Modern Vision Plans focus on employees’ visual needs and budget while keeping today’s industry trends and economic changes in mind. Enhancing coverage doesn’t have to be complicated. Let’s take a look at easy ways to build a better vision plan.
FUNDING A RICHER PLAN ISN’T ALL ON YOU
Offering a company paid plan? Consider a voluntary buy-up option to give employees the power to decide for themselves. They can select the eyeglasses and contact lenses they need with fewer out-of-pocket costs and increased pretax compensation.
INCREASE YOUR OPTIONS, NOT YOUR RATES
Alternatively, adding copay to vision coverage can manage employer costs while including more fully covered options like increased frame and contact lens allowances, glasses and contacts in the same benefit period and fully covered progressive lenses.
BUILDING BLOCKS FOR BEST-IN-CLASS VISION PLANS
Not sure where to start when reviewing your vision plan? Evaluate the demographics of your team to provide insight into where your vision plan may need an upgrade.
ALLOWANCES FOR LOWER OUT-OF-POCKET COSTS
Allowances are impacted by inflation, causing the purchasing power of a frame or contact lens allowance to decrease over time. Increased frame and contact lens allowances allow members to select materials that meet their needs. Based on the Consumer Price Index, a $125 frame or contact lens allowance in 2000 would need to be $240 today to provide the same purchasing power. See the CPI Inflation Calculator at https://www.bls.gov/data/inflation_calculator.htm.
COMBO PLANS FOR MILLENNIALS AND DUAL WEARERS
Approximately 39 percent of Millennials who need vision correction are Dual Wearers, meaning they choose between glasses and contacts based on their mood and daily activities, according to the Contact Lens Institute (see https://www.contactlensinstitute.org/resources/see-tomorrow-dual-wear-highlights/).
For employers with a large population of early-to mid-career professionals, a Modern Vision Plan design allows employees to have their visual needs met with a complete pair of eyeglasses and contact lenses in the same benefit period.
PROGRESSIVE/COMPUTER LENSES FOR PEOPLE 40 AND ABOVE
If you have employees aged 40 and above, offering fully covered progressive and computer lenses can be a valuable plan enhancement. When not fully covered, today’s latest progressive and computer lens technology can cost employees hundreds of dollars out-of-pocket.
To build a Modern Vision Plan with budgetary goals in mind, contact Matt Cuomo at mcuomo@vbaplans.com or visit vbaplans.com.
Matt Cuomo is the vice president of Sales at VBA. He is responsible for sales and vision plan education. For more information, visit vbaplans.com.
