Offering group dental insurance is integral to a small business benefits package. It helps employees stay healthy and maintain productivity by catching issues like oral cancer or diabetes early.
But not all plans are created equal. Selecting a project with a cost-effective monthly premium and access to reputable providers in your area is essential.
Preventive Care
Dental diseases can be costly for both individuals and businesses. Many employees lose work hours when they experience dental issues, and they often have to take time off from work for emergency care. Dental coverage can help prevent such problems, as it encourages regular visits to the dentist that catch issues early on. This also helps reduce healthcare costs, as dental health is linked to cardiovascular and diabetes problems.
Studies show that employees with dental insurance for small business coverage are more likely to visit the dentist, improving oral health and overall well-being. Moreover, dental coverage can lead to a decrease in employee absenteeism, which can have a direct impact on the bottom line of small business owners.
As a result, dental coverage is seen as a valuable benefit by employees, with many considering it one of the top three most desirable employer-provided benefits (after group health insurance and a 401(k). For these reasons, small businesses must offer a competitive dental plan that balances access to great dentists and cost protections.
Dental coverage options available to small business employers include indemnity plans that reimburse employees for out-of-network care, copayments and coinsurance, and discount plans with no deductible or annual maximum. Many of these plans require minimums that may not fit the needs of smaller groups, but there are now solutions that allow small groups to tailor their dental offerings to meet their exact needs and budgets.
Healthier Employees
Dental care is critical to employee health and well-being. Healthy employees are more productive and less likely to take time off work due to health issues. This can help your business keep its revenue running smoothly while lowering costs.
A comprehensive dental insurance plan covers preventative care like annual exams and X-rays and primary restorative care such as fillings and extractions. The best programs will also cover primary restorative care, such as crowns and dentures, and orthodontic treatment, such as braces and teeth aligners.
Traditional group dental insurance is expensive, and small businesses typically pay higher rates than large corporations. A more affordable option is offering your employees a dental savings plan. These are similar to membership buyers’ clubs, where participants pay an annual fee to access a network of dentists that provides discounted services.
Understanding your employees ‘ needs is critical in choosing the right dental coverage for your business. Gathering insights from surveys or conversations can help determine what benefits your employees would appreciate most. You can then select a plan that offers the best value for your employees. If you plan to wrap your dental insurance into a medical procedure, ensure an expert in both areas manages it so your employees don’t have to worry about changes that can impact their benefits.
Reduced Turnover
Dental coverage is one of the most popular employee benefits and is a critical factor in helping small businesses attract and retain employees. According to a recent study, employees named it the third-most important benefit behind group health insurance and a 401(k) plan.
Offering dental coverage is an easy way to show employees that your business values them and cares about their well-being, which helps reduce turnover. This is especially critical for smaller companies with fewer employees, where higher turnover can be hard to manage.
There are many different dental insurance options for small business owners. The best plans will balance access to quality dentists with cost protections that make it worth the investment for both the employer and employees. Some of these options include:
Preferred provider organizations (PPO) – These insurance plans offer a network of providers the program works with. They generally have a lower copayment for visits and deductibles but may not cover services outside the network.
Discount or savings plans are not traditional insurance plans but provide discounts for dental services at participating providers. They are often cheaper to offer than conventional insurance and can be easier for employers to manage since there is no claims process or deductibles to worry about.
When choosing a small business dental insurance plan, consider the reputation and financial stability of the insurer, as well as the types of coverage available and how they can be tailored to your company’s needs. Also, remember that the ACA offers tax credits for small businesses that purchase coverage through SHOP.
Increased Productivity
The health, happiness, and productivity of your employees have a direct impact on the success and profitability of your business. A comprehensive benefits package can help your business stand out among competitors and attract top talent, mainly if you include dental coverage. Employees with access to affordable dental insurance tend to use it more frequently. They may be encouraged to visit the dentist to maintain optimal oral and overall health, increasing productivity and boosting morale.
In addition, providing your team with a quality dental plan can reduce the time they spend away from work for routine visits or unexpected emergencies. A recent study found that personal and family medical issues cost employers an average of $1,685 annually in lost productivity.
While most large employers offer dental insurance, only 14% of small businesses do so. This is an opportunity for your small business to stand out and provide a competitive benefit that will help you attract top talent.
If you want to add a valuable and affordable dental plan to your company’s benefits offerings, some offer several programs that can meet the needs of small groups of 2 or more. These plans are fully ACA-compliant and include comprehensive dental networks at an affordable rate for your group. And you can choose to pay for your employees’ dental premiums using pre-tax dollars, lowering your costs.
