Suze Orman has never been shy about her opinions on personal finance, and when it comes to dental insurance, she doesn't hold back. In a recent episode of the Women & Money podcast, Orman made it clear: "It is no secret that I don't like dental insurance." Instead, she and her wife, KT, swear by dental savings plans, which they say offer better value and more flexibility. Here's why.
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The Downsides of Dental Insurance
Orman points out several key issues that she has with traditional dental insurance:
- Expensive premiums – Many plans require monthly premiums that can range from $20-$50 for individuals or $50-$150 for families, sometimes more depending on coverage.
- Annual coverage limits – Most policies cap coverage at $1,000 to $2,000 per year. When you have major procedures like root canals, crowns, or dental implants, that limit goes quickly, leaving policyholders to pay the rest out of pocket.
- Waiting periods – Many dental insurance plans have waiting periods of a few months to a year before you can receive full coverage for major procedures.
- Limited coverage for major work – Preventative and routine care like cleanings and checkups are typically covered 100%, however, more expensive treatments like fillings and crowns often require substantial co-pays or are only partially covered.
With these limitations, Orman believes that most people are better suited with a dental savings plan.
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How Dental Savings Plans Work
Dental savings plans operate on a membership model, rather than using monthly premiums like traditional insurance. Members pay an annual fee, generally around $200, and in return, they receive discounted rates on dental procedures at participating dental offices. Savings typically range from 10% to 60% on various dental procedures.
Orman spoke about her own experience with such plans and how the savings add up quickly, stating that she saves around $1,200 on each root canal procedure–which she needed three of in a two-year period. KT added that she always saves over $1,000 on crowns.
Unlike insurance, dental savings plans don't have an annual cap on savings and members can start using the plan almost immediately after signing up.
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Who Benefits Most From A Dental Savings Plan?
Depending on your individual or family needs, a dental savings plan may not be the best fit for everyone. But they can be a smart choice for:
- Retirees on Medicare: Traditional Medicare doesn't cover most dental work, so a savings plan can be an affordable alternative.
- Uninsured individuals: Those who don't have employer-provided dental insurance can access lower-cost dental care without high premiums.
- People with good oral health: If you primarily need preventative care with the occasional filling or crown, a dental savings plan can provide major savings over time.
- Families needing major work: If you need to avoid the long waiting periods that insurance may require, a dental savings plan provides immediate discounts for major work.
While insurance can still be a good fit for those needing extensive coverage, Orman believes a savings plan can offer more flexibility and affordability for many people.
Before making a decision, take the time to assess your dental needs, compare costs, and consider how often you require dental care. Whether you choose insurance or a savings plan, making an informed choice can help you protect both your teeth and your finances.
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