Dental, Vision, and Hearing Insurance for Seniors
Are you on Medicare searching for dental, vision, and hearing programs? You may be retiring and looking for the total package, including dental, vision, and hearing like you have received through your employer your entire life.
There is so much information and many conflicting opinions on whether you should secure a plan for yourself or simply invest elsewhere.
Here, I give you the details you need to make an informed decision for your healthcare needs.
What do dental, vision, and hearing plans provide for seniors?
99% of the dental, vision, and hearing insurance plans that I’ve seen have an annual maximum between $1000 to $1500 with an annual $100 deductible. Depending upon the plan you choose, the monthly premium price you pay is anywhere between $30 and $40.
These plans include preventative (annual exams, cleanings, and x-rays), basic services (fillings and extractions), and major services (bridges, crowns, full/partial dentures & root canals).
Vision plans include the basic eye exam and the cost of eyeglasses or contact lenses.
Hearing benefits include a hearing exam and help with the cost of hearing aids.
Is it really for YOU?
This is sounding pretty great so far. So… what’s the catch?
Well, the first year you’re using your dental benefit, you can only access 60% of the maximum benefit ($1000 or $1500, whichever you choose). The second year you get 70%, and the third year you get 80%.
So here is the problem I have with this. Let me give you an example:
If you choose the $1000 annual benefit, the first year you can only access 60% (i.e. $600).
If you go in to get your teeth cleaned and an x-ray done. Right after leaving the dentist, you’ve been stuck with $100 (deductible) + $360 (annual premium) = $460. You only have $140 left of your 60% benefit for the first year between your dental, vision, and hearing benefits.
If you were looking to use your vision insurance benefit now (after using your dental benefits at the beginning of the year) there is a 6 month waiting period from the date your policy started. But you only have $140 left. This is where most people end up canceling their coverage.
If you are one of the fair few that kept your policy after this, it doesn’t get better.
You’re hearing benefit isn’t accessible until year 2 of your coverage. Notice that we haven’t talked about anything catastrophic happening. We have been covering the bare bone basics.
If something more catastrophic were needing attention, your insurance isn’t going to do much. For example, a dental implant can cost around $6000. So if it were still your first year and you hadn’t used your coverage yet, you would be getting a $600 benefit, of which you would still be responsible for $5400. You have already paid your $100 deductible and your $360 annual premium. So is it really a $600 benefit? It sounds a little more like $140 benefit. You have shelled out approximately $5860 for your dental needs now.
Does that sound like good insurance to you? I didn’t think so.
What you SHOULD do!
Open up a savings account and put that monthly premium ($30-$50) into it. That way at the end of the year, if nothing serious happens, you will have saved some extra money.
If you can’t seem to afford to put that extra money aside, contact me here, I CAN HELP!
Don’t get caught up in every insurance policy that gets thrown your direction. Unfortunately, Medicare does not offer a DVH program. But that doesn’t mean you can’t provide for yourself.
Questions? Contact Spencer here!
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