Short answer: It depends.
I’m a believer in being insured, but I’m a bigger believer in getting coverage that works for me. For you this could include dental insurance for individuals … or a discount dental plan. Most of the time I don’t collect on my premiums. In other words I’ve paid far more into insurance plans than I’ve collected. This goes for my dental insurance coverage as well – and that’s where a discount dental plan can be a better options.
Why I like having a dental plan or dental insurance – big picture?
- Peace of mind: I place a great deal of value on peace of mind. I like know that if a huge dental cost comes along, I’m covered.
- Preventative dental care: If I didn’t have dental coverage for individuals, I probably wouldn’t get regular cleanings. I probably wouldn’t bother going to the dentist at all. How do I know this? Because there have been times I didn’t have dental insurance for individuals and I didn’t go to the dentist.
- Financial planning. In order to have a good financial plan, I like having a consistent budget. Insurance, including dental insurance for individuals helps me keep my expenses consistent.
These are the three main benefits of dental coverage in general – whether dental insurance or a dental plan.
Consider the cost of common dental services cost?
- Cleaning: $65 – $75
- X-rays: $100 – $125
- Filling: $110 – $130
- Root Canal: $500 – $1,000
The wrong approach to dental coverage
If you’re thinking about getting dental insurance for individuals or for a family or a discounted dental plan, the wrong approach is adding up your dental costs for the past 2 or 3 years and then comparing that cost to the premium or dental plan joining fees. If the premium or joining fees cost more than your recent dental work costs, then you may opt against getting dental insurance or a dental plan.
When you use this method (i.e. adding up your recent dental work cost) for deciding on insurance coverage there are 3 significant variables that aren’t considered:
- The value of peace of mind: We all place a different value on this, but no matter who you are, having dental insurance will provide some level of peace of mind.
- In the past, did you get all the dental care you should? Probably not and so the amount you spent in the past while not covered with dental insurance for individuals is not truly reflective of your actual dental costs.
- The possibility of a large dental expense: No matter how healthy your teeth in the past, there’s a chance you could have a major dental expense arise. Unexpected large expenses can wreak havoc on most budgets.
One Caution to Dental Insurance for Individuals and dental plans
The best way to make dental insurance or a discounted dental plan worth the cost is to get quality dental coverage – whether dental insurance or a discount dental plan. To learn more about what to consider when shopping for quality dental coverage, read 14 Features of Quality Dental Insurance and Dental Plans.
I know insurance premiums and dental plan fees add up if not provided by your employer. However, a goal I have in financial management is to smooth out my budget as much as possible. In other words I like to reduce household expense fluctuations as much as I can. Insurance and/or discount dental plans is one of the best ways for me to establish a consistent budget and significantly reduce large, unexpected expenses.
Accordingly, with the right discount dental plan, you can have peace of mind and improve your personal financial management.