Dental and Vision Plans are generally low in cost, but are they actually worth purchasing? Usually the answer to these questions is that it completely depends on your personal circumstances. However, with the advent of Obamacare, which doesn't include dental and vision by the way, we decided to perform some math on this subject over a 12 month period from September 2014 to September 2015. 

We took an average single 39 year old male who is relatively healthy, and has no major dental or vision problems. He wears a mild prescription. The numbers will not vary much for a female. So, here are the October 2015 recent calculations on a cost benefit analysis of not having dental and vision insurance versus purchasing insurance and being covered:



No Insurance - Dental and Vision Costs Per Annum Paying Out Of Pocket
  • Teeth Cleaning and Yearly Exam = $120
  • Eye exam $230 (includes exam for contact lenses)
  • Lenses $100 +/-
  • Frames $175-$600 (depending on frames chosen)
  • Contact Lenses $75 +/-

Total Without Insurance = $700 +/- 

Now, let's look at the numbers if you buy a dental and vision plan... 




With Insurance - Dental and Vision Costs Per Annum Using Insurance Plan Benefits
  • Dental and Vision Insurance Plan Premiums: $28/month x 12 = $336 / year
  • Teeth cleaning twice per year, Check Up and X-Rays once per year = $25 x 2 = $50
  • $108 for eye exams + $228 for new glasses and frames with an anti-reflective lense coating + $75 for contact lenses = $410

Total With Insurance = $336 + $50 + $410 = $796 +/- 

The difference is $796 - $700 = $96




Conclusion
It is certainly less expensive to self insure, but only by $96 over a 12 month period! 
If anything goes wrong, it’s way better to be covered! In other words, the peace of mind is only costing you $8/month to be insured. Not much really. If you can afford it, get a dental plan today. Even better, keep your teeth really clean and your eyes in check. Prevention is always better than cure, and most certainly less expensive. If you do have lots of dental and vision problems, it is definitely a good idea to get a dental and vision plan as soon as you can. Paying out of pocket is just not worth the risk. 


Important Notes:
1) Get a dental cleaning and check up once every 6 months
2) Get a routine eye exam once every 12months
3) Ensure that both your dentist and eye care physician are in the network of your dental and vision insurance plan.


You can get advice on this subject, and stand alone dental and vision plans by contacting www.MyHealthInsuranceUSA.com

* Remember, if you need health insurance urgently, and missed the Obamacare Annual Enrollment Period (AEP) which runs from November 1st to January 31st, you may still be eligible to purchase health insurance between February 1st and October 31st. The government calls this a Special Enrollment Period. Get in touch to see if you qualify.
The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Hedges Wealth Management.

Click here for more Newsletters. Thank you.

Miami FL, Charleston SC, Atlanta GA, Charlotte NC - Tax, Financial Planning, Investments and Insurance.




Connect and Read More About Us    

Hedges Wealth Management LLC - A Registered Investment Adviser
Hedges Insurance Agency LLC
Tax, Financial Planning, Investments and Insurance Advisors
1300 Appling Drive #201 | Mt Pleasant | SC 29464
T  +1 843 270 2534 




 






If you are looking for more information on any subject in this Blog, please Contact Us directly electronically or via phone. Thank you.






Posted by
Location: Hedges Wealth Management, 1300 Appling Dr, Mt Pleasant, SC 29464, USA
Labels: Advice benefits Calculation Charleston Miami Charlotte Atlanta Financial Advisor SC NC FL GA Cost Dental insurance ObamaCare Vision

Despite the pick-up in volatility at the end of January, risk assets continued their upward ascent throughout the month. Expectations surrounding the implementation of the newly passed tax reform bill and the weakening US dollar served as positive catalysts for the month. Macroeconomic data was mixed; fourth quarter real GDP growth came in slightly below expectations but manufacturing activity accelerated and the US jobs report was positive. Although we have seen initial signs of rising inflation, levels remain subdued as low unemployment has yet to translate into meaningful wage growth.

With 39 percent of Americans feeling ill-prepared for retirement, according to the Employee Benefit Research Institute’s 2017 Retirement Confidence Survey, we are often challenged to come up with a solution to make saving easier.[1] Unfortunately, there are no easy solutions, and in the absence of unplanned windfalls, there are no shortcuts. There are, however, strategies that will help you overcome behavioral impediments by infusing discipline into your retirement savings plan.

In a widely anticipated move, the Fed increased interest rates by 25 basis points on March 15, 2017, the second interest rate hike in three months and there are talks of potentially two more raises this year. Positive economic data and a rise in business confidence served as a catalyst for the Fed to continue its interest rate normalization efforts with the possibility of as many as two additional rate increases later this year.

Global events, such as the intensely divided presidential election that we just lived through, are certain to generate some periods of market volatility of varying lengths in addition to a significant amount of stress. However, we urge financial advisors and investors to retain a few dos and don’ts to help manage post-election anxiety:

Don’t equate risk with volatility. Volatility does not equal risk. Risk is the likelihood that you will not have the money to live the life you want to live.

Maximizing tax credits offered by the IRS and various states around the US is key to maximizing your financial position. There are many types of tax credits available for both individuals and businesses. One of the better ones is for angel investors in the State of SC who invest in a qualified business. Investors can attain up to 35% as a tax credit.

There is no silver bullet when it comes to investing or wealth management in general… if there was, we would all be sitting on yachts and most likely not reading this article. However, there needs to be some clarity and calm on the very complex 'Brexit' subject for our US based clientele. 

We experienced first hand the creation of Exchange Rate Mechanism (ERM), Britain's exit from the ERM, the intro of the Euro, and now the exit from the EU (aka "Brexit").

After an extremely volatile quarter, the broad equity market indexes ended just about where they started. Risk assets began the year under heavy pressure, with the S&P 500 Index declining more than -10% to a 22-month low on February 11. Concerns over the global growth outlook and the impact of further weakness in crude oil prices weighed on investors, and investor sentiment hit levels of extreme pessimism.
Follow in privacy.
Follow in privacy.
Followers of this blog are not listed.
Subscribe
Subscribe
Blog Archive
Blog Archive
Subscribe
Subscribe
Contact Us
Contact Us
Tel +1 843 270 2534 | F 704 919 5946 | clientservices@hedgeswealthmanagement.com
Hedges Wealth Management LLC - A Registered Investment Adviser
Hedges Insurance Agency LLC
1300 Appling Drive #201 | Mt Pleasant | SC 29464


If you are looking for more information on any subject in this Blog, please Contact Us directly electronically or via phone
Thank you.


Picture
Picture
Loading
x Offline - Leave a message