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Seeing Your Employees Needs: Do I Need to Offer Vision Insurance?

April 1, 2020

Though most businesses are looking for ways to cut costs, the long-term benefits of employee well-being can outweigh any short-term company costs. This is worth considering when you’re trying to decide, “Do I need to offer vision insurance?”

Making a decision about vision insurance requires more than a spreadsheet. Here are some things to keep in mind:

Short-Term Costs

Most employers want to do the right thing by their employees. This often includes offering high-quality insurance. This isn’t always possible for small businesses or those with a tight budget. And while vision insurance is typically less expensive than medical insurance, it’s far from free. However, there are things you can do to make vision insurance more affordable.

With a PEO (Professional Employer Organization), smaller businesses can come together to provide vision insurance at more affordable rates. If you have a pool of 50 other businesses in need of vision insurance, your buying power is stronger than if you purchase alone. 

Long-Term Savings

A study that was conducted by the Human Capital Management Service Group states that employers who provided vision insurance to their employees actually enjoyed a $5.8 billion savings over the course of 4 years. 

The reason? It’s supposed that those who have annual comprehensive eye exams are more likely to detect and treat serious health conditions which in turn, reduces the costs of long-term care for conditions that aren’t treated early on. People are also more likely to get eye exams than a yearly physical. 

You might be surprised to know that high cholesterol and high blood pressure can be identified during a routine eye exam, so catching these issues early can lead to big savings on future health insurance costs. 

Do I Need to Offer Vision Insurance? Consider Employee Well-Being

If one of your employees is having vision problems but won’t go see an eye doctor because they don’t have vision insurance, there’s a pretty good chance that their productivity will suffer as a result. 

You might find that their work suffers in accuracy or speed or that they experience more headaches due to poor vision. 

The stress of not having insurance can have a negative effect on your employees’ mental health as well, particularly if their vision problems are severe. As you try to decide, “Do I need to offer vision insurance?”, the big picture is important to keep in mind. 

Retention and Recruitment

Some employees might be swayed by the lure of daily free snacks or a pool table on the company premises, but the most enticing way to bring in quality employees is to offer them quality insurance. 

This goes for holding onto the reliable employees that you’ve already got. If your insurance benefits are poor, it’ll be easier for good candidates to look elsewhere for employers that place a high value on their employees’ health. 

Find Vision Insurance Today

Ultimately the answer to the question, “do I need to offer vision insurance?” depends on you and your ability to offer it. Many companies don’t, and they do just fine by their employees. But perhaps “just fine” isn’t all you’re aiming for?

Contact us today to learn more about our insurance packages. We are here to answer all your questions about vision insurance and we look forward to helping you!