Good eyesight plays a critical role in a person’s overall health. Vision insurance gives policyholders the ability to maintain their eye health and resolve eye-related issues promptly and without serious financial consequences.
Although vision insurance can be purchased as a standalone policy, it is sometimes included in group health insurance plans.
This health benefit may cover some or all of a policyholder’s vision care, including routine services like eye exams and the purchase of new glasses.
However, not all group health insurance policies contain vision coverage. Therefore, it is important to carefully read the plan’s terms before buying a group health insurance policy.
What Services are Covered by Vision Insurance?
Vision insurance may encompass aspects of both traditional medical insurance and wellness plans. However, the details and amount of coverage offered are dependent on the policy itself.
Vision insurance covered under group health insurance plans is often limited to specific benefits and discounts provided in exchange for an annual fee and in some cases, a copay.
The most common vision benefits included in vision insurance policies include routine preventive eye care services like eye exams and prescription eyewear, including eyeglasses and contact lenses.
Some comprehensive vision plans expand coverage to specialty vision services, such as eyeglass lens coatings and enhancements like photochromic lenses, anti-reflective coatings and progressive lenses. Many eye care plans also offer policyholders steep discounts on elective vision correction surgery, such as PRK and LASIK.
Choosing a Vision Insurance Plan
When purchasing a group health insurance plan containing vision coverage, two main products are being bought for employees. First, employees will have access to specific eye care services to maintain healthy eyes and good eyesight.
Second, they are receiving access to a network of licensed eye care providers. These vision professionals have agreed to provide products and services at reduced prices based on the plan’s terms. Providers may include optometrists, general ophthalmologists and other eye care experts.
It is important for businesses to carefully evaluate the vision discount or benefits plan before purchasing a policy.
It can be useful to speak with employees to determine what types of eye care services are desired by workers. Also, consider which policy offers the best coverage at a price point that fits the business’s budget.
Remember to get information about all aspects of vision coverage, such as how often an employee can undergo a routine eye exam or replace his or her glasses. Also, consider how much the insurance covers and what an employee’s out-of-pocket expense would be based on the type of service rendered.
Benefits of Offering Vision Insurance
Businesses considering purchasing group health insurance that includes vision coverage should consider the wide range of benefits that a vision plan can offer employers and employees alike.
Group eyesight insurance is an excellent way to attract new talent and retain existing employees. Health insurance is one of the most sought-after employee benefits when job candidates search for their next career.
Including group health insurance with vision benefits in a comprehensive employee benefits package can make it easier to hire and retain the best workers for the company.
Vision coverage can also help boost employee morale. When employees can keep their vision and overall health in good standing, they are often happier, creating a positive work environment. Good morale in the workplace can help the business thrive and be successful.
Employers can also enjoy certain perks when they purchase a group health insurance plan containing vision coverage. There are several tax incentives available to businesses and their employees when they participate in a group health insurance plan. Businesses may be able to deduct up to 100 percent of their premiums paid on qualifying group health insurance plans.
When group health insurance is included as part of an employee compensation plan, employers may also be able to reduce payroll taxes by providing compensation in the form of tax-free health care benefits.
Speak with an Experienced Insurance Professional
Eyesight insurance included in an employer-sponsored group health insurance plan is often more affordable than standalone vision policies. Employees can enjoy annual savings on common eye care services like exams and eyeglasses prescriptions.
However, it is important to understand the limitations of each policy. Some vision plans will only cover eyeglasses and not contact lenses. Other policies may cover up to one eye exam a year while others only cover an exam every two years.
The cost of vision services without insurance can be substantial, making vision coverage a good investment for all businesses.
To learn more about vision insurance coverage available under group health insurance plans or to speak with an insurance professional about available vision insurance policies, contact the insurance experts at New City Insurance.