Unlike a traditional PPO plan, there will be no deductible, precertification, coordination of coverage or coinsurance on Colonial Life’s new policy. The plan pays a fixed benefit amount for each covered procedure, a release said.
“There’s a strong need for dental insurance — in fact, it’s one of the most requested types of coverage for employee benefit plans,” said Steven Johnson, vice president of product development at Colonial Life. “Employers can offer this new individual coverage on a voluntary basis, giving their employees access to important protection at no cost to the business.”
Every eligible employee qualifies for coverage at businesses with three or more eligible employees and at least one enrolled employee, the company said. Policyholders will receive discounted services for visiting network dentists, though they will receive the same benefit amount for covered services by visits a non-network dentist.
Coverage can expand with additional riders for orthodontics and vision eye exams and materials, Colonial Life said, and policyholders can keep their coverage with no rate increase if they switch jobs or retire.
Rates will only increase if they are increased for all policies of this kind, and coverage will continue as long as premiums are paid.
See the article from Columbia Regional Business Report.