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WHAT IS VISION INSURANCE?
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Potentially high costs of regular eye examinations and prescription eyewear can be of real concern, especially for large families. You might be able to defray at least some of these costs by looking into acquiring vision insurance for yourself or better understanding the plan your company already provides.
First, you must understand that vision insurance only supplements regular health insurance. Regular health insurance plans protect you against financial losses due to unexpected eye injury or disease. Vision insurance, on the other hand, is a wellness benefit designed to provide routine, preventive eye care such as eye exams, eyewear, and other services at a reduced cost. |
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HOW TO CHOOSE A VISION PLAN?
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If you are among the more than 50% of U.S. citizens who already wear prescription glasses or contact lenses, you might consider taking advantage of a plan offering vision benefits either through your employer or directly from an insurance or vision benefits company.
Company owners looking for an affordable way to attract and retain good employees also might think about adding vision coverage to employee benefits packages.
What Kinds of Vision Insurance Plans Are Available?
Vision insurance comes in the form of either a:
vision benefits package or a
vision discount plan.
A vision benefits package provides coverage for services including eye exams in different ways, such as requiring a co-payment from you at the time of service with the balance to be paid by your plan. In a vision discount plan, you pay fully for services but at a lower price that the network provider has agreed to charge.
When you purchase vision insurance, whether it is a benefits package or a discount plan, you buy two products:
Access to a network of eye care providers who have agreed to give service at lower than retail prices, including optometrists and ophthalmologists, eyeglass and contact lens manufacturers, optical laboratories, and (possibly) LASIK and other refractive surgeons.
Specific eye care services, such as eye exams and prescription lenses.
Therefore, when choosing a vision insurance plan, you need to evaluate both the eye care provider network and the services being offered. |
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HOW MUCH DOES A VISION PLAN COST?
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Vision insurance costs vary, depending upon how the program is designed. With a vision benefits package, you can expect to pay:
A monthly premium or membership fee ranging from $0 to $12
A deductible of $0 to $35. A deductible is an amount that must be paid by a vision plan member before the vision plan begins to pay its share. The larger the deductible, the smaller the premium or membership fee.
A co-pay of $10 to $15 for each network service
Expenses for out-of-network services that go above and beyond plan allowances
With a vision discount plan, you can expect to pay:
A monthly premium or membership fee ranging from $0 to $12
A deductible of $0 to $35
A fixed discount price for each service you receive from a network provider, or...
Expenses for out-of-network services above and beyond plan allowances
Typically, you pay for group vision insurance through payroll deductions or flexible spending accounts (FSAs). An FSA, sometimes called a cafeteria plan, allows an employee to use pre-tax dollars to purchase selected health benefits such as vision insurance. You save money because you receive the full benefit of income that has been set aside for health costs, making it not subject to or reduced by taxation.
If, however, you have purchased an individual vision insurance plan, you can expect to be billed monthly or annually.
After researching vision benefits, you should be better able to use your existing plan if one is provided. If vision benefits aren't currently available at your work place, you might be interested in discussing possible advantages of this option with an employer. |
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