Vision and dental care contribute to the health of your employees. And healthy staff means a decrease in sick time.
Vision and dental insurance coverage account for less than 10% of the cost of medical coverage and are more affordable than you might think. The most popular choice for cost effective plans is the Dental Health Maintenance Organization (DHMO). However, employees may have to wait quite some time to be reimbursed. Major procedures may also have a limited number of times coverage is allowed in any given period of time.
Employees pick from available dentists, optometrists, and ophthalmologists in the network who have agreed to provide work for a given discounted fee. Low cost vision and dental insurance coverage per patient ranges from $1000-$1500. Companies normally cover 25-50% of the monthly premiums and the employee pays the remainder.
For tight budgets and small businesses with few staff, there is a benefit program called the Cafeteria Plan. This plan allows your employees to pay for anything from health insurance premiums to dependent day care costs on a pre-tax basis. The Flexible Spending Accounts (FSA) provides employees with a pre-tax method to pay for medical expenses that are not covered by their insurance. Expenses that can fall under FSA range from doctor co-payments and prescription drugs to contact lenses and dentist check-ups.
A flex spending account allows a worker to have a set amount of their earnings set aside for the year and deducted from every pay. Employers can expect to pay anywhere from $800 to several thousand dollars for an FSA. A typical plan provided under the FSA for a small business will cover routine eye exams (one per year), prescription eyewear (glasses and contacts), and glaucoma screening. Employers typically contribute 25-50% of the individual’s annual premium.
When deciding on the best low cost vision and dental insurance coverage for your employees, you will want to look into receiving three quotes from insurance carriers before making your decision. The extra cost to include vision as well as dental coverage may mean a little more expense for a business owner, but will pay off with happier, healthier employees who will be proud to work for your company. |
