When it comes to dental insurance, it seems like there can be as many (or more) questions as there are answers. Even when you are fortunate enough to have dental insurance, navigating its use can still be very confusing. Many people don’t give their dental insurance a second thought – until the day comes when they need to use it. Today, Dr. Dan McKay at McKay Center for Cosmetic & General Dentistry would like to talk to you about an option not everyone knows about – “buy-up” dental insurance.
What is “Buy-Up” Dental Insurance?
“Buy-up” dental insurance allows enrollees with group insurance to “buy-up” to more generous benefits by paying higher monthly premiums and receiving more comprehensive dental coverage in return. The differences between “regular” and “buy-up” dental coverages are easy to pinpoint when benefit summaries of the plans are viewed side by side: “buy-up” dental calendar year maximums are higher, annual deductibles are lower, and a percentage of more extensive restorations like bridges, crowns, dental implants, and sometimes even orthodontics are covered, while regular group dental insurance plans often provide little to coverage for these procedures. As with any other insurance plan, whether dental providers are in-network also factors into the level of coverage when considering “buy-up” dental.
Is “Buy-Up” Dental Insurance Worth the Added Cost?
When the only factor under consideration is economics, one recent study would likely call it a draw. The sample showed the average insured household spent $978 in out-of-pocket dental costs – including premiums – while the average uninsured household spent $1,007 – a mere $29 difference. If “buy-up” dental insurance becomes an option for you, the specific pros and cons of your individual and family situation will need to be weighed when you choose your insurance plan.
If you are a weekend hockey player, have kids that need orthodontia, or just tend to be unlucky when it comes to your teeth, it’s hard to put a price tag on your peace of mind. Dental insurance can be a saving grace for those with unusually high dental expenses from serious financial hardship, and better-than-average coverage would only ease the burden.
It may seem like a gamble to dig into your pockets and invest more money in a higher-priced dental plan when the extra coverage may never be needed. However, to reiterate – many people don’t give their dental insurance a second thought until the time comes when they NEED it – and when you need your dental insurance, you really need it. Some of the most expensive dental procedures are also the most unexpected and in many cases, they are true medical emergencies that require treatment.
One way to think about “buy-up” dental insurance is to compare it to enhanced towing coverage for your vehicle, such as the type offered by AAA. You can pay one nominal annual fee that covers unlimited towing costs, so no matter where your vehicle breaks down within a certain geographical radius, there will be no additional cost to you for your car to be towed. If you carry this coverage, your vehicle may not break down during that coverage year and your benefits may never be used, but if your vehicle does break down and you do require towing, the annual premium price is about the same or less than one tow, and the coverage has paid for itself with just one use.
Dr. Dan McKay and our team are always happy to discuss your insurance coverage, as well as your other financing options if you need additional help working dental care into your budget. Contact us anytime – we’d love to help!
The content of this blog is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of qualified health providers with questions you may have regarding medical conditions.
