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Optimize Your Clients' Vision Coverage Value

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Vision coverage is an essential part of a comprehensive benefits package, and it can fit in with the push toward consumerism.

Consumerism is changing the insurance industry from a business-to-business to a consumer-centered model. In the new consumer model, employees want plan choices with benefits that address their individual needs — they want customized plans.

Members of today’s multi-generational workforce have many different life stages, financial situations and health risks.

Therefore, presenting a winning vision plan means the group dynamic needs to be considered. This includes employee demographics, the group’s industry, employee benefit surveys and past benefit utilization reports, if available.

The best benefit solutions are those that meet most of the employees’ needs or wants, as well as the employer’s business objectives.

For example, the group’s average age can help determine appropriate vision benefits – as aging impacts vision health. According to Prevent Blindness America, over 4 million Americans over age 40 are visually impaired. If most of the employer’s workforce is 40 years or older, the vision plan should offer more generous allowances for materials.

On the other hand, a group’s demographics and utilization reports may reveal a larger percentage of younger workers with a high utilization of the contact lens benefit. Thus, value may be placed in a plan that offers a richer contact lens allowance with convenient online purchasing options. 

The key to customizing a vision plan is to address the biggest needs of the group as a whole. The best benefit solutions are those that meet most of the group’s needs or wants, as well as the employer’s business objectives.

No two vision plans are made alike, even if the plans are customized for a client. However, a quick evaluation and comparison of three key areas may illuminate additional plan value. These areas include provider network and composition, claims processing and simple administration solutions for employers.

— Read 3 Ideas for Making Medicare Better on ThinkAdvisor.

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