Thinking About Vision Insurance? Here’s A Look at Its Benefits!

You may assume that health insurance coverage requires vision insurance but many health policies do not include glasses, contacts or eye exams. Know more about your vision insurance benefits. A separate individual vision plan will fill the gap in coverage, but is it worth vision insurance?

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Main Takeaways: Is Vision Coverage worth it?

• If you need to protect your whole family, have Medicaid, have health problems or have no cash left, it may be worth it.
• If you don’t need frames, you just have access to discount plans, or you have a health savings account, or flexible spending account, then this might now be an option.

Overview: Vision Insurance

Eye treatment can be costly. Vision insurance can help reduce vision-related healthcare costs by covering part of the expenses for key services, such as:

• Eye exams
• Eyeglass frames
• Eyeglass lenses
• Lens options
• Contact lenses
• Discounts on LASIK or PRK

Vision insurance firms keep premiums competitive through the use of an accredited network of providers. If you have a regular eye specialist, search before buying vision insurance to see if your specialist is a member of the network. Out – of-network networks can be more costly, or not provided at all. The doctor also charges the vision insurance provider directly for the in-network claims, simplifying the procedure. 

At the time of purchase, your copayment shall be paid directly to the service provider where appropriate.

Unlike other types of health insurance, vision insurance plans don’t have a deductible. You may expect to make a copayment for many of the services provided, but certain services can be offered without a copayment

When It’s Worth It

If you or your family find a vision insurance program a successful investment will rely on many factors. Plans can be priced as low as $13 for individual vision plans, and up to $40 a month or higher for family plans, so it’s necessary to consider your vision insurance purchasing decision.

• You Need to Cover a Family

Kids’ vision can change rapidly, making frequent examinations important; it’s likely that each test ends with a new prescription. For vision coverage, it can be expensive to change glasses regularly and those costs will escalate with a family. A vision insurance plan can be a great way to make eye care costs more predictable. Expect to pay less for the family plan coverage per person relative to the individual coverage rate.

Children struggling with vision may also have a hard time coping with regular school or athletic activities. Most policies include comprehensive eye tests, even with no provision for copayment, and you will still know if your child needs a new prescription.

• You Have Medicare

Medicare includes other forms of eye examinations but they are limited to serious eye disorders, such as glaucoma. Medicare does not involve daily eye exams. Similarly, glasses or contacts are not covered by Medicare except when needed following certain covered medical procedures, like cataract surgery.

Most seniors consider Medigap policies to provide extra coverage, but Medigap programs, like Medicare, do not provide regular vision treatment, either. A vision insurance program will fill the coverage gap and help make the cost to seniors more stable.f

Many Medicare Advantage Programs (Part C) may include vision or hearing aid services or may provide dental benefits. When you have a Part C Medicare Advantage Program, be sure to review your benefits to ensure they meet all of your needs for vision treatment. Nevertheless, the expenses of regular eye tests or prescription glasses or contacts are not covered by Medicare Part A and B.

• You Don’t Have Much Money Saved

The average expense of an eye test which can be several hundred dollars for glasses or contacts. That’s a lot of money for many households to part with all at once and the unexpected big cost will make it difficult to pay other bills.

Many vision insurance policies offer a discount for making one portion of the annual premium. You can break the premium into 12 monthly installments for as little as 5 per cent extra, which will help make vision care costs even more stable. Because certain policies require copayments or may include a reduced allowance for prints, it is always prudent to set aside some extra money per month to help cover out-of-pocket costs when it’s time for your test and a new prescription.

• Concerns about Overall Health

A vision screening is not a full eye health examination, although a regular vision test will also identify symptoms of certain disorders of health, such as diabetes, high blood pressure or elevated cholesterol. Early identification of possible health problems will give you more treatment choices, and more time to see your doctor.

Early detection is important for diseases such as diabetes, which can make a huge difference in health and quality of life. Combined with cost savings, the prospect of early detection could make vision insurance much more important for certain medical conditions.

Decide Whether Vision Insurance is Right for You

You may not be completely aware of the benefits of vision insurance and the future cost savings. The opportunity to divide the vision care expenses into manageable monthly premiums, along with cost savings overall that can add up to several hundred dollars a year, makes vision insurance worth a closer look. 

Assess the limitations of the plans that you are considering, too. Plans which include a frame allowance can restrict the frame to coverage to 1 pair of frames every 24 months, while others can provide a frame allowance once every 12 months. Two years of waiting for new frames can be lengthy.

Remember also the copayment conditions. Although copayments appear to be small, if you select lens choices for your glasses they can add up quickly. You would also have out-of-pocket costs if you buy vision insurance, but by planning ahead, a vision plan will help make the cost of vision care more manageable and consistent.

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