The History of Insurance
The practice of minimizing risks and safeguarding the people’s interest takes it back to the third and second millennia B.C. with Chinese and Babylonian traders. Chinese merchants redistribute their wares to many vessels, limiting the loss when any single ship capsizes. On the other hand, Babylonians have developed their system of loans and guarantees, which were included in the Code of Hammurabi.
In the early 18th century, the Amicable Society for a Perpetual Assurance Office began offering the world’s first life insurance. By the late 19th century, the initiation of national insurance programs against sickness began. Then, by 1911, Britain introduced more comprehensive legislation called the 1911 National Insurance Act. In turn, the act created a system of health insurance for Britain’s working-class based on contributions. Ultimately, this built one of the foundations of a modern welfare state.
The Importance of Insurance
Insurance provides safety and security to people by reducing the uncertainties in business and life. Also, insurance, like life insurance, encourages savings through its regular premium payment. This provides a mode of investment.
With its advantages partnered with people’s imminent fear of loss, the insurance industry has evolved and grown greatly. Through the years, it grew from a small-scale industry to a more significant business. In 2015, the U.S. insurance industry alone recorded $2.1 trillion in net premiums and 5,926 companies.
According to the U.S. Bureau of Economic Analysis, insurance carriers contributed 2.6 percent or $450.3 billion of the country’s gross domestic product (GDP) in 2014. Along with its growth, the insurance industry has also diversified.
In fact, almost any risk can receive insurance coverage – from vehicles, health, income, casualty, life, burial, property, liability, credit, among others. To date, one of the most critical and subscribed insurance is health.
As a form of health insurance, dental insurance protects policyholders from dental procedure expenditures. For example, a patient with dental insurance can receive checkups, professional cleanings, and preventive care treatments at a lower cost.
In fact, various benefits and plans are available for different coverage levels. Insurances like the Dental Health Maintenance Organization (DHMO) and the Participating Provider Network (PPO) are dependent on dentists’ network. Participating dentists conform to execute dental services for patients at pre-regulated rates and claims.
How To Supplement Your Dental Coverage
Dental insurance premiums can be more upscale than merely paying out of your own pocket for dental cleanings and treatments.
Nearly all dental insurance policies underscore diagnostics and prevention. Specifically, many commonly cover biannual exams and professional cleanings, fluoride treatments, and x-rays for children and adults.
However, the real benefit is being covered for more expensive dental procedures and treatments such as crowns, root canals, and dental fillings.
Dental professionals say that dental insurances are like health insurances that offer you peace of mind.
Fortunately, there are a lot of dental centers nowadays that assist their clients in making informed decisions with regards to the right dental coverage for them. Dental professionals often know more about one’s insurance limits and can easily point out what your plan does and doesn’t cover.
Additionally, dental clinics at present are dedicated to educating their patients regarding dental health needs and their optimum treatment plans. Many a time, the patient’s insurance firm may not support the same decisions with financial return.
Needless to say, dental insurances are a great supplement to the cost of one’s dental needs. It is imperative to ensure that this not dictates what your dental requirements are.
Nevertheless, it is always the patient’s decision as to how dental professionals carry out the dental treatment.
Dental centers employ a helpful, friendly administration that allows patients to submit their insurance papers electronically. The payment shall then be transmitted directly to their dental clinic or office.
Typically, patients only pay the difference their firm won’t cover. Sadly, there are some insurance firms that will not let payment to come to the dental clinic or office. Hence, payment in full for services is necessary.
Your dentist’s administration team will be more than glad to assist you in understanding your insurance plan.
But insurance firms at times make it harder for dentists to retrieve extended data. It is vital for patients to have the responsibility of what their individual plan grants.
Moreover, major dental procedures or treatments such as implants and crowns can be predetermined by the dental clinic’s administrative staff. In turn, they can provide a quote for a potential financial return.
Discount Dental Plans
Visiting the dentist twice a year for routine checkups can prevent problems from becoming painful and expensive. However, nearly 50% of Hawaii residents don’t have dental insurance. Enter discount dental plans.
Luckily, many discount dental plans today help patients obtain the care they require without spending lavishly.
Hawaii Family Dental and a few other local dentists offer discount dental plans. Discount dental plans let you see the same dentists at Hawaii Family Dental that you would typically see and save 40% to 60% on most procedures. More people are purchasing discount dental plans because they offer more flexibility than dental insurance. Consider, our discount dental plan has no waiting periods. You can use the plan the day you sign-up. There are no exclusions for pre-existing conditions. And these plans have no annual limit or deductibles.
How are Dental Discount Plans Different than Insurance?
Discount dental plans are like memberships at Sam’s Club or Costco. You pay a flat, annual fee and receive huge discounts on dental procedures with Hawaii Family Dental in exchange.
Everyone can join, regardless if you have pre-existing dental conditions. Even cosmetic procedures that some regular dental insurances don’t cover, like veneers, are included. Many consider discount dental plans because they are easy to join. They also don’t require a lot of paperwork and are straight-forward.
Are There Hidden Fees?
No. You can view the savings, view additional benefits, and sign-up on our discount dental plan website, HoalaDental.com.