The following text gives patients and dentists an overview of different types of insurance plans. Patients and doctors, who seek an alliance or association with insurance-bound medical organizations or groups, e.g., Health Maintenance Organizations (HMO), Preferred Provider (PPO), Exclusive Provider Organization (EPO), can get a complete insight into the different insurance plans in the post below. Going through the post will also help patients and doctors to guide their choice while considering organizations to be associated with.
Here are the important types of insurance plans that all patients and dentists must go through to make a wise and informed decision:

1. TRADITIONAL DENTAL INSURANCE (INDEMNITY POLICIES)

The traditional dental insurance that is also said to be the Indemnity dental insurance is a kind of fee-for-service plan where a patient has the freedom to visit any dentist of his preference. However, what differs the traditional insurance policies from other insurance plans is that the insured person has to make the upfront cost of the dental procedure to the dentist and submit a claim for the same later.
The insurance company, in this type of insurance, pays for dental care only after a claim is submitted for the same. It implies that the upfront cost shall be paid by the insured person and then the claim will be sent to the insurance company.

2. MANAGED HEALTH CARE PLANS (HMOs, PPOs) Managed health care plans operate in a different setting as compared to the traditional pay-for-service insurance plans. Here health care facilities and doctors make a network in contract with an insurance company to provide members with dental insurance. The health management organizations, e.g., HMOs, PPOs, EPOs make up the plan’s network where members are also offered the necessary assistance to find the best suitable dental insurance plan for their purpose.

3. DISCOUNT OR REFERRAL DENTAL PLANS In the referral dental plans, an insurance company selling a discounted or referral plan brings dental care facilities and a group of dentists under the contract to provide patients with the needed dental services at a discounted cost. No cost, in the referral plans, will be borne by any party, group or insurer for the dental treatment a patient receives from dentists. Instead, a patient makes the payment of dental procedures he gets at dentistry in the network. However, he is charged significantly lesser than the usual cost of the treatment that a patient is meant to pay without any referral plan in place.

4. DENTAL FINANCING There are lenders out there in the market that provides finance for medical and dental treatment that isn’t usually covered in dental insurance. It is somewhat similar to loan that a person takes for a particular purpose, however; here is the case is of financing dental procedures. A patient looking for lenders in the market, he can actually find many who can offer finances/loans tailored to patients’ dental requirements.

DIRECT FINANCIAL ARRANGEMENTS (CASH DISCOUNTS, PAYMENT PLANS) Dentists can solely make the arrangements for financing indirect ways for their patients by offering them lucrative discount offers on dental procedures. Discounted/affordable payment plans can also be brought in place to pull prospect patients to your dental care facility and scale up your dental care services increased visitors and revenue. Such tactical financial integration can do a good job for dentists to take their real earnings up and we, at Elite Dental RCM, can help you bring such plans and policies for your dental facility.

UNDERLYING PROBLEM WITH DIRECT FINANCIAL ARRANGEMENTS If deep fee reductions are in place at your dental care facility or you are offering huge discount offers on dental procedures, dentists must also be aware of the losses in the long business run. The overhead expenses coming out of discounted payment plans and upfront cash discounts may take quite a punishing in the course of dental practices. So better watch out what you are offering to your patients and to what extent your discount offers can be feasible for your dental practice.

DENTAL INSURANCE TO ORGANIZATIONS/GROUPS (HMO, PPO, EPO ORGANIZATIONS)
The greatest complication to a dental insurance plan is that it is difficult for an individual to find an appropriate dental insurance plan for himself in the open market. The real concern is that the insurance companies primarily offer insurance plans to groups/organizations such as HMOs, PPOs, and EPOs rather than an individual.
When an individual seeks an insurance plan from any sort of insurance company, he, as a matter of fact, looks forward to getting an insurance plan with hundred percent coverage facility. Such individuals are pressed for money to get the course of dental procedures right.
When it comes to benefits associated with the insurance plans offered to individuals and groups, an insurance company is likely to make more money with groups/organizations than it makes by distributing its insurance plans to individuals. This is why, most people, i.e., dental care professionals, and patients, find it better to associate with a group than doing it all on their own.

DENTAL INSURANCE OPTIONS WITH OBAMACARE
Patients seeking affordable dental procedures have the Affordable Healthcare Act in place with ObamaCare. It is, in fact, available for everyone as apart o0f health plan for children of 18 years age or below. Since the policy is universally available for every US kid from an infant to teenager, there is no obligation of asking for the policy to purchase it. The coverage is also available for adults as well; however, dental plans that are not part of the health policy require to be purchased.
3RD-PARTY DENTAL FINANCING
The third-party dental financing may look feasible in its external fabric while it has some catches within worth noting. Being a dentist, you must make your patient aware of the complications associated with the third-party dental financing as there are strict repayment conditions in place for patients to comply with. It may look a decent deal in the beginning but may prove to be a costly choice later.

THINGS TO WATCH OUT FOR

Business is laid upon the foundation of healthy relationships built between a service provider and its customers. Medical facilities are no exception in the course. If you are running a dental care facility, you must make sure that you have patients in your reach. This is why you must not let your patients enter into 3rd party financing agreements as it’s not a decent deal for patients and dentists.
Don't let your relationship with your dentist, or a plan's endorsement by some type of dental association, cause your guard to drop. Entering into a 3rd-party financing agreement is strictly a business deal. Such financial agreements are nothing except trap for patients that can leave them with heavy debt causing a notion of distrust about ideal insurance policies and dental care professionals. Providing patients with the right advice can trigger trust in them about your dental services bringing patients and revenue to your dental care facility.