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What Are Ancillary Benefits And Why Are They Important to Employees? Dental and Vision - YouTube
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okay now we look at
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ancillary benefits ancillary is just a
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fancy word for
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dental and vision okay um so
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first you had your major medical now
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you're looking at ancillary benefits
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dental and vision coverage okay
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dental insurance can work one of two
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ways there's two ways that
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you can use dental insurance
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now personally i think dental insurance
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is highly overvalued
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from an employee's perspective simply
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because when it comes to
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insurance a lot of times people
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just want to know that it's there and
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that they have it but they
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might not know exactly how it works
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dental insurance
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the way that it's typically structured
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is kind of in the reverse
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of health insurance where health
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insurance you have a deductible
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that you have to pay and then out of
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pocket max that you have to pay up to
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but you know you could have a million
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dollars of you know bills but you would
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only get maxed out of paying
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five thousand dollars if that was your
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max out of pocket
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it's the reverse on dental when you have
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a maximum out of pocket on your dental
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coverage and you'll typically see plans
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with a fifteen hundred dollar
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maximum out of pocket that's generally
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what you'll see
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that is the most that your plan will
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actually pay
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for you towards coverage so if you had
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five thousand dollars in bills and you
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had like major work that needed to be
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done
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typically what would happen on a
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standard dental plan would be
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they would cover fifty percent of
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the costs up to
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fifteen hundred dollars of them paying
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so once they hit once your bill hit
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three thousand dollars
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that would max out but if you were on
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them if you had a 5 000
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bill from the dentist for major work you
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would have
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your 1500 to pay and then you'd have
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another 2000 to pay
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after that because your plan only
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covered 1500
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um and 50 right so
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um and traditionally if there's a
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deductible with the plan that means that
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again same as major medical you have to
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pay 100
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of that so you may pay you know fifty
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dollars or
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three hundred dollars and then your plan
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kicks in but it only pays fifty percent
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for major work eighty percent usually
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for basic and then like a hundred
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percent
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for your annual cleaning so twice a year
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every six months when you get your
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cleanings
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usually those are free maybe x-rays as
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well
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there's also dental indemnity plans
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you'll see those with a company like an
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aflac where
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it's actually just a service where you
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can actually put it on top of your
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dental plan to have extra coverage
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along you know with your traditional
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dental where
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you may take a plan and you have that
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in that scenario where you had five
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thousand dollars of work done
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and your one plan only covered 1500 you
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have another plan on top of it that
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actually just
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is more of an indemnity program where it
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just has a set amount of
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cash value that it will pay for each
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specific service
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up to another you know fifteen hundred
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to two thousand dollars so
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something like if you had a couple
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crowns that needed done and maybe the
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insurance company pays five hundred
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dollars per crown
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um the indemnity side of coverage
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meaning
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you had three crowns done they're going
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to give you an additional 1 500 usually
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you just give that
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a card that you would have like with an
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aflac to the dentist
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and they would bill aflac directly and
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affleck would just pay the dentist
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and then you would also have your other
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insurance maybe it's through delta
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dental
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you would also have delta dental cover
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their portion and so it would be lesser
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of a bill
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or sometimes you just straight up use
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something like an aflac program because
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it
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is a little cheaper and there's no
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network involved
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that is also another solution um
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but aflac does also now i believe offer
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group
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dental plans like you would see with a
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traditional delta plan
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along with their indemnity plans so you
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could actually use both
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and then we look at vision okay vision
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coverage is
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very similar to dental coverage where
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you know again i think in my humble
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opinion
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overvalued but
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what it does is if you have something
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like through vsp
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who's probably the most common
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vision provider is a yearly
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allowance for an exam
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or you'll have a you have a copay maybe
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it's 20 bucks
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where you go get an eye exam every year
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and you'll pay 20 bucks and that's your
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co-pay then it has an allowance for
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frames and contacts and some will have
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discount programs for things like lasik
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but with those it's always good to weigh
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out the
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pros and cons of how much you're paying
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into it how much you're going to use it
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how much you even get out of it
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for using it and then
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it's it's it's kind of a wash if you do
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end up using it but
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employees in particular really
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appreciate having
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vision along with dental along with
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health it's just kind of one of those
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core things that they value
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and when you get into the larger your
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group is the cheaper
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something like a vision plan may be it
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might only be like four bucks a month or
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five bucks a month
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it just depends the size of the company
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and the program that you're going
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through and the extent of the benefits
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but that's basically vision coverage in
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a nutshell
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there are some programs again like
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through an
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affleck that offer that part of the
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vision coverage and they do offer some
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sort of
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insurance for any like injuries or
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diseases
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to your vision like if you lost eyesight
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or you
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got some sort of macular degeneration or
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something where you started to lose
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eyesight or
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had some catastrophic event where you
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would get paid
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some sort of cash amount for that event
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that's about the extent of vision
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coverage
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