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Is Group Insurance a Good Thing for You?
Find out how ADA members insurance plans are designed to help protect you, your practice and your family.

Insurance is a key part of every financial plan: It helps protect you and your family from financial loss. Some multi-dentist group practices provide affordable group insurance plans, but many dentists find themselves in the position of having to find their own insurance coverage, or supplementing the available policies to ensure they have the coverage they need.

You may have been told that group insurance products are not right for you. Critics of group insurance sometimes say that, depending on the employer or group, there may be only one insurance plan choice and limited ability to customize your coverage; that disability coverage may deny you benefits if you work in another area of dental practice or in a new occupation; that you may lose your coverage if you change your job; and that because you’re not the policy owner, your benefits or rates may change at any time — or even be cancelled. Many dentists are left wondering whether group insurance is the right choice for them.

How the ADA Members Insurance Plans Differ

Generations of dentists and their families are protected by the ADA Members Insurance Plans. The plans are designed to address the issues that many critics have with group insurance.

Variety
The ADA members insurance plans give dentists choices, including three types of life insurance: Term Life, Level Term Life and Term Plus® Universal Life Insurance.

There are also two disability insurance plans, Disability Income Protection and Office Overhead Expense, which include the true “own occupation” definition of disability. This means that if you are disabled from your specialized area of dental practice, you can still receive benefits, even if you are able to work in another area of dentistry, or in another field.

Two supplemental medical insurance plans are also offered: Hospital Indemnity and Critical Illness.

Consistent coverage
An important feature of ADA members disability insurance is our Coverage Lock-In guarantee, which means that while you can apply for additional coverage as your needs change, you won’t lose the features from your original coverage, such as own occupation coverage and waiting period waivers for qualifying hospitalizations. Unless alterations are mandated by changes in law or regulation, the coverage features you sign up for cannot be changed or taken away, though the coverage can be enhanced. And you don’t have to worry about losing your insurance if you change your job; as long as you maintain active ADA membership, you can take your ADA group insurance with you as your career evolves.

Competitive rates
There are further benefits to obtaining coverage with the ADA group insurance plans. The group insurance model enables the ADA to offer some of the most competitive rates in the market because only ADA members — like you — are insured, rather than the general population. That means the buying power of nearly 90,000 ADA members, student members and their families can be leveraged, allowing for the negotiation of favorable terms of coverage that individuals can’t get on their own. The simplified group insurance contract structure streamlines the plan administration, reducing costs and helping to ensure you receive a consistently good value year after year.

Premium credits
For large group insurance plans, insurance companies can adjust rates based on past performance, which has been a significant financial benefit for ADA members insurance plans. Over the last 10 years, the favorable claims experience of ADA Term Life Insurance has been passed back to the participants in the form of a premium credit, rather than benefiting the insurance company like individual insurance does. This has reduced participants’ insurance costs by 53% on average.1, 2

Valuable benefit
As an ADA member, it’s important to make sure you’ve critically assessed your insurance needs. The ADA group insurance plans, issued by Great-West Financial, are a valuable benefit of your ADA membership, and can help you meet those needs in a flexible and effective manner, with insurance plans designed specifically for dentists. As you progress through your career, remember that the ADA offers many options to help protect you, your family and your practice.

1The Premium Credit discount shares favorable financial results with Plan participants. The Premium Credit discount is not guaranteed, but reevaluated periodically.
2Based on internal premium credit calculations from 2009 to 2018.

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Dentists: The information on this website is not a contract. Benefits are provided through a Group Policy Nos. (104TLP Term Life, 1105GDH-IPP Disability Income Protection, 1106GDH-OEP Office Overhead Expense Disability, 104GUL Universal Life, 104LTLP Level Term Life, 1117GH-HIP Hospital Indemnity, 1127GH-CIP Critical Illness, and 1107GH-MCP MedCASHSM) filed in the State of Illinois in accordance with and governed by Illinois law, issued to the American Dental Association by Great-West Financial®. The ADA is entitled to receive royalties from the ADA Members Insurance Plans. Coverage is available to all eligible ADA members in all fifty states and U.S. territories under the aforementioned group policy. Each Plan participant will receive a Certificate of Insurance explaining the terms and conditions of the policy. Level Term Life premiums are fixed based on the selected duration of 10 or 20 years. An insured must maintain ADA membership throughout selected term to remain eligible for insurance. Annually Renewable Term Life, Hospital Indemnity, Critical Illness, and MedCASH premiums increase annually based on age. Recommended premiums under the Term Plus® Universal Life plan consist of the cost of insurance (which may vary based on the member’s age and coverage amount), the amount chosen by the member for deposit into his/her Policy Value Account and a service charge. Premium deposits may fluctuate or remain level depending upon the amount maintained in the Policy Value Account. Disability Income Protection premiums increase every 5 years and Office Overhead Expense every 10 years based on age. Premium credit for Annually Renewable Term Life and Term Plus Universal Life is not guaranteed but reevaluated annually. Premium credit for Disability Income Protection, Office Overhead Expense, Hospital Indemnity, Critical Illness, and MedCASH is not guaranteed but reevaluated semi-annually.


Dental Students: The information on this website is not a contract. Student coverage is issued regardless of your condition if you are under 45. If you are 45 or older, you can apply for the no-cost coverage and all student program features by providing proof of good health. Coverage renews automatically each academic year. Individuals may convert coverage to the plans for practicing dentists after graduation by paying ADA member premiums and maintaining ADA membership. Benefits are not payable, as defined by the respective policy, for death or disability resulting from a sickness, disorder, physical condition, or symptom that existed or was treated within 12 months prior to enrollment. Benefits are provided through a group policy Nos. (104TLP Term Life and 1108GDH-SDP Student Disability) filed in the State of Illinois in accordance with and governed by Illinois law, issued to the American Dental Association by Great-West Financial®. Coverage is available to eligible ADA members in all fifty states and US territories under the aforementioned group policy. Each insured will receive a certificate of insurance explaining the terms and conditions of the policy.


ADA® is a registered trademark of the American Dental Association and Great-West Financial® is a registered trademark of GWL&A.


Effective June 1, 2019, Protective Life Insurance Company (for policies issued outside New York) and Protective Life and Annuity Insurance Company (for policies issued in New York) assumed administrative responsibilities for ADA Members Insurance Plans issued by Great-West Life & Annuity Insurance Company.


Great-West Financial® is a marketing name of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: NY, NY, and their subsidiaries and affiliates. GWL&A is not licensed in New York, but eligible members residing in New York may apply for coverage under the aforementioned group policy. The trademarks, logos, service marks, and design elements used are owned by Great-West Life & Annuity Insurance Company. ©2020 Great-West Life & Annuity Insurance Company. All Rights Reserved. For website issues, contact the Webmaster at ADA_WebMaster@greatwest.com

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