Vision Care Insurance

A financial protection plan that requires the policyholder to pay a monthly fee in exchange for reduced-cost fees on some eye health and vision correction services and products. Vision care insurance will often cover routine eye health expenses such as eye exams, contact lens fittings, contact lenses and eyeglass lenses and frames and may provide a discount on LASIK procedures. The plan may cover the cost of these items in full, up to a preset limit, or may require the policyholder to pay a flat fee or percentage fee to share the expense with the insurer.

Vision care insurance tends to be inexpensive compared to other types of insurance, because many of the covered costs are predictable and expensive claims are rare. In fact, it more closely resembles a discount plan than a true insurance plan, because insurance is meant to protect against unforeseen and potentially catastrophic expenses.

Although vision care insurance is inexpensive, it may not be a good deal for the consumer if the costs of premiums and copayments under the plan are higher compared to the costs of paying for vision care expenses out of pocket. Eye diseases, which are unpredictable and can be expensive to treat, will generally be covered by health insurance, not by vision care insurance.