Vision Insurance

By now you know that hiring and keeping good employees means offering a loaded benefits package. It's becoming pretty common for vision insurance to be part of these packages.
In fact, a 1999 survey by the Society for Human Resource Management shows that more than half (58%) of businesses with fewer than 100 employees offers vision insurance.
Vision insurance is one way to load up your business' benefit package - and it's probably cheaper than you think.

What's Covered?
Like any insurance, vision care plans vary. They can range from plans that just cover the bare minimum to expansive plans that cover high-cost eye treatments.

More often than not, coverage is going to be somewhat narrow, especially an affordable plan for a small business.
A typical plan for a small business will cover routine eye exams (one per year), prescription eyewear (glasses and contacts), and glaucoma screening. Visits can be made to an optometrist or ophthalmologist. Some average plans will also cover "usual and customary" treatment fees that result from a routine eye exam.

If you get your plan from an HMO, coverage generally will restrict patients to seeing optometrists and ophthalmologists that are within a network.

Shopping For Coverage
You have a few options when it comes to buying vision insurance: namely, HMOs and insurance carriers.
You can also offer it under your business' cafeteria plan which offers an array of benefits and lets employees pick and choose what they want.
Also check into your health insurance carrier. They can offer vision insurance as part of your health insurance policy, but it may be pretty narrow, covering only the bare minimum -- like routine eye exams.

Cost
Vision insurance is quite cheap. Expect to pay in the area of (per individual/per year) for an average plan through an HMO, insurance carrier, or otherwise. Employers generally contribute 25-50% of the individual's annual premium.

If you do decide to go through your health insurance provider, you may save a few pennies but the plan may end up too narrow for your employees' liking. The cost will be tacked on to the employee's health insurance premium.

There are many different plans and insurance carriers-major insurance carriers as well as smaller independent carriers offer coverage.

Get at least three quotes (many places let you do it online) and then do some comparing to get the best price.
Patients may have to pay up front for the visit and get reimbursed, or the optometrist may handle payment directly with the insurance company.

Should You Offer It?
Whether or not you should offer vision insurance, or any other extras in your benefits package, is always a question that plagues businesses-especially small businesses that just don't have the extra cash.

Sure these extras will cost you; you most likely are going to contribute to the premiums.
But take a step back and look at the big picture. You don't need a fancy plan that covers eye surgery, because the majority of your employees will never need it. You can offer the inexpensive basic plan that covers routine eye exams and prescription eyewear. That's what your employees want and need.

And it's those extras that pull in and keep high-quality employees.

Vision Plans are available an individual basis however they are normally paired with a dental program. The Employee Benefits Team at Clarkson Financial Services will be happy to assist you with all of the options that are available. Please give us a call at 1-800-388-7148.