packages may include periodontics, prosthodontics, dentures, and orthodontics, but note that plans will vary, and not every policy will include the same coverage.
Like vision coverage, dental coverage is an optional add-on but popular for good reason. Purchasing dental and vision to add to your existing group health plans may be less expensive for your employees than if they purchased these plans on their own, adding even more value back to your business.
The Costs of Dental Coverage
The cost of dental coverage can vary. We’ll cover the most selected plan costs and coverage limits here.
For children under the age of 19, the estimated monthly cost is $46 per month for $1,000 in annual reimbursement.
For adults aged 19-64, the estimated monthly cost is $21.88 for $1,000 in annual reimbursement.
For adults over the age of 65, the estimated monthly cost is $25.43 per month with an annual reimbursement limit of $1,000.
Group family coverage plans are estimated at $85 per month per family, and typically average $29 per single member.
You may also see options that provide pediatric services that are covered at 100% with no cost-sharing
There is a deductible and benefit maximum that applies to each member with no cap for multiple members. The benefit period deductible does not apply to preventive services.
The Costs of Vision Coverage
Group Vision Insurance plans are available for $8.87 per month per person, no matter the age. The average cost is 29 cents per day. These plans include the annual benefits of an eye exam and a pair of eyeglasses or contact lenses.
Contact one of our licensed professionals to discuss the full benefits of dental and vision coverage, as well as more accurate costs on dental and vision coverage specifically for your business.
The Benefits of Dental and Vision Coverage
When purchasing group health insurance, businesses should consider adding on vision and dental coverage to diversify their range of benefits. Not only are qualifying health plans tax-deductible and may enable employers to reduce their payroll taxes, but they are great ways to attract brand new talent and retain existing employees. When it comes to employee benefits, health plans are generally the most sought-after, especially those that include comprehensive dental and vision coverage.
Including dental and vision coverage can boost employee morale and help workers (and possibly even their spouses and dependents) to maintain good health. Overall, these add-ons provide a solid return on investment, as your employees are certainly your company’s most important asset.
Interested in learning more about the benefits of dental and vision coverage? Contact a Hitchings Insurance Agency representative to discuss how incorporating these plans may benefit your business.