Is Vision Insurance Worth It?

Vision is, arguably, our most important sense for everyday life. Vision is so important, our cerebral cortex (surface of the brain) devotes 20% to 30% of its processing power to sight alone. For comparison, only 8% of the brain is devoted to hearing.

Vision insurance can help protect your precious vision by making routine exams and prescription eyewear more affordable.

How Do Vision Insurance Plans Work?

Vision insurance functions like other insurance plans do. In exchange for paying a monthly or yearly premium, you receive coverage and/or discounts on various eye care goods and services. Like health insurance, vision insurance may have a network of covered retailers and eye care providers.

Some vision insurance plans may also include out-of-network benefits that allow you to visit other providers at a higher cost. Of course, different vision plans have different benefits and limitations. So, you’ll need to review the plans you’re interested in before you make a decision.

As far as purchasing the plan itself, there are a few options. Vision insurance plans are available for individuals, couples and families. Similar to health insurance, there are two common types of organizations your vision plan may be affiliated with:

• Preferred provider organizations (PPOs) allow for more freedom in selecting a care provider, which can be in or out of network.
• Health maintenance organizations (HMOs) require you to select in-network providers but are often more affordable than PPOs.

As with health insurance, you may also be able to sign up for a vision plan through your workplace.

How does vision insurance save money?

There are a few ways vision insurance can help cover your costs. Put simply, it may:

• Provide discounts on certain goods and services.
• Provide total or partial coverage for certain goods and services.
• Provide an allowance to help purchase certain goods.

These methods are not mutually exclusive. Your vision plan may use one, two or all three of these benefits.

What Do Vision Insurance Plans Cover?

Typically, vision insurance plans offer coverage on out-of-pocket costs and routine eye exams. Out-of-pocket costs may include things like:

• Eyeglass frames
• Eyeglass lenses
• Eyeglass lens coatings (anti-reflective, anti-fog, tints etc.)
• Contacts

Some vision insurance plans may also offer discounts on corrective surgeries, like LASIK or PRK. Not every plan covers every one of these things. Be sure to research the plans you’re looking into so you know if they will meet your needs.

What’s the Difference Between Vision Insurance and Health Insurance?

A helpful rule of thumb for telling apart vision insurance and health insurance: Vision insurance covers corrective and preventive vision exams and procedures. Health insurance covers medical exams and procedures.

Health insurance usually doesn’t include any coverage or discounts on prescription vision correction or routine eye exams. That’s what your vision insurance is for.

Vision insurance does not provide coverage for an eye injury, medical emergency or disease. That’s what your health insurance is for.

What’s the Difference Between a Vision Insurance Plan and a Vision Discount Plan?

Insurance providers may offer either of these plan types, so it is important to know the difference. Unlike vision insurance, a vision discount plan has neither in-network nor out-network providers.

Instead, vision discount plans offer discounts on services from a select set of providers. This kind of plan may have location-based limitations as well.

Typically, a vision discount plan works better for individuals who don’t have many vision needs. If you do need vision-related goods or services with any amount of frequency, a vision insurance plan will likely save you more money than a vision discount plan.

How Much Does Vision Insurance Cost?

Monthly vision premiums can vary from around $5 to $30 per person. Of course, how expensive your premium is depends on what you want from it. Vision insurance plans with more and/or better benefits will tend toward the more expensive side.

Other factors may come into play as well, including:

• The number of people covered
• Where you live
• How old you (and any dependents) are

Is Vision Insurance Worth the Cost?

The honest answer is “it depends.” The national average cost of an eye exam is $171 to $200 without insurance. A vision plan may cover that cost entirely, or it may require a copay. Usually, this copay ranges from $10 to $20. So, it is certainly still cheaper.

But let’s say that your monthly premium comes out to more than your yearly eye exam costs. If that’s the only item you need covered, then vision insurance may not be worth it for you.

The national average cost for eyeglass frames alone is $242 dollars. Like with an eye exam, your plan may cover frames totally or only partially. Either way, your purchase will come out cheaper with vision insurance than without.

That said, most vision insurance plans only cover eyeglass purchases over a set period of time. So, you might only get your benefits for buying glasses every one or two years. If that’s how often you want or need to go through a pair of glasses, then vision insurance will almost certainly save you money in the long run.

Vision plans can be a great way to save money on your vision needs. However, it is up to you to thoroughly review the plans you’re interested in and decide whether the benefits outweigh the costs.