Group Vision Insurance is a separate form of group health insurance, which is commonly found in employee benefits plans. This insurance usually covers the cost of eye exams, eyewear, and other vision services. It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying insurance as its primary purpose. Sometimes employers use this type of product to help retain employees and in some cases they even help to subsidize the cost of the coverage.
Group Vision Insurance is typically either a vision benefits package or a discount vision plan. A vision benefits package offers eye care services in exchange for an annual premium, or a membership fee for each enrolled member and co-pay each time a member accesses a service. A discounted vision plan provides vision services at discounted rates after an annual premium and a deductible are paid. Both types of vision insurance are commonly used by various groups including: school districts, unions, large corporations and small businesses.
What Group Vision Insurance Is Not
This coverage is generally not to be taken with you if you change jobs. In some situations, the carrier will allow you to retain the policy after you leave employment but in a different pricing system. If you have a change in health, you may not qualify for new coverage at your new place of employment. Keep in mind that Vision Insurance is an annual preventive eye care service, although it is health insurance that will cover you in an injury or disease.
Who Needs Group Vision Insurance?
It is most often issued to a group of employees but may be issued to any group such as through your company, association, school district, government programs such as Medicare or Medicaid, etc.
Things to Think About
The cost of Group Vision Insurance is generally lower than for individual vision policies because administrative expenses are decreased. This type of insurance can offer an advantage to the employee because in some situations that company pays for part of the coverage. With the introduction of laser eye surgery, Group Vision Insurance may provide discounts or benefits for group members who would like to receive this treatment.