Should You Buy Dental And Vision Insurance?

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.

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