What is Group Dental and Vision Insurance?
Group dental and vision insurances are employer-sponsored oral and vision coverage geared towards business owners, employees and usually applies to dependents as well. Employers and employees can share costs and there are special tax incentives available to businesses that provide group dental and vision insurances.
Group dental and vision insurances not only obtain benefits in better overall health for your employees, it can be also a key element in a competitive compensation package to attract and retain the best employees.
How It Works
Most group dental insurance plans have preventive and basic care benefits for in and out of network. Insurance company may offer 100% coverage for preventive and diagnostic procedures, such as cleanings, x-rays and routine examinations. For basic care services, insurance company will cover certain percentage of the dental charges such as minor restorative, periodontics and oral surgery. In addition, most of the plans have major care services, such as crowns, bridges and dentures; member is responsible for a certain percentage of the dental charges as well. There will be an annual maximum that insurance company will pay for your treatments. Common annual maximum allowances are $1,000, $1,500 and $2,000. Group vision insurance plans have benefits on eye examinations and corrective materials, such as frames and lenses for in and out of network every 12 or 24 months. Most of the plans, member is responsible for simple copayment. For most of the group dental and vision insurance policies, participation and employer contribution requirements are needed. What it means is it requires employer to contribute a certain percentage towards the employee’s premium and a certain percentage of active eligible employees to enroll. 75% is a common participation percentage seen in many group dental policies. If only a handful of employees want to join the plan or if the employers are not able to pay the required minimum premium contributions, the group can have the option of offering “Voluntary dental and vision” program which may have slightly more restrictions in the policy benefits.
Please feel free to contact Lexim Advisers to explore more about group dental and vision insurance plans designed to meet your employees’ dental and vision needs.