Medicare offers extensive coverage for healthcare expenses, but a few areas are not covered. Dental, vision, and hearing are three areas where seniors are likely to have increased needs as they age. Unfortunately, there are also three areas where Medicare has limited to no coverage. DVH (dental, vision, and hearing) insurance plans are supplemental plans available to seniors to help them cover costs in these areas.
Continue reading to learn how DVH plans work, how much they cost, and which clients might benefit from these policies.
What Is DVH Insurance?
DVH insurance—or dental, vision, and hearing insurance—offers benefits for teeth, eyes, and ears in a single policy. These plans aim to fill a gap in Medicare’s coverage. Because many people need additional services in these areas as they age, DVH policies can be an attractive product to supplement Medicare benefits.
How DVH Plans Work
DVH insurance offers a maximum amount of coverage for the year toward your dental, vision, and hearing expenses. Most plans have limits of $1,000 or $1,500, but a few go as high as $3,000. Typically, DVH plans cover preventive services immediately, but most have a 12-month waiting period for major dental services, glasses and contacts, and hearing aids. After the waiting period, the plan will reimburse the beneficiary at a percentage of the cost of services. The reimbursement percentage starts at 60% or 70% but increases the longer you have the plan, up to 80%.
DVH plans may not have a provider network, meaning you can be reimbursed for services received from any provider.
How To Enroll in a DVH Plan
The easiest way to enroll in a DVH plan is to go to an insurance agent. Very few carriers offer these plans, and an agent will know what is available for your area. There is no medical underwriting to pass. In addition, policies are guaranteed to be renewable, so the plan can continue as long as the premium is paid.
How Much Does DVH Insurance Cost?
The cost of DVH plans varies by carrier, location, and benefits. Plans with higher annual maximums will have higher monthly premiums. Generally, the monthly premiums for $1000-$1500 plans would be between $30 and $50 per month. Premiums can also increase with age.
Who Would Most Benefit From a DVH Policy?
With proper planning, DVH policies can save money. These plans work best for those who do not need immediate major services but will require them in the future, and those who are diligent about getting preventive services like cleanings and screening exams.
For seniors who can set aside the face value amount of the plan each year, a DVH policy is probably not a good fit. These individuals would be better off self-insuring than running the risk of losing money in premiums.
Some people who already have stand-alone dental and vision plans purchase a DVH policy to act as a secondary plan, and it adds hearing coverage. Since DVH plans pay regardless of other coverage, having both plans may offset the additional premiums. Seniors should review their current coverage and expected plan use with an agent to determine if having a DVH plan for secondary coverage would be a good fit for them.
Final Thoughts
As seniors age, they may need additional coverage in certain areas like dental, vision, and hearing. For some, a DVH insurance policy can be a great product to help offset costs in these areas. Like all other policies, it is vital that agents thoroughly explain the limitations, waiting periods, and restrictions, so their clients can make an informed decision.
How Do I Learn More?
To learn more about DVH plans and other supplemental insurance products, visit Aspen Insurance Coaches. Our affiliated professionals would be happy to help you explore new product lines for your business.
