By Monica Spencer, Senior Business Development Manager, VSP® Individual Vision Plans
Amidst ongoing economic challenges and political uncertainty in an election year, individuals continue to explore ways to manage costs and prepare for the future. While reducing unnecessary expenses is prudent, cutting the wrong expenses could yield short-term cost-savings, but lead to unintended long-term financial consequences.
A good example of this is vision insurance. At first glance, scaling back on vision care might seem like a cost-effective solution. Many consumers base that choice on simply whether they can see clearly. A common question is “Why do I need an eye exam? I can see just fine.” However, what seems like a simple decision can lead to a greater financial burden in the long run.
Vision care leads to cost savings
How? It’s widely known that chronic diseases have significant health and economic costs in the United States. More than 190 million Americans (about 3 in 5 people) have one or more chronic conditions such as diabetes, high cholesterol, or heart disease1. Interventions to prevent and manage these diseases have significant health and economic benefits.
What most people don’t realize is that an eye exam goes far beyond just testing for clear vision. In an eye exam, an eye doctor can detect evidence of more than 270 chronic diseases2 – including early signs of diabetes, some types of cancer, kidney disease, and hypertension — even without other symptoms.
According to a 2021 study by Workpartners, VSP® members with a chronic condition incurred fewer health care costs in the first year after diagnosis than members of other vision plans3. In fact, VSP members with high blood pressure and diabetes avoided estimated annual medical and drug costs of more than $2,600 and nearly $1,800, respectively, compared to members of other plans3.
An eye exam is one of the easiest, most cost-effective early detection systems for signs of serious illnesses. And earlier detection empowers patients to focus on prevention, treatment, and healthy lifestyle changes even sooner.
What to look for in an individual vision plan offering
As the only national not-for-profit vision care company, VSP® Vision Care’s focus is on helping people to see well and be well so they can reach their full potential. We believe that vision plans can help improve access to vision care for those who may not have access to traditional employer provided plans or need additional coverage. Vision plans should provide customized, affordable, and convenient options, including:
• Monthly or annual payment options
• Year-round enrollment with no waiting periods.
• Access to the a large network of doctors and retail options
Key partnerships can help fully evaluate member health and influence positive outcomes. They can also help coordinate care, identify eligible members for disease management programs, and send critical eye exam reminders.
Beyond cost savings, preventive care like an eye exam helps members live healthier, better lives. Looking at the bigger picture, vision plans are not an area to cut back.
1www.fightchronicdisease.org
2https://www.aoa.org/healthy-eyes/caring-for-your-eyes/full[1]picture-of-eye-health?sso=y
3https://visionbenefits.vsp.com/dms-inline/pdfs/workpartners[1]case-study.pdf
Published in the Spring 2024 issue of Insights Magazine.
PIMA® (Professional Insurance Marketing Association®) is a member-driven trade association focused exclusively on the affinity market.
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