We would like to shed some light and clear any confusion you may have with your Dental Insurance Company. As the year comes to an end, we receive a significant number of inquiries about insurance annual benefits.
All policies run on a yearly basis with a Calendar or Fiscal year renewal of benefits. Every policy has a maximum annual benefit that does not roll over and is lost if not utilized. For example, if an individual’s annual benefit is $1500.00 and only $1000.00 is utilized the remaining $500.00 is lost to the insurance company. However, you will get an additional $1500.00 in benefits as your enrollment renews with the New/Fiscal Year.
The same scenario applies to FLEX spending accounts. If the amount saved in the account is not distributed by the end of the year, it does not roll over to the following year and the Employer retains the funds.
With that in mind, if you have dental treatment that has been recommended and you have been “putting it off,” it would be advantageous to try to get the maximum benefits allowed by your insurance company on an annual basis and/or utilize your FLEX funds. If you have any further questions or if you need us to help you understand and maximize your insurance benefits, please feel free to give us a call.
Also, we would like to take this opportunity to remind our patients to please inform us of any insurance changes you might have through out the year.
We wish you a happy and safe holiday season.