Vision Insurance

At a Glance
Vision insurance provides coverage for services rendered by eye care professionals such as ophthalmologists and optometrists. There a many forms of vision insurance offered by different insurance carriers.

The typical vision insurance plan provides yearly coverage for eye examinations and partial compensation for eyeglasses, sunglasses, and contact lenses.

Vision insurance can be purchased on a group basis as a supplement to a company's group health program. As an alternative, the coverage can be made available on a voluntary basis in which 100% of the cost is paid by employees who elect to participate in the program.

Do I need it?
No - vision insurance is not mandated by state or federal regulation. According to the Society for Human Resource Management just under 60 percent of businesses with fewer than 100 employees offer vision insurance.

But vision insurance is seen by human resources experts as an increasingly important employee benefit. Vision care experts agree that the No. 1 eye problem, nearsightedness, is caused by the stress related to close-up reading, such as is done with computers.

Inexpensive vision plans may be narrow, covering all or part of the cost of only one eye exam per employee per year. Other plans may help pay for eyeglasses or contact lens. A typical group vision plan costs $50 annually per employee, with the business often paying from 25 percent to 50 percent of the premium.

As with group dental insurance, there are many managed-care vision plans available, which can hold down employer costs. Participants in these plans pay less out of pocket by receiving services within the network, but are free to seek care anywhere.

Because vision plans are relatively inexpensive, a broad plan may be a better recruiting and retention benefit than a narrower plan, especially if your business is involved with a great deal of computer-type or other close-in work. Look for a plan that fits the needs of your employees and the nature of your business - as well as your budget.