The Business Council Insurance Fund's dental insurance program has more than doubled in size in the last four years, thanks to competitive rates, consistently good experience, and reliance on a well-respected carrier.
Four years ago, the Insurance Fund handled less than $2 million in dental coverage each year.
Now, the Fund offers approximately $5.25 million worth of dental insurance to several hundred companies, including some $700,000 in new dental premiums generated this year alone, he said.
"For the last two years, our dental program has been a phenomenal success, our highest-selling program in dollar volume," Crandall said.
Several factors have contributed to the dental program's recent success, including:
The Fund's favorable "experience" rating-that is, its record of collecting more in premiums than has been paid in claims.
"This has allowed us to keep our rate increases below those of our competition, so our rates have been attractive, especially upstate."
The fund's relationship with its carrier, Metropolitan Life, which is one of the nation's most respected carriers of dental coverage.
The Insurance Fund's cautious pricing of its dental offerings.
"In pricing, we have been successful in balancing the need to offer attractive rates with the need to preserve our favorable experience rating," Crandall said. He noted, for example, that the Fund offers different rates in different parts of the state to reflect regional differences in reimbursement costs.
The Business Council Insurance Fund offers Council members several different kinds of dental coverage.
A basic plan includes both preventive and general services. An "overlay" plan adds coverage for major services such as bridges, dentures, and crowns. And a "dental choice" plan lets employees who share in the cost of coverage choose either a low-cost approach or a higher-cost plan with all services covered.
The overlay plan lets individual employees reduce out-of-pocket costs by using MetLife's network of preferred providers. One of every three dental providers nationwide participates in this network.
Employees covered under all Business Council plans have their claims handled by a special Business Council claims unit of MetLife, which ensures good service.
Many Business Council members eligible to participate may not know about the program. Interested employers should contact the Insurance Fund to learn more about coverage offerings and rates.
Dental insurance is available to employers with between five and 350 employees. There is no delay in coverage for major services for smaller employers or first-time dental buyers.
For information and/or quotations, call 800/445-2023.