How to Find Inexpensive Vision Insurance

How important is vision insurance? An estimated 11 million Americans have uncorrected vision problems, reports the Vision Council of America (VCA). These range from refractive errors (near- or far-sightedness) to sight-threatening diseases such as glaucoma or age-related macular degeneration. VCA also found that nearly 90 percent of those who use a computer at least three hours a day suffer vision problems associated with computer-related eye strain.

People with vision

Nearly 90 percent of those who use a computer at least three hours a day suffer vision problems associated with computer-related eye strain.

Types of Coverage

Vision coverage typically comes in the form of either a vision insurance plan or a discount vision plan. Typically, a vision insurance plan provides enrollees eye care services in exchange for an annual premium or membership fee, a yearly deductible for each enrolled member, and a co-pay each time a member accesses a service. A discount vision plan provides eye care at discounted rates after the employer or employee pays an annual membership fee.

You can buy standalone vision insurance plans on the individual market. However, if you have an individual health insurance plan, check with your insurer. Many plans allow members to add vision coverage for a small additional annual fee. You’ll likely find it more convenient to have both coverages under the same policy.
What does vision insurance cover? Plans vary, but most will cover you for:

• Annual eye examinations, including dilation
• Eyeglass frames
• Eyeglass lenses
• Contact lenses
• LASIK and PRK vision correction at discounted rates

Unlike health plans, many vision plans provide benefits according to a schedule. That is, they will pay a specified dollar amount toward each service listed. For example, most plans cover an annual eye exam for every member of your family covered. However, many cap that benefit to a specified maximum, such as $45. Likewise, your plan might pay up to $100 for new eyeglass frames every year, and so on. Your health insurance plan, on the other hand, typically pays a specified percentage of all covered costs, up to a “usual and customary” limit.

Insurance vs. Discount Plans

Vision discount plans usually cost less—as little as $5 or $6 per person per month. Most do not have deductibles or copayments, but offer a flat discount off the cost of vision care services. Since they are not insurance and providers do not have contracts with discount plans, a vision care provider could refuse to accept your discount plan at any time. Terms of the plans can also change at any time.

As insured products, state insurance laws apply to vision insurance. Anyone who sells vision insurance must have a license issued by the state. The state’s department of insurance provides oversight of insurers and consumer protection services. Discount vision plans are not insurance—anyone can sell them, and they lack the oversight that insured plans have. Still, a good discount plan can offer you savings.