In recent years, dental has been added to more and more health plans as an ancillary benefit. This is a dramatic shift in an industry previously dominated by stand-alone dental insurance providers. However, these trends in dental insurance could be dangerous for them.
The Trends In Dental Insurance
Before 2018, the dental insurance market was around 97% controlled by stand-alone dental insurance providers. The estimate is that by 2025 that number will go down to around 85%. This trend comes from the health industry offering more streamlined and affordable options rather than pay for service models. More employers are also sponsoring dental insurance plans and bundling it into the already existing group health plans as a convenient way to provide this benefit.
Another trend popping up in the dental insurance world? People are going to the dentist less. Only 37% of adults in the United States visited a dentist’s office in 2019. This number is projected to increase, however, as more people become insured through their health providers or companies.
What Can Dental Companies Do?
These trends are not great signs for traditional stand-alone dental insurance companies. However, there are opportunities to adapt and thrive in this new environment. For instance, many dental providers can partner with traditional health insurance companies and still offer services after this shift. Another method that stand-alone dental companies can use is providing superior service or technology to streamline their dental insurance products. This presents a choice to consumers between the convenience of the medical plan dental insurance or the superior service of the stand-alone provider. Nevertheless, as of right now most providers have stated they are leaning towards the partnership route instead.
Dental Care & Insurance In The Future
With these trends in the industry, the future of dental insurance and dental care looks much better for consumers. The rising competition will lead to better coverage and better value for consumers.
We hope this information on the trends in dental insurance was useful or interesting for you! Empower wants to help you get the best insurance for your needs and the most for your money. We want to help you stay on top of your health.
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