Purchasing vision insurance can often feel like an add-on to your policy and an unnecessary expense, especially when opticals and retailers now give discounts to customers who pay out of pocket.
However, vision insurance can be worth adding to your policy next time you enroll in health coverage.
What is vision insurance?
After purchasing a vision insurance policy, you will have access to benefits the insurance company has negotiated directly with opticals and participating providers to offer discounts on the cost of exams, glasses, and contacts in exchange for a monthly premium.
Vision insurance can be offered through your employer or purchased through a private company. Sometimes, it is included in your insurance plan.
On average, vision insurance costs $14.51 per month for an individual and $37.74 per month for a family.
What does it cover?
Vision insurance can help to lower out-of-pocket expenses and give discounts on the cost of glasses and contacts, as well as cover yearly exams.
The average cost of a vision exam is $150-$200 if paying out of pocket. Glasses cost an average of $196 depending on your lenses and where you purchase them. However, without vision insurance, you can expect to pay the full cost of glasses, which can be between $50- $1000. Additionally, contracts require a separate exam for fitting and can cost on average $200-$300 per year.
Is it worth it?
If you frequently wear glasses, and contacts, and need routine exams, consider vision insurance. Additionally, it can be worth owning a policy for those who are older and go to the doctor more frequently.
To determine if it is worth it for yourself or your family: take the time to total up all of the expenses you will have yearly related to vision, including exams, new glasses, and contacts. If this exceeds the amount of your yearly vision insurance premiums, then it may be time to consider vision insurance.