Group Vision Insurance

Aside from basic health insurance, vision and dental insurance policies are the most popular forms of insurance. Group vision insurance is an excellent benefit that can usually be added to preexisting healthcare policies. You can offer several different kinds of vision insurance policies to ensure your employees can access the plans that best fit their needs. Contact Beckham Insurance group today to request a group vision insurance quote and learn more about our other policy options.

Main Policy Types

There are two main types of group vision insurance policies, Optional Rider Vision Insurance and Ancillary Vision Plans. Here’s what you need to know:

Optional Rider Vision Insurance

Optional Rider Vision Insurance covers a set amount of care over the course of a single year. For example, if an insured party requires $1,800 in care for vision-related treatments, but only has $1,500 worth of available care remaining for the year, they must pay the additional $300 out of pocket. Typically, companies will pay a monthly premium for this plan with the insured covering surplus expenses. Optional Rider plans can be purchased as add-ons to existing health insurance policies for an additional fee.

Ancillary Vision Plans

Ancillary Vision Plans are a type of vision insurance that covers a fixed-percentage discount for the care received. The total cost of care is irrelevant to this percentage. For example, if the insurance company covers 35%, the insured must make up the remaining 65%. Ancillary plans can be added to existing health insurance policies for an additional fee in most cases.

Possible Vision Plans

Let’s explore the various types of vision insurance plans you can make available to your employees:

Preferred Provider Plan (PPOP)

PPOPs allow you to choose either in- or out-of-network doctors and specialists at your discretion. Keep in mind that you will incur higher costs with out-of-network healthcare professionals from higher coinsurance rates, deductibles, and non-discounted charges.

Health Maintenance Organization Plan (HMOP)

HMOPs limit your healthcare provider options to in-network doctors only. These plans don’t cover any out-of-network care unless an emergency situation arises. Additionally, these plans may require you to live within a specific area to qualify for the plan.

Point of Service Plan (POSP)

POSPs offer discounted rates when seeking care from a hospital, doctor, or specialist within the plan’s network. These plans also require every participant to have a primary care physician in order to receive referrals for specialists.

Indemnity Insurance Plan

Indemnity plans are the most flexible option, as they allow you to choose any healthcare provider for your needs without affecting reimbursement or deductions.

Important Considerations

Before you invest in a specific group vision insurance plan, make sure you take time to determine what your employees will need out of the plan the most. Consider the following points:

Age

The average age of your employee pool can help you determine which kind of insurance policy would be best suited to your company. Older people tend to have more vision problems than those in their 20’s, 30’s, or 40’s. If your employees are older, it might be more beneficial to invest in an ancillary vision plan since they will likely exceed the optional rider plan limit.

Preexisting Health Conditions

It may be helpful to consider your employee’s preexisting vision-care needs when choosing the right policy. If your employees have any pre-existing conditions that require care, you can be sure that they will make full use of their policy, so be sure to provide a plan with enough coverage.

Workplace Dangers

If the work conducted at your business results in any kind of vision risk, it is crucial that you invest in an insurance policy that will provide the necessary coverage. These hazards can range from anything as simple as staring at computer screens too long to chemical or projectile damage and beyond.

Request a Quote

Attract and retain top talent with a comprehensive benefits package, and reduce HR workload with a full suite of tools and services. At Beckham Insurance Group, we are here to help make planning and managing your employee benefits easier than ever. Get in touch today to learn more about group vision insurance and our other benefits offerings!

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