As an owner of a dental practice, you’ve got a lot on your plate. Aside from your important duties of treating patients, you might be handling hiring, managing your office, and dealing with group health insurance for your employees. And since dental practice health insurance is time consuming and costly, many dental practices are switching to individual health insurance as a way to free up valuable time and money.
In fact, adopting individual health insurance for your small dental practice will save 20% to 60% on premium costs and free up valuable time. Knowing this, here is a more detailed look at why dental practices are adopting individual health insurance.
Individual Health Insurance Comes with Great Advantages
Individual health insurance is now equal to, and in most cases better than, group health insurance. And, as previously stated, it costs less. Individual health insurance costs about half the price (pre-subsidy) and about one-quarter the price (post-subsidy) than group health insurance.
With individual health insurance, you and your employees get to:
Pick the plan that best fits your needs, including your doctors.
Keep your individual health insurance policy for as long as you want, completely independent of your employment.
Receive a federal subsidy for, on average, about half the cost if you are a family earning less than $100,000 per year or a single person earning less than $45,000 per year.
You Can Reimburse Employees for Individual Health Insurance
Individual health insurance is now better than traditional group health insurance because it is less expensive, enables choice, and stays with employees if they switch jobs. These advantages have prompted many dental practices to transition employees to individual health insurance and reimburse employees for all, or a portion, of their health insurance premium.
To learn more about individual health insurance reimbursement for your dental practice, download this free guide.
Individual dental practice health insurance is becoming the way for you to offer health benefits to employees. As you take a closer look at whether or not you want to adopt individual health insurance for your practice, think how it can benefit you and your employees. With it, you can retain and recruit the top talent you need to become the best in your industry. Additionally, your employees will be happier with a health insurance plan that fits their needs and is affordable.
You Save Time
You don’t have to spend time trying to figure out health insurance. In fact, as your dental practice transitions to individual health insurance, your employees pick their own plans on the state’s Health Insurance Marketplace, from a broker, or directly from an insurance company. And if you choose to offer premium reimbursement to your employees, it can take as little as five minutes per month to manage their premium reimbursements. As such, the time you would have spent on understanding and dealing with group health can now be spent on the core of your business - your patients and employees.
What do you think about individual health insurance as a health insurance solution for your dental practice? Comment below and join the discussion.