How much does Cigna’s dental insurance cost?
AnaCigna says its $6,300 for its first year, but the company is already looking at a second year. (iStock) “The premium on our health insurance policies has not increased in recent years and it’s also been consistent with our other plans,” said Cignal chief financial officer Michael McQuade in a statement.
“The increase in premium on Cignas dental insurance is driven by a number of factors, including a substantial increase in our expenses, the health care coverage we provide and the increase in the cost of coverage and the benefits provided to our members.”
The premium for a standard annual dental plan at Cignan has been rising, but McQuADE said the increase has been more than offset by a decrease in the costs of coverage.
“This year, we’re working hard to continue to reduce costs in order to maintain a competitive rate,” McQuades statement said.
“This is part of our long-term strategy to ensure we’re providing the best value to our member base.”
It was the latest in a string of moves Cignabon has made to reduce the cost to its members.
Cignabons initial $60-per-year health insurance plan, which was announced in 2014, was cancelled by the end of the year.
It had cost $4,400 per year and cost $1,900 per year for the two years of coverage it provided.
Then in January, the company announced it was lowering the rates on its existing plans, which are available to the same people who bought its Health Savings Plan in 2017.
That plan also had a $60 annual deductible, and a $25 copayment, with a $5 co-pay for the first two years.
Now, Cignabs health insurance plans have been cut in half.
The company said it is offering a $2,000 deductible, $5 copayments, $10 coinsurance and a three-year plan.
It said the plans will not cover a family of four that earns more than $50,000 a year, and will only cover a single family of five or more.
While Cignacas plans are down, other companies have gone on a similar path.
In May, the insurer changed its policy to cover more people, from 30 to 40.
The cost per person, including co-pays, coinsurance, deductibles and other out-of-pocket costs, will drop to $2.50 per person.
Insurance companies have also started selling health plans that are less expensive than the $60 plan.
Anthem has rolled out a $30 plan, Anthem Blue Cross Blue Shield and Cignans Blue Cross have launched a $50 plan and $40 plan.
All three have been available since the end on Dec. 1.