Dental insurance is an increasing popular employee benefit shown by research to be incredibly highly valued by employees. ADVO Group’s Sharon Harwood-Davis sheds a light on exactly what this employee benefit offers and why it has become such a valued benefit.
What is dental insurance?
Dental Insurance is a low cost high value type of health insurance designed to pay a portion of the costs associated with Dental care in the UK. Generally private dentists have a fee schedule, or a list of prices for the dental services or procedures they offer. The Dental insurers will also have their own expected fee schedules which are generally based on Usual and Customary dental services (an average of fees in any given area).
The most common type of dental insurance is where the insurance company will pay for a set percentage of the treatment received. This percentage level will depend on insurer and level of benefit selected. Other factors may occur with these types of schemes such as annual limitations or graduated percentage scales based on the type of procedure.
Very few insurers have direct arrangements with dentists whereby, the dentist agrees to accept a set fee schedule and therefore provide their patients a reduced cost for services as ‘Network Provider’. These types of schemes usually have no annual maximum benefit limitations, and occasionally the providers will be able to settle the bill directly with the dentist rather than the member paying the dentist and recouping costs from the insurer.
As a Company why should we consider Dental as part of our employee benefit package?
As detailed in Denplan’s Dental survey 2012, 71% of decision makers within companies agree that dental insurance plans enhance employee wellbeing, 62% of decision makers also felt that dental schemes fit within their company ethos and demonstrated that they cared about their employees.
Some of the reasons given for providing dental insurance to staff were:
– 31% believed that plans help with the management of sickness absence.
– 33% believe it would assist with the attraction of new staff
– 37% believed that dental insurance schemes assisted with retention levels.
Do Employees truly value Dental Insurance?
When implementing any benefit, it is vital for employees to engage and appreciate the value it brings to them in order for any company to feel the return on their investment. Within the survey 55% of employees believed a dental insurance scheme was a tangible usable benefit.
Within those who didn’t currently have an insurance scheme, 53% said they would appreciate it as an addition to their current benefits, 62% saying they would consider a voluntary dental plan if their company was to offer it.
As with any benefit the key to successful engagement and correct usage of the insurance stems from effective communication/education of linking it to a company’s overall Health and Wellbeing ethos.
How do you choose the right insurance?
Choosing between Dental Insurances can proved difficult, unlike other insurances such as PMI, the benefits included between different Dental insurers vary greatly and can create confusion when attempting to secure best rates for the best benefits. 48% of companies use expert broker advice when implementing benefits for this very reason. Through our expert knowledge of the market, we are able to advise the client and secure benefits at the most suitable level for each client with the most competitive price associated.
ADVO Group pride themselves not only on their levels of expertise and relationships with insurers (generating best cost) but on their ability to provide the highest levels of customer service to our clients, ensuring the products implemented are the best fit for that individual client’s needs.
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Notes to editors –
About ADVO Group Limited
Established in 1997, ADVO Group is an employee benefit consultancy looking after the requirements of many customers from small businesses up to multi-national organisations.
Recognised as an Investor in People organisation, we understand the importance of continuous training for our staff. Our forte is exemplary customer service as proven by over 97% of customers staying with us each year.
ADVO Group is building on its reputation by further developing its unique online customer management facility – providing real-time access to policy information for customers.
Whatever the circumstances, ADVO Group will source an appropriate, cost-effective solution to your employee health benefit needs.
ADVO Group is authorised and regulated by the Financial Conduct Authority (FCA) for the conduct of General Insurance Business. Also, we are Founder Members of the Association of Medical Insurance Intermediaries, and the British Insurance Brokers Association.
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