Dental insurance may seem like a complicated maze sometimes, but one fact is simple and clear. Every year on December 31st, most dental insurance policies reset and any unused dental benefits disappear.
If you have not used all of your dental insurance benefits this year, you may have money remaining in your account. Here are two keys to help you make sure you’re getting the most from your dental insurance plan.
1. UNDERSTAND YOUR BENEFITS
Here are a few important terms to become familiar with as you seek to understand your benefits:
The annual maximum is the limit your dental insurance plan will pay for dental treatment over the course of one year. Most insurance plans average around $1,000 per year, per person with this maximum renewing on January 1st. Unused benefits do not rollover to the next year.
For example, if you have an annual maximum of $1000 and you’ve only spent $500 to date, you have $500 remaining to spend to reach your annual maximum. If you do not get your treatment before the end of the year, your $500 disappears. Contact our team today to see if you have met your Annual Maximum.
Your annual deductible refers to the amount of money you must pay before your insurance “kicks in” to cover treatment costs relative to the limits of your plan. With most insurance plans, the average deductible is around $50 per year and it resets at the beginning of every year. Contact us today to see if you have already paid your Annual Deductible.
FLEXIBLE SPENDING ACCOUNT
If you have a pre-tax flexible spending account (FSA) through your employer, you may want to review it to see you have any remaining balance. Any unused contributions to your FSA disappear at the end of the year.
2. CHECK YOUR BENEFITS
Most dental insurance companies bank on the reality that their customers will not take full advantage of their coverage. Profits increase when benefits go unused. As a result, insurance companies will not typically encourage patients to use up all of their annual benefits. This leaves it up to the customer to wade through the details of their annual coverage limits, deductibles, and any remaining benefits available.
If you are paying your dental insurance premiums every month, you have already paid for your benefits and you should be using them. At Todd Whitlock Dentistry, we want you to get every penny possible out of your annual dental insurance plan. Our experienced front office team understands how dental insurance works and how to get the most benefit from your policy. You can be confident that we will help you get all you deserve.
The best part is that it won’t cost you a dime to have our team check your benefits.
TIME IS RUNNING OUT
Do not wait to schedule treatment as the end of the year is coming quickly. Contact us today to ensure you take full advantage of your insurance benefits before we close out the year.