If you’ve started thinking about offering benefits to cover those employed by your small business, health insurance is probably #1 on your list. But beyond offering health insurance, you can also choose to add on benefits like dental and vision insurance. Keep reading to learn more about group vision insurance for your small business.
What is vision insurance and how does it work?
Vision insurance is a health plan that can pay for eye exams, eyeglasses, ocular surgery, and other types of medical care that focus specifically on the eyes. Vision plans tend to come in one of two forms:
- Ancillary Insurance– Ancillary vision plans cover a predetermined portion of the cost of eye care, while you and your employees must pay the rest out of pocket. For example, say you purchase ancillary vision insurance for your business that covers 50 percent of the cost of care, and then your employee visits the eye doctor for a service that costs $100. The insurance company will pay the first $50, and your employee must pay the remaining $50 out of pocket.
- Optional Rider Insurance– Optional rider vision plans offer you access to a certain dollar amount of insurance in exchange for paying a monthly premium. The plan will pay the full cost of any covered service until you reach the full dollar amount. For example, say you purchase an optional rider vision insurance policy that covers $1,300 of care per year. If your employee gets one procedure that costs $900 and another that costs $600 in one year, they’ll have to pay $200, while the insurance company will cover the rest.
Both of these types of vision insurance are usually purchased as additions to your regular small business health plan. This makes it easier for you and your employees to keep track of what health services you have access to, to whom you pay your premiums, and other key details.
Why should I invest in vision insurance for my small business?
Although businesses are not legally required to offer vision plans as part of their health insurance, there are many benefits to doing so. Some effects of offering a comprehensive benefits package include:
- Improved Morale– By going the extra mile and offering extra health benefits, you’re proving to your employees that their health and well-being matters. Although there’s no guarantee that employees will work harder or like you better, many employers might feel a moral obligation to provide for their employees, and cover them with benefits like vision coverage.
- Higher Productivity– Good vision is essential for a wide range of workplace activities, from administrative tasks to manual labor. Vision plans allow your employees to keep their eyesight clear and strong. Not only do they pay for care to treat any eye problems, but vision plans also allow your employees to get preventative care, so they can stay on top of their eyesight before problems arise.
- Tax Benefits– There are a number of tax incentives that reward small businesses for vision plans and other forms of supplementary insurance. In particular, the premiums you pay for your insurance are deductible, including those paid for vision plans. You may also be able to get state and local tax breaks and subsidies, depending on where your business is. So if you feel like you can’t bear another cost, consider that eHealth has plans starting at just a few dollars per employee, and you may be able to get financial help from various sources.
If you’re sold on the benefits of vision plans, you can start comparing quotes and searching plans in your area now. For more information on vision insurance and other forms of coverage for your small business, visit our website today.