At one point early last month I mentioned in passing that we’d dropped our dental insurance.
So, was it good idea? Well, let’s look at the numbers for 2010…
Had I enrolled in the dental plan offered by my primary employer, I’d have had $38.41 withdrawn from my paycheck.
I’m on a bi-weekly pay schedule so if you multiply that by 26, the total in dental expenses for the year would be $998.66.
(I think we pay more than that per month for health insurance — but that’s another story…)
The $998 value is a bit deceptive, though…
Dental insurance doesn’t cover everything — not sure if that’s the norm or if the insurance we’re offered just sucks but in years past (when I was carrying dental insurance), I’d still have to pay for things like fillings, root canals, and crowns out of pocket.
Perhaps I wasn’t paying the full percentage but, still, the grand total dental expenses definitely exceeded the insurance premiums coming directly out of my paycheck.
For the sake of simplicity, though, let’s just pretend the $998.66 premium covered everything.
Now, I didn’t carry dental insurance at all in 2010. I still went to the dentist twice per year — I’m pretty sure I even had a cavity filled. My wife still went on a regular schedule as well.
We never turned down a service — it was just like it’s always been except the bill came directly to us.
Total damagage for the year? $490.00
So using the unrealistically conservative $998.66 value, we saved over $500 by droping dental insurance.
Definitely a wise move.
Now, once Duncan and Duncan II are old enough to be going to the dentist, well, we might need to re-evaluate the numbers.
Coverage for the entire family (using 2011’s numbers) would set me back $1530.10 per year and still not cover many of the, what I’d consider, basic procedures.
I dunno — still seems like a raw deal.
With the “savings” we’ll have by skipping coverage each year, we should easily be afford to pay for braces should they need them…