North Texas Dentistry Special Issue 2018 NTD SP ISSUE 2018 DE | Page 13

in the different disciplines of insurance combined with the imple-
mentation of online application and service technologies allows
dentists to consolidate their entire insurance portfolio with
one agency.
Insurance policies have always been complicated and have only
become more so. Understanding how to tailor a single insurance
policy to meet the specific goals of an individual or business is
important. Understanding how to tailor multiple insurance policies
so that they meet individual goals and still coordinate with one
another requires knowledge of the individual, their business and
their goals. It’s hard to do without a specialized focus.
Working exclusively in the dental community, we’re able to identify
changes in the relationship between insurance and dentistry early
on. For example, it wasn’t all that long ago that a professional liabil-
ity insurance company would price malpractice insurance the same
for pretty much every dentist. It didn’t matter what type of prac-
tice you worked in or what procedures you performed. The trend in
dentistry toward the DMO practice model, the focus on cosmetics,
Medicaid, and a heavier surgical emphasis in general dentistry have
changed the way insurance companies underwrite and price their
products. It’s no longer one price fits all. It’s not even one company
fits all. In fact, some companies have even carved out entire market
segments and identified them as undesirable. The various compa-
nies active in the dental community don’t necessarily all think the
same when it comes to the dental marketplace. Instead, they
develop their own underwriting and pricing philosophies in an
attempt to differentiate themselves from their competition.
Because of this, we find that it’s now important for us to represent
several different insurance companies and match our client with
the insurance company that understands their specific practice.
The effect of the Affordable Care Act on health insurance is an-
other area where there has been a more significant impact on the
dental community than our society in general. Since most dentists
tend to be either independent contractors or practice owners, it
was common for them to secure individual/family health insurance
for themselves and their families. The effect of the ACA on the indi-
vidual/family health insurance market has been an increase in pric-
ing and a reduction of options. In many areas of the country, an
individual or family can’t buy anything other than high deductible
HMO plans anymore. Recognizing this trend early and how it
would impact the dental community, we were able to notify our
clients and help them to transition into the group health insurance
market where a full range of health insurance plan options still
exist. There was little or no impact to their bottom line.
Career trends in society at large appear to be toward working
longer before retirement. We are definitely seeing this in dentistry.
Historically, it’s been common for dentists to buy disability insur-
ance that paid a benefit to age 65 and live off investments and
social security after that. The increase in student debt and higher
costs of living often necessitate long term financial goals that in-
clude a plan to postpone retirement beyond age 65. In the event
of a disability claim, the end of payments at age 65 can create addi-
tional hardship in an already difficult scenario. Many disability in-
surance companies offer policies that will pay benefits to age 70.
Some even offer options that will extend benefits longer than that
under certain circumstances. This can be an important considera-
tion when creating or refining a disability insurance plan.
almost anywhere in the country. We encourage everyone to visit
our website. It’s full of useful information regarding insurance and
dentistry and we encourage you to use it as a reference. As for us,
we’ll continue to keep an eye out for trends that could change how
the dental community can use insurance products more efficiently
and we’ll keep refining the technology we use to make the purchase
and servicing of these policies easier for our clients.
Kyle Wallace has over 30 years of expe-
rience in the insurance industry. The
last 20 have been spent working prima-
rily with dentists, oral surgeons and their
practices. Kyle and his team have built
strong, and in some cases exclusive, re-
lationships with quality insurance com-
panies that specialize in products for
the dental community. Kyle and his wife,
Terri, own Wallace Specialty Insurance
Group – the first full service, “one stop
shop” insurance agency dedicated to
helping dentists and physicians protect themselves, their families
and their practices.
Insurance Advice
for every stage of your practice.
Malpractice . Disability . Office . Work Comp . Life . Health . Home . Auto
Phone: [phone]
Toll Free: 855.505.1121
Direct Fax: [phone]
508 Twilight Trail, Suite 203
Richardson, TX 75080
www.insurance4dds.com
www.wallacesig.com
Our physical office is located in the Dallas area but our client base
spans the SW and beyond. Our specialized focus, wonderful staff
and use of technology make it easy for us to work with a dentist
www.northtexasdentistry.com
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NORTH TEXAS DENTISTRY
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