05 Nov Is Vision Insurance Worth It?
You have many insurance needs but is vision insurance one of them? By law you are required to have auto and health insurance so that’s an easy decision, but other ancillary insurance products, like vision and dental, depend on your personal needs. If you and your family are lucky enough to have good vision and do not require glasses or contacts you might want to forego this type of insurance. But, if you’re like most of us and have less than perfect eyesight, you know that vision costs can add up when you need annual eye exams and prescription glasses or contacts.
Many employers allow you to choose vision insurance as part of their employee benefits. When you opt in for vision insurance you will need to find out what vision centers accept your insurance. Most of these will have a low copay amount of $10 to $20 for an exam, and depending on the retailer they may even offer frames at no additional cost. However, if you need specialty lenses like progressive, trifocals, or anti-glare those may not be covered. So, it would be beneficial to call a few retailers before and compare costs.
Most necessary medical eye procedures are covered by your health plan. But, if you want to have LASIK surgery, for example, that would fall under your vision insurance plan. These procedures can be pricey and most likely your vision plan will not cover it all, so make sure you research your plan coverage before scheduling your procedure.
It is very difficult to compare plans apples for apples. You need to consider what your vision plan cost is and what your total saving might be if you purchased the plan. If vision insurance doesn’t make financial sense for your situation but you still need some assistance, take a look at setting up a flexible spending account (FSA) with a health savings account (HSA). These tax advantage accounts can be used for qualifying healthcare costs which include eye exams, glasses and contacts.
Whether you choose vision insurance or not please remember having a vision exam does more than evaluate your eyesight. It can also provide early warning for diabetes, high blood pressure, heart disease, and even certain types of cancer. It is recommended for everyone over the age of 45 to have annual exams and those younger to have exams every couple of years.
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Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your medical professional or legal representative for information specific to your needs.