Small Business Vision Insurance & Group Options

Approximately 76% of American adults currently use some form of vision correction with another 21% needing it, and 78% of employees say that they will be more likely to stay in their jobs for an attractive benefits package. So, when you think about the group benefits that you offer to your employees, vision can be an attractive option that is surprisingly affordable.

• Vision insurance tied to your job is only active if you’re employed: Unfortunately, if you lose your job, you’ll also lose your vision coverage. Occasionally, it’s offered with a Consolidated Omnibus Budget Reconciliation Act (COBRA) severance package and depends on the number of employees and company size.
• Benefits will vary based on the type of plan purchased by the company: Depending on the specific policy, employer-provided vision insurance might cover you alone or you and your immediate family. Deductibles, coinsurance, annual limits, and restrictions may vary.
• Tax credits are available: If your business gets insurance through the Small Business Health Options Program (SHOP), you may be eligible for the Small Business Health Care Tax Credit. The credit applies if you have less than 25 full-time employees and pay average wages under the maximum income threshold. It credits 50% of the premiums your business has paid.
• Attract and retain employees: Having a good benefits package is important to employees. The more options that are available, such as vision insurance, the happier the employees are.
• Typically separate from health: Your vision coverage usually isn’t part of your major health insurance.
• Consider your priorities: If you primarily need vision insurance for exams, a basic plan may suffice. But if you think you’ll need corrective lenses or LASIK, consider more comprehensive coverage.

Financial strength: The financial strength rating is based on the insurance company’s A.M. Best financial strength rating. A.M. Best is a credit rating agency specializing in the insurance industry, which rates an insurer’s ability to meet ongoing obligations.

Customer satisfaction: The customer satisfaction rating takes into account the insurer’s Better Business Bureau (BBB), National Committee for Quality Assurance (NCQA), and Consumer Affairs ratings. These ratings are calculated using customer complaints and satisfaction ratings.

Value: The value rating calculates an insurer’s overall value based on monthly premium, annual deductible, visit cost, and annual maximum out-of-pocket cost.

Coverage: The coverage rating considers the insurer’s availability of coverages, plan types, and network size.

With such a variety of small business vision insurance companies available, knowing which is the best requires some consideration and comparison. Consider ratings, value, customer service, claims history, coverage options, and provider network size. Group vision will offer more coverage for lower cost and little to no waiting periods.

These are your options for providing affordable small-business group vision insurance:

• SHOP: SHOP was created in conjunction with the Affordable Care Act (ACA) to allow small businesses, usually with one to 50 employees, to search for and purchase affordable small-business group health insurance plans online. SHOP plans are generally the only way small-business owners can claim the Small Business Health Care Tax Credit.
• An agent or a broker:Captive agents or brokers can only sell for one insurance carrier while independent agents or brokers can sell for multiple insurance carriers. Choosing an independent agent will likely give you more insurance plan options as they can provide quotes from multiple providers.
• An insurance carrier:Purchasing group plans directly through an insurance carrier cuts out the go-between. Employers can usually search for and purchase health insurance from a carrier’s website.
• Health reimbursement arrangements (HRAs): HRAs aren’t traditional group health plans, but you can use them to help employees pay for medical expenses. The types of HRAs available depend on your company’s size and can be found through an agent, broker, or insurance carrier.

Aetna was established in 1853 and serves all 50 states. Aetna offers vision coverage through a wide array of retail and online outlets, including some of the most recognizable names in eye care as well as a variety of retail discounts.

Is Aetna a Good Small-Business Vision Insurance Provider?

What do Aetna Small-Business Vision Insurance Plans Cover?

Aetna offers several vision insurance options, including:

• Routine eye exams
• Corrective eyewear, including frames
• Lasik discount services
• Up to 40% off additional pairs of glasses

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Aetna.

Davis Vision was established in 1991 and serves all 50 states. Davis Vision offers comprehensive coverage, although there is a three-month waiting period. Most policies don’t cover eyewear and contact lenses together.

Is Davis Vision a Good Small-Business Vision Insurance Provider?

What do Davis Vision Small-Business Vision Insurance Plans Cover?

Davis Vision offers several vision insurance options, including:

• Routine eye exams
• Yearly allowance for lenses and frames or contacts
• Lasik discount services

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Davis Vision.

EyeMed was established in 1988 and serves all 50 states. EyeMed offers vision coverage through a large network of large and small retail and online outlets and offers a wide array of plan options. Almost 100% of EyeMed’s network providers offer both eye exams and eyewear in one location.

Is EyeMed a Good Small-Business Vision Insurance Provider?

What do EyeMed Small-Business Vision Insurance Plans Cover?

EyeMed offers several vision insurance options, including:

• Routine eye exams
• Yearly allowance for  corrective eyewear, including contact lenses, lenses, and frames
• Lasik surgical procedures

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated EyeMed.

Founded in 1961, Humana offers a diverse array of plans including group vision. Large networks of more than 118,000 in-network providers are available through 50 states. Humana is bundle friendly in that you can add vision to your group medical easily.

Is Humana a Good Small-Business Vision Insurance Provider?

What do Humana Vision Small Business Vision Insurance Plans Cover?

Humana offers several vision insurance options, including:

• Diabetic eye care at no additional cost on some plans
• Routine eye exam $0 to $10 copay
• Yearly allowance for lenses and frames or contacts
• Lasik discounts
• Popular lens options, including antireflective and scratch-resistant coating

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated Humana Vision.

UnitedHealthcare (UHC) was established in 1977 and serves most of the United States. UHC offers a wide variety of products, including health, dental, Medicare plans, and vision. While highly rated for its financial strength and network coverage, there are some drawbacks to its vision coverage. Here’s what to consider before signing up with UHC.

Is UHC a Good Small-Business Vision Insurance Provider?

What do UHC Small-Business Vision Insurance Plans Cover?

UHC offers several vision insurance options, including:

• Treatment of eye problems and illnesses
• Corrective eyewear, up to an allowable limit
• Surgical procedures like Lasik and photorefractive keratectomy (PRK)

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated UHC.

Founded in 1955, VSP Vision Care is one of the largest insurance companies in the U.S., covering 25% of those with vision insurance. Coverage includes eyewear, although there may be a copay for eye exams. Here’s what you need to know about VSP Vision Care.

Is VSP Vision Care a Good Small-Business Vision Insurance Provider?

What do VSP Vision Care Small-Business Vision Insurance Plans Cover?

VSP Vision Care offers several vision insurance options, including:

• Preventive eye care, including ongoing treatment for common eye problems
• Corrective procedures such as Lasik and PRK
• Corrective lenses and contact lenses, including frames.

Trusted ratings and reviews can help you understand how an insurer’s plans stack up against the competition. See how we rated VSP Vision Care.

• Aetna Group Vision | Last accessed January 2022
• Davis Vision | Last accessed January 2022
• EyeMed Group Vision | Last accessed January 2022
• Humana Group Vision | Last accessed January 2022
• UHC Group Vision | Last accessed January 2022
• VSP Group Vision | Last accessed January 2022