Getting Vision Insurance

If you’re a retiree or approaching retirement you probably remember Johnny Nash singing

 

I can see clearly now the rain is gone
I can see all obstacles in my way.
Gone are the dark clouds that had me blind.

It’s gonna be a bright, bright, sunshiny day.

And that’s exactly what today’s retirees want. It’s just fact that as we age, most of us don’t see as well as we used to. The Centers for Disease Control and Prevention (CDC) says more than 12 million adults age 40 and older have some sort of vision impairment and the CDC expects that number to grow exponentially as Baby Boomers get older.

 

As of September 2022, more than 65 million people were enrolled in Medicare. Unfortunately, the only vision expenses covered by Original Medicare have to do with cataract surgery or people at higher risk for eye complications such as glaucoma. Medicare doesn’t cover regular eye exams, eyeglasses or contact lenses.

 

So, if you’re on Medicare and you want every day to be a bright, bright sunshiny day, here are your options for vision care other than paying 100% of it yourself?

 

Individual Insurance Plans

Most vision insurance plans are discount plans or wellness benefit plans that provide specific benefits and discounts for an annual premium.

 

Most vision insurance plans provide one routine eye exam each year at no cost to you. Things like retinal scans are usually an additional charge you pay for. You’re allowed a fixed dollar amount to apply toward eyeglasses or contacts. But some plans require you to pay a deductible before the plan benefits kick in.

 

Different insurance companies offer additional features or discounts on things like progressive lenses, anti-glare or scratch-resistant coatings, LASIK or PRK (photorefractive keratectomy)—a laser eye surgery that corrects refractive vision errors by changing the shape of the cornea.

 

Carefully research what’s provided by each plan you’re considering to make sure it’s what you need. Also find out whether your doctor accepts the insurance you’re considering and, if not, are you willing to switch to a doctor who does in order to get the benefits you’re looking for.

 

Prices for vision coverage vary from company to company. Do the math to see if paying for vision insurance, copays, and deductibles, the amount you have to pay above discounts offered by the plan and the value of benefits you receive is better for you than just paying for your vision expenses out of pocket. You can pay more money for insurance that has a lot of bells and whistles, but will you use them?

 

Bundled Insurance Plans

Bundled insurance packages combine multiple insurance coverages. Most bundles include vision and dental insurance. Some also include hearing coverage.

 

When you enroll in a bundled plan, you can choose your maximum benefit amount. Typical options range from a $1,000 maximum benefit to a $5,000 maximum benefit. So, you can decide which amount best fits your needs. Plus, if you need more benefits in the future, you can change your coverage level at any time. However, you may encounter a waiting period before you can use significant service benefits.

 

Bundled plans can be more cost-effective than buying each coverage separately. On average, bundled plans cost $30-$45/month. There’s usually no waiting period for vision and dental preventative care, but almost always you have to wait a year before coverage begins.

 

Industry experts say vision coverage usually increases each year for the first three years going from 60% in year one, to 70% in year two and capping at 80% in year three for eye exams and eyewear. It varies from plan to plan, so, just like individual plans, do your homework.

 

Medicare Advantage

The third option for vision coverage is through a Medicare Advantage plan, also called Medicare Part C or all-in-one plans because many MA plans provide vision, dental, hearing and prescription drug coverage as well as the benefits provided by Original Medicare.

 

MA vision benefits usually provide an annual routine eye exam at no cost to you. You will have to pay for a retinal scan if you choose to include that as part of your exam. And you are allotted a certain amount each year toward eyeglasses or contacts. Depending on the MA provider, that could be $150-$300. You can order glasses or contacts that are more expensive than your annual allotment, but you will pay the additional cost.

 

Just like any of the other options we’ve mentioned, you need to do your research into Medicare Advantage plans available in your area to find the plan that meets your needs.

 

 

Disclaimer

This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice or an investment outlook. The opinions and conclusions contained in this report are those of the individual expressing those opinions. This information is non-tailored, non-specific information presented without regard for individual investment preferences or risk parameters. Some investments are not suitable for all investors, all investments entail risk and there can be no assurance that any investment strategy will be successful. This information is based on sources believed to be reliable and Alhambra is not responsible for errors, inaccuracies, or omissions of information. For more information contact Alhambra Investment Partners at 1-888-777-0970 or email us at [email protected].