Group Vision Insurance
Why Should Your Business Offer
Group Vision Insurance?
1. Promoting eye health can help employers save money on health insurance.
Regular eye exams can help detect eye problems and conditions early, leading to better treatment outcomes and preventing more serious eye issues. By providing vision insurance, employers can encourage employees to get regular eye exams, which can help promote eye health and prevent future eye problems. Many diseases (such as diabetes) can be found in their early stages during a routine eye examination. Discovering diseases early can prevent expensive and recurring medical treatment. Employers can save thousands of dollars on future health insurance costs simply by offering vision insurance!
2. Make glasses and contacts more affordable.
Vision insurance can help make purchasing frames, glasses, or contacts more affordable for employees. Many vision insurance plans offer coverage for the cost of frames, lenses, and contact lenses, which can be a significant expense for individuals without insurance. By providing this coverage, employers can help employees manage the cost of vision care and ensure they have access to the eyewear they need to see clearly and perform their job duties effectively. This can also help employees who need to update their eyewear more frequently due to changing prescriptions or wear and tear on their current glasses or contacts.
3. Increase employee productivity
Eye problems can have a significant impact on employee productivity, especially if they go untreated. Poor vision can lead to headaches, eyestrain, and other issues that can make it difficult for employees to perform their job duties effectively. By providing vision insurance, employers can help ensure that employees have access to the eye care they need to maintain good vision, which can ultimately improve productivity and job performance.
Examples of How Vision Insurance Helps Employees.
Sarah is an employee who is enrolled in vision insurance through her employer. She goes to an in-network optometrist for a comprehensive eye exam, which costs $150. Sarah's insurance plan has a $10 copay for eye exams and covers 100% of the remaining cost. Without insurance, she would pay the full $150. However, with insurance, she pays the $10 copay, and the insurance plan covers 100% of the remaining $140. In this example, having a vision insurance plan greatly reduces the cost for Sarah to see her optometrist.
Jason is an employee who is enrolled in vision insurance through his employer. He needs new glasses, which cost $300. Jason's insurance plan covers 50% of the cost of frames and lenses up to $100 for frames and $75 for lenses. Without insurance, Jason would pay the full $300. However, with insurance, the plan covers $175 of the cost, leaving Jason responsible for the remaining $125. In this example, having vision insurance helps him save money by reducing the cost of new glasses.
Key Vision Insurance Terminologies and Definitions
Deductible - The amount an individual must pay out-of-pocket before the insurance coverage begins.
Copay - The fixed amount an individual pays for a specific service, such as an eye exam or eyeglasses.
Coinsurance - The percentage of the cost of a service that an individual pays after the deductible has been met.
Premium - The amount an individual or employer pays the insurance carrier for coverage. Premiums are usually paid to insurance carriers on a monthly basis.
Frames - The part of eyeglasses that holds the lenses and sits on the face, available in a wide range of materials, sizes, and styles.
Lenses - The part of eyeglasses or contact lenses that corrects vision problems such as nearsightedness, farsightedness, and astigmatism.
Contacts - Thin plastic lenses placed directly on the eye to correct vision problems and replace eyeglasses.
Progressive Lenses - Multifocal lenses that have different prescriptions in different parts of the lens, allowing for clear vision at multiple distances.
Anti-Reflective Coating - A thin film applied to lenses to reduce glare and reflections for improved vision and appearance.
In-Network - A group of providers who have agreed to provide services to members of a specific insurance plan.
Out-of-Network - A provider who is not part of a specific insurance plan's network.
Eligible Expenses - Covered services that an insurance plan will pay for, such as eye exams, glasses, and contact lenses.
Vision Care Materials - Products related to vision care, such as eyeglasses, contact lenses, and lenses for eyeglasses.
Optometrist - A licensed healthcare professionals who specialize in providing routine eye care services, such as conducting eye exams, prescribing glasses and contact lenses, and detecting and managing common eye conditions, such as dry eye and conjunctivitis.
Ophthalmologist - A medical doctor who specialize in the diagnosis and treatment of more complex eye conditions and diseases, such as cataracts, glaucoma, and macular degeneration. They are also trained to perform eye surgeries, including LASIK and cataract surgeries.
Exclusions - Services that are not covered by an insurance plan, such as LASIK surgery.
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