Considering offering vision and dental insurance through your small business? Even though small businesses are not required by law to offer their employees a vision or a dental insurance plan, many business owners choose to offer these types of coverage as a benefit.
Other employee benefits include health insurance, physical health programs, mental health programs, financial wellness programs, virtual connection events, child care, pet insurance, and paid time off. Compared to health insurance, vision and dental insurance are much more affordable, for both business owners and employees.
In this article we’ll cover:
- Comprehensive benefits package
- Health insurance
- Vision insurance
- Dental insurance
- Adding vision and dental to your small business benefits package
- Small business insurance
Comprehensive benefits package
A comprehensive benefits package is a collection of the most commonly provided and sought-after employee benefits. When small business owners offer their employees benefits, they are adding value to their business. They are also doing what is necessary to improve their employees’ health and overall quality of life.
As a business owner, you care about your employees. By choosing to offer them benefits, you are taking the right steps to keep your employees long-term. In fact, six in 10 employees say well-being benefits will be a top priority when applying for their next job (Meister, 2021). Since today’s employees are putting a lot of importance on benefits offered, it really is a good idea for you to offer customizable benefits packages to your employees.
A comprehensive benefits package includes a minimum of three of the following perks:
- Health and wellness benefits – medical, dental, vision, gym memberships, etc.
- Time off benefits – personal days, vacation days, sick leave, etc.
- Financial security benefits – profit sharing, life insurance, student loan help, 401(k) plans, etc.
Health insurance
If you are a small business owner that employs less than 50 full-time employees, then the law does not require you to offer your employees a health insurance plan. If you have more than 50 employees, your health insurance plans do not cover vision or dental. Even though you are not required to offer your employees health insurance, know that insura is the number one benefit that employees look for when applying for new jobs.
Why should small business owners offer health insurance?
- To improve the hiring and recruiting process
- To support healthier, happier, more productive employees
- To promote a healthy company culture
- Tax incentives
Vision insurance
A vision insurance policy tends to cover routine eye exams, as well as special offers if there is a need for corrective eyewear. Vision insurance is important as it can help detect serious eye problems during an annual exam. This type of insurance is especially beneficial for employees who work in front of a computer screen for at least five hours at a time.
The HCMS Group performed a study and found that employers offering stand-alone vision benefits saved $5.8 billion over four years. Wow! The reason for these savings is based on eye doctors finding early signs of chronic disease, allowing for earlier treatment. The study also tells us that for every dollar employers invest in vision insurance, they will receive $1.45 back through lower health care costs, improved productivity, and lower turnover rates.
What vision insurance covers:
- Eye exams – eye examinations help detect eye problems at their earliest stages. They require an eyecare
professional to perform certain tests in order to evaluate a patient’s vision, as well as check for eye diseases - Eyewear – corrective eyewear options include prescription contact lenses or eyeglasses
Lens coatings – lens coatings include applying special treatments two one’s eyewear in order to improve their performance, durability, and appearance - Lens enhancements – lens enhancements include customizing one’s eyewear to improve their visual performance to fit one’s lifestyle
- Surgery – corrective eye surgery, including LASIK and PRK
Vision plan options:
Optional Rider Vision Insurance
This type of vision insurance plan will cover a fixed amount of spending each year.
Ancillary Vision Plan
This type of vision insurance plan will cover a percentage of the cost of eye care.
Top vision insurance companies:
Dental insurance
Dental insurance is important as it can help detect mouth-related problems before they get out of hand. Even though most people do not enjoy going to the dentist, annual dental exams are important. As paying for dental services can be costly without dental insurance, every employee appreciates the ability to be able to have access to dental insurance through their employer.
The US Department of Health and Human Services tells us that about 108 million Americans do not have dental insurance. This number is expected to decrease as more small business owners are now choosing to add dental insurance to their list of employee benefits. More than half of today’s small businesses are currently offering dental insurance, with the top reason being they want to remain competitive.
What dental insurance covers:
- Preventive care – preventive care dental services include regular oral exams, routine X-rays, and teeth cleaning
- Restorative care – restorative care dental services focus on repairing or replacing teeth that are either damaged or missing with common restoration procedures including crowns, bridges, and implants
- Endodontics – endodontics is the branch of dentistry that focuses on treating dental pulp and tissue problems that surround the roots of a tooth. Covers root canals
- Orthodontics – orthodontics is the branch of dentistry that focuses on treating teeth that are not in their proper positions. Covers braces
- Periodontics – periodontics is the branch of dentistry that focuses on the health of one’s gums by preventing, diagnosing, and treating gum disease
- Prosthodontics – prosthodontics is the branch of dentistry that focuses on repairing or replacing teeth using prosthetics, like dental crowns, dental bridges, dental implants, and dentures
- Oral surgery – oral surgery is performed by dental specialists and involves surgical procedures performed on one’s teeth, gums, and/or jaws. Top reasons for oral surgery include gum disease, extensive tooth decay, impacted teeth, bone loss, and being diagnosed with sleep apnea
Dental plan options:
Preferred Provider Organization (PPO)
This dental insurance plan lets employees pay less when they visit in-network dentists. According to ADA, PPO plans are on the rise and constitute more than 80 percent of the current market. Copayments are necessary for dental services. Includes a deductible.
Health Maintenance Organization (HMO)
Employees must choose one dentist or dental facility when choosing an HMO dental plan. Employees pay a certain set cost for their dental services. No deductible.
Indemnity Plan (Fee-For-Service)
Employees have a large choice of dentists when choosing this dental plan. Employees will need to pay a copay for dental services, and potentially additional fees.
Discount Plans
Dental discount plans do not have a network, meaning employees can go anywhere. While employees will get a discount on dental services, they will need to pay for these discounted services out of pocket.
Top dental insurance companies:
- Cigna – this top dental insurance provider has excellent patient reviews and does not require referrals for specialist visits
- Anthem Blue Cross Blue Shield – this large dental insurance provider offers one of the biggest networks of dental providers
- Humana Dental Insurance – this popular dental insurance provider offers a wide range of dental policies, helping to ensure that they have insurance plans that fit any budget
- UnitedHealthOne Dental Insurance – this top dental insurance provider offers patients the ability to get preventative care with no deductible or waiting period
- Metlife Dental – this flexible dental insurance provider has a wide range of both in-network and out-of-network providers patients can choose from
- Delta Dental – this largest dental insurance provider offers comprehensive dental insurance coverage in all 50 states and offers both HMO and PPO dental plans
Adding vision and dental to your small business benefits package
Want to attract and retain the best employees? Show your employees how much you appreciate their hard work. When your employees feel appreciated, you can expect them to be more productive. Be sure to carefully check out any insurance plan details. Does the benefits and pay structure work for your small business? Offering vision and dental insurance also help you stay competitive in today’s job market. It can lead to your small business having a better reputation, which will set you apart from the competition.
Small business insurance
As a small business owner, you want to be sure you are only paying what you have to in insurance premiums. Getting a customized small business insurance quote ensures you are only paying what you have to in insurance premiums. Simply take a few minutes to fill out this form and we will get back to you with your lowest quotes. Ready to save?