As the end of the year looms closer, this is the perfect time to review the benefits of your dental insurance and make the most of it. If you are not familiar with the details of your insurance or your health savings account (HSA), you could be on the verge of losing money. Dental insurance policies usually reset every year, so if you have not taken full advantage of your benefits, you should consider scheduling end-of-year dental appointments now. Here are a few reasons why.
The Annual Maximum
Most dental insurance companies set an annual maximum for beneficiaries. Often, there is an annual maximum set for each person covered under the policy. Most often this amount is around $1,000 per person. If your insurance runs on the calendar year, the amount will reset on January 1st. The amount will reset after 12 months from the beginning of the plan year for policies that run on a fiscal year.
If the cost of your dental work exceeds the annual maximum, you will be responsible for paying the amount that is over. Some individuals choose to plan extensive dental work over the course of two years, in order to take full advantage of their annual maximum. This way they make the most of their dental insurance dollars. If you pay a certain amount for a deductible, keep in mind that it will also reset in the new year.
You may have a certain amount that you are responsible for before the insurance company begins to pay for your dental care. This is the deductible and it varies depending on the account you have. Some policies have a high deductible while others may have one as low as $50. If you have already had some dental work this year, you may have already reached your deductible limit. Keep in mind that preventive care, regular dental exams, some x-rays and professional cleanings are often completely covered by insurance.
Health Savings Accounts
If you have an HSA or flexible spending account, check to be sure you understand how it works. Some employers offer this benefit to their employees in order to save pre-tax dollars on health care expenses. This type of account can be very helpful; however, you can also lose money if it is the type in which the account needs to be used before the end of the year.
Keeping your oral health at its best is cost effective and good for your well-being and general health. It is the best way to keep dental bills at a minimum. Engineered Smiles will help you achieve your healthiest, most appealing smile. Call us today to schedule your appointment before the end of the year.