Few people have dental insurance unless it is provided for by their employees through the compensation package. However, not all employees offer dental benefits, too. For them, it is an unnecessary expense that they need not invest in. The law requires employers to provide health insurance, but it is not clear about dental benefits except for major companies. Smaller businesses don’t have to cover the dental needs of their employees, and that’s for a good reason. Dental insurance isn’t exactly cheap, so most businesses cannot afford them even in a group policy.
But if your business has the resources, dental benefits are the best kind of compensation. When offered to employees, almost 70% enroll in it. It has the highest participation rate when compared to other non-medical benefits. Employees are willing to share for almost half of the cost of the insurance if the employers shoulder the rest. Even employers are aware of the importance of dental benefits if only all of them can offer them. In a survey, employers say that a whopping 87% of their employees see dental insurance as an essential benefit. It can also be a differentiator.
Whether for serious dental treatment or dental aesthetics, problems with oral health increase absenteeism in the office. Dental treatments will need a day or two for recovery. Preventing these problems will also reduce the instance of absences. Oral health treatments can detect more than 100 different diseases based on the symptoms the dentists find in your mouth.
Cancer, gluten allergies, heart diseases, and diabetes can be detected by symptoms found in the teeth and gums. A study already showed how preventive treatments are done because early detection resulted in fewer hospital trips. This does not only reduce the need for employees to be absent, but it also eliminates costly emergency room visits and hospital stays. Dental health and medical costs are tied to each other.
Have you noticed how some of your employees have lower self-esteem and self-confidence? It might be because they are not too confident with the way they look. It’s normal for people to underappreciate their physical looks when they feel that something is not right.
One of the most impactful factors in how people see themselves physically is the state of their teeth. Crooked and misaligned teeth, and those with gaps in-between that need porcelain teeth veneers, can cause people to feel embarrassed. They might not even feel confident enough to smile. This affects the way they perform at work, especially if they have to deal with clients.
Dental insurance benefits will provide access to cost-effective treatments. Employees will start taking better care of their dental health since they can access a range of dental treatments and procedures. They will feel more confident with their ability to address longtime dental and oral health issues.
Attracts and Retains Top Talents
When you have a great compensation package, you will attract top talents to your company. Have you ever wondered why you cannot seem to get as many skilled workers as your competitors? That’s because your salary and compensation package isn’t as attractive as theirs. Offering regular benefits does not work anymore. Remember that a lot of organizations are already offering better benefits—from work-from-home setups to bring-your-dog-to-work day. A Harvard Business Review said that 80% of employees prefer better benefits than a pay raise. The first benefit they want is medical insurance, while dental comes a close second.
Retaining top talents is another reason to consider offering dental health benefits. Other organizations will try to recruit your employees. If they offer a better compensation package and benefits than you, what will stop employees from wanting to work for another company?
Retaining employees will reduce the cost of finding a replacement. Studies showed that it costs tens of thousands of dollars to replace a high-ranking employee. The cost will go down depending on the status of the employee. However, the fact remains that it costs money to find top talents in the workforce. Spending extra on replacement costs will not help your business.
Dental coverage is a valuable benefit for employees. Very few employers can offer this benefit to employees. Perhaps you can help them find a group insurance coverage that’s cost-efficient and will not break the bank. But if your business can afford to provide dental coverage to employees, know that it will be the selling point of your organization. Taking care of your employees—from their dental to health needs—will contribute to the success of your business.