Pros and Cons of Vision Insurance, FSAs, & Out of Pocket
Vision Insurance
Vision insurance plans are generally very good at helping cover the expenses of annual eye exams and prescriptions for eyeglasses or contacts. If your employer pays for most or part of your plan then vision may save you money. If you are paying all of your premium then vision insurance may not save you all that much money. Look at the cost of the premiums vs what the benefits are. Most plans have a limited benefit amount and do not pay the full price for the exam, the glasses and contact lenses. Oftentimes paying out of pocket can be the same or less using our in house discounts.
Unfortunately, that is as far as most vision plans tend to go. Vision insurance plans are very limited in scope, covering primarily everyday or the most fundamental aspects of eye health care. Vision insurance does often provide discounts for larger elective and corrective surgeries such as LASIK. In this way, it may be helpful to think of vision insurance as a discount plan.
You will still have to pay out of pocket, but having the insurance can get you substantial savings if used. And that is the critical part here, use it or lose it. If you have vision insurance, make sure to use the benefits before the end of every year.
And the good news is most individual insurance plans can start at around $13 per month for basic coverage, some even lower if all you need is annual exam coverage.
Flexible Spending Accounts
Another option for covering eye care costs is using a Flexible Spending Account. FSAs are special accounts that you can choose to put money into specifically to pay for out-of-pocket health care costs. A lot of people may not be aware that vision and eye care costs typically qualify as FSA-eligible expenses.
FSAs are unique in that the money you put into them isn’t taxed, so you save a little bit each time you put money into the plan and use it. There are limits on how much can be deposited into the plan yearly, but using an FSA can go a long way to helping ensure health care. The catch with these types of accounts is an employer must offer them.
FSA accounts cover many of the same things as vision insurance plans, but if all you require is an annual or biannual checkup, opting for an FSA may save you money.
Traditional Health Insurance
Basic vision insurance or an FSA may be sufficient to cover eye care if you are young and have relatively healthy eyes. But as we age, many chronic conditions begin to put our eyesight at ever greater risk. Issues like cataracts, glaucoma, and diabetic retinopathy require costly and ongoing treatment.
Since eye-related complications are common in chronic and acute medical diagnoses, it is essential to make sure you have regular health insurance for these issues.
Out of Pocket Expenses
Optometrists, just like dentists, are more than happy to work with those without access to insurance plans or FSAs when it comes to paying for services. In this case, just be sure to check with your eye care provider on pricing and what types of payment they accept, and be prepared to pay in full at the time of the appointment.
Finding Vision Insurance Plans
There are a variety of individual and family vision plans available for purchase online through companies such as VSP, United HealthCare, EyeMed, Blue Cross Blue Shield of North Carolina, and Humana. The critical thing is to make sure that the plan is available to your area, and that there is a provider in your area that accepts the plan.
Often the best place to start is by contacting the optometrist's office you would like to use and checking what insurance plans they accept. They may have a recommendation as to which plan offers the best coverage for your situation.
Asheville Vision and Wellness
For Buncombe and surrounding counties in North Carolina, Asheville Vision and Wellness has the expertise, respect, and technology you can trust with your vision. If you have any concerns or questions regarding insurance, coverage options, or eye care costs, our knowledgeable staff can help answer your questions.
Since 1989, our staff has served the area using the latest science and medical treatments to keep your vision healthy. Our optometrists are certified in diagnosing, treating, and managing ocular disease with examinations customized just for your unique eye-care needs. We accept a wide variety of insurance plans and payment options.
If you have concerns about your eyesight or are overdue for an annual checkup, schedule an appointment online or call us at (828) 747-9260.