See the requirements you need in order to qualify for a group vision plan.
Qualifying for group vision insurance has many perks, including reduced premiums per individual. In order to benefit from small business vision insurance, you need to meet a few requirements.
What you need to qualify for group vision insurance
Some of the criteria you’ll need to meet before you get a group vision plan include:
- Proof of being a business. Basically, in order to get small business vision coverage, you need to be a business. You’ll need to provide your insurance company with proof of being a legitimate business. Possible documents that will work include: articles of incorporation/organization, a business license, small business tax return)
- One employee. If you want a group vision plan, your business must have one employee besides yourself or a spouse. This employee must also be choosing to enroll in the vision plan.
- Means to meet contribution levels. The insurance company that provides your vision plan will likely have a minimum contribution level. This means you, as the employer, need to be able to contribute a certain amount to your employees’ vision insurance premiums.
This list is only a general guideline for group vision eligibility and should not be relied on as official legal, accounting, or tax advice. If you’re not sure whether or not you qualify for small business vision insurance, consult your own tax, accounting or legal advisor.
Why you might want to purchase group vision insurance
Although providing access to a vision plan is not a legal requirement for most small businesses with less than 50 employees, it doesn’t mean there aren’t reasons to offer it.
Studies have shown that employees actually value a health benefits package more than they value a pay raise—meaning that you could get a lot of bang for your buck in terms of keeping current employees happy, and potentially hiring quality workers. People like working for companies who take care of them, and offering benefits like vision insurance is a great way to show you’re willing to support your small business employees.
What types of vision plans are out there?
There are two main types of vision plans, and they both work a little differently from each other. The two main types of vision plans are as follows:
- Ancillary Vision Plan. This form of vision coverage gives fixed discounts on vision-related care, and is usually in the form of an add-on to a group health insurance plan. The fixed discounts come in the form of percentages—for example, the insurance will pay 70% for new glasses, and you pay 30% out-of-pocket.
- Optional rider vision insurance. This type of vision coverage can also be added on to a regular health insurance plan. Usually, those enrolled in a group policy pay a monthly premium in order to have access to a fixed-dollar amount of services. There is usually a limit set by the insurance company for how much will be paid for each vision-related service.
Start searching for vision insurance plans in your area
If purchasing a small business vision insurance plan sounds like the right choice for you and your employees, then you can get started on shopping for plans.
With the help of eHealth, shopping for vision insurance should be easy—just visit our vision page and immediately get free quotes on quality, affordable vision insurance plans in your area.