Pros and Cons of Family Dental Insurance
Everyone knows how important it is to have medical insurance to cover the cost of illnesses and injuries. But many people don’t see the same benefits of dental insurance. You may be one of those people who is stuck wondering if you should get dental insurance for your family. Here are some pros and cons that will help you make an informed decision.
Dental insurance is right for your family if you have extensive dental health needs that exceed the common annual checkup and regular cleanings. Having dental insurance can help you save on these costs and will cover expensive procedures such as fillings and root canals. It can sometimes even cover orthodontics, which is very helpful if you want your children to get braces or retainers.
You’ll be glad you have dental insurance if an accident happens. Say your son gets a tooth knocked out at his hockey game—you’ll be very thankful you invested the money into dental insurance.
There are many young adults who have indicated they wished their family had dental insurance when they were children. Now after their childhood, these young adults are having to face roots canals, considerable fillings and other expensive dental health procedures because of their neglected teeth.
If you’ve spent more than $1,500 a year on dental health in the past, or you or a family member has an ongoing dental health condition, dental insurance is most likely right for you.
According to Mary Hayes, DDS, a spokeswoman for the American Dental Association, the average American who doesn’t have dental insurance spends about $200 a year on basic dental care. Americans with dental insurance pay around $500 a year for their premium and often pay a deductible. Bankrate states that many dental insurances policies have an annual cap of $1,200 to $1,500—that amount may not get you much dental work in today’s economy.
Some dental insurance plans also have waiting periods; you may have to wait a year to get covered for a filling.
If your family doesn’t have ongoing dental health conditions, you may want to consider depositing the money you’d spend on premiums into your personal savings account or your employer’s health care spending account. This perhaps would be a better use of your money.