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Dental Insurance
What it protects against
The financial consequences of obtaining preventive and remedial dental services.
How it works
Dental insurance is similar to medical insurance. Dental HMOs are most affordable, but usually offer a small number of participating dentists. Dental PPOs are more expensive, but offer more participating dentists and the option of going out of network. Dental indemnity plans cost the most, but also offer the most freedom of choice. Individual indemnity coverage may be hard to find. Dental discount plans are not insurance and aren't likely to be regulated, and greater burden is on the buyer to ensure these plans are reputable.
Who needs it
People who want coverage. As they age, baby boomers are likely to increase their access to dental services. There also may be more demand for cosmetic treatments.
Who may not need it
Even the most expensive dental procedures are not likely to fall into the financially catastrophic category, so some people can afford to self-insure.
When to buy it
As soon as you want coverage. Group insurance is generally less costly than individual insurance, so if your employer offers a plan, it may be wise to buy into it. When you retire or change employers, you may be able to continue to pay for the coverage at group rates. Group rates also may be available through professional associations and affinity groups. Enrolling in a plan fully paid by employees may still be beneficial if the plan offers group rates.
How you pay for it
Payroll deduction for group plans. Monthly or quarterly premiums for individuals buying on the open market.
Terms to Know
Least Expensive Alternative Treatment
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The amount an insurance company will pay based on its determination of cost for a particular procedure.
Pre-Existing Condition
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A coverage limitation included in many health policies which states that certain physical or mental conditions, either previously diagnosed or which would normally be expected to require treatment prior to issue, will not be covered under the new policy for a specified period of time.
Usual, Customary and Reasonable Fees
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An amount customarily charged for or covered for similar services and supplies which are medically necessary, recommended by a doctor or required for treatment.