Voluntary Dental Products

Cost: $3,000; published 2020

Flexibility and choice are important elements of any voluntary product, but they are especially vital for voluntary dental products. Providing options is essential — whether that means choices regarding product structure, benefit options or types of dental networks offered. And as traditional group and medical carriers continue to enter the voluntary dental market and sales continue to grow, a voluntary dental product is quickly becoming an important part of every voluntary carrier’s product portfolio.

The purpose of the Voluntary Dental Products Spotlightâ„¢ Report is to provide data on current voluntary dental products including benefit specifics, maximum benefit levels, coinsurance, deductibles and waiting periods, underwriting, enrollment, commissions and product results and future trends. With this information, carriers can better evaluate the competitiveness of their voluntary dental product.

 

View Table of Contents

1. Executive Summary

A. Report Objectives

B. Methodology

C. Key Findings

2. Market Overview

A. The Overall Voluntary Dental Market

B. Employer Perspective

C. Employee Perspective

D. Key Competitors

3. Product Details by Carrier

A. Product Structure and Specifics

1. Definition of Voluntary for Dental

2. Most Recent Changes to Voluntary Dental Product

3. Product Structure & Platform

4. Dental Plan Type Offered

5. PPO Network Offered

6. Standard Benefit Design

7. Benefit Levels/Coverage Amounts for Most Common Plan

8. Basis of Benefits

9. Adult Orthodontia

10. Implants

11. Oral Cancer Screening

12. Extra Cleanings for High Risk Individuals

13. Whitening Treatments

14. Other Cosmetic Procedures

15. Posterior Composite Filling

16. Occlusal Night Guards

17. Adult Fluoride

18. Pediatric Essential Health Benefit

19. Tele-dentistry Option

20. Onsite/Mobile Dentist Office Visits

21. Direct-to-Consumer Plastic Teeth Aligners

22. Incentives for Preventive Care

23. Other Optional or Included Benefits

24. Exclusions

B. Maximum Benefit Levels

1. Maximums for each Category

2. Different Orthodontia Maximum Allowed

3. Takeovers after January 1st

4. Annual Maximum Rollover Provision

C. Coinsurance, Deductibles & Waiting Periods

1. Coinsurance and Annual Deductible Options

2. Lifetime Maximum Deductibles

3. Waiting Period Options

4. Waiting Period Options (Late Entrants)

D. Employee and Employer Options

1. Employee Choice vs. Employer Decisions

2. Continuity of Coverage

3. Multiple Plan Designs Allowed

4. Core/Buy-up Options

E. Underwriting and Enrollment

1. Account-Level Underwriting

2. Plan Selection Guidelines/Criteria

3. Employee-Level Underwriting

4. Participation Requirement Variations by Plan Design

5. Annual Open Enrollment

6. Special Guidelines on Unlimited Maximums

7. Renewal Underwriting

8. Re-Enrollment Options

F. Identification Cards and Claims

1. Dental ID Card Options

2. Dental Claims Problems

3. Average Speed of Claims Payment

4. Real-Time Claims Payment Capabilities

5. Loss Ratio Results

G. Costs and Commissions

1. Structure of Premiums

2. Number of Rate Zones

3. Rate Guarantees

4. Employer-Paid vs. Voluntary Premiums

5. Standard Commissions

4. Product Sales, Results and Future Trends

A. Product Differentiators and Sales

1. Product Differentiators

2. Voluntary Dental Sales for 2019

3. Percentage of Dental Sales that are Voluntary

4. Product Profitability

B. Product Results

1. Average Group Size

2. Average Participation

3. Average Annual Premium per Employee

4. Persistency

5. Takeovers vs New/Virgin Cases

6. Work in Progress and Takeovers

C. Challenges & Future Trends

1. Product Challenges

2. Product or Service Changes due to COVID-19

3. Current and Future Product Trends

 


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