Is it possible that billions of dollars of dental insurance benefits go unused every year? A recent study found that more than one third of adults under 65 did not submit even one dental insurance claim during the year. While other research by the National Association of Dental Providers revealed that less than 3% of patients covered by dental insurance plans reach their current maximums.
Have you taken advantage of your benefits for 2016? Most dental insurance plans call for all benefits to reset at the beginning of the calendar year meaning that any unused 2016 benefits vanish.
Here are three critical questions to consider as you seek to get the most out of your dental insurance before the end of the year:
1. Do you have any money remaining in your FSA?
Any unused contributions to your employer-provided Flexible Spending Account (FSA) will disappear at the end of 2016. If you have a remaining balance, now is the time to consider how to use it. For example, if we recommended treatment that you initially postponed, you may want to schedule your treatment before the end of the year.
2. Have you already paid your yearly deductible?
Your annual deductible is the amount of money you pay before your insurance begins to cover treatment costs. If you’ve reached your deductible, treatment covered by your plan will typically be covered by your insurance from now until the end of the year.
3. Have you reached your coverage limit yet?
You may not have reached your annual coverage limit. For example, if you have an annual maximum of $1000 and you’ve only spent $400 to date, you have $600 remaining to spend to reach your annual maximum. If you do not receive dental treatment before the end of the year, your $600 disappears into thin air.
Let Us Help You Navigate the Maze
Our team is well equipped to help you sort through the details of your annual coverage limits, deductibles, and any remaining benefits available. Contact us today to ensure you take full advantage of your remaining dental insurance benefits before the end of the year.
