Ancillary insurance provides more comprehensive coverage to employees. From vision coverage to life insurance, ancillary benefits can cover the gaps left behind by standard health insurance policies and ensure all of your employees’ healthcare needs are met.
Ancillary benefits for vision coverage, in particular, is desirable and can give your employees additional peace of mind and reduce their out-of-pocket healthcare costs.
Here’s what you need to know about ancillary insurance and vision coverage.
Contact KSA Insurance today to learn more about ancillary insurance and get a custom quote.
What is Ancillary Insurance?
Ancillary insurance supplements group health insurance by providing coverage for expenses not covered by a standard health insurance plan. This may include expenses related to hospital stays like medical transportation and medical supplies.
Ancillary insurance may also include dental and vision insurance, life insurance, disability insurance, and other types of insurance that provide coverages not offered by health insurance. These benefits provide employees with more well-rounded coverage and help reduce their total out-of-pocket costs for healthcare and healthcare-related services.
By providing ancillary benefits to their employees, employers can create more competitive benefits packages that attract and retain high-level talent.
How do Ancillary Benefits Work?
There are several different types of ancillary benefits, and many of them work in different ways.
Some types of ancillary insurance, like accident insurance, for example, may provide lump sums to employees that can be used in any way, while other ancillary benefits, like dental insurance, work more like health insurance in that they reimburse employees for a percentage of their healthcare costs.
You should review your benefits and talk to your employer to ensure you understand how each of your benefits and insurance policies works.
Employer-Contributory vs. Voluntary Ancillary Benefits
There are two primary ways that ancillary benefits are funded. They can be employer-contributory or voluntary.
With employer-contributory ancillary benefits, employers pay for 50% to 100% of the benefit premiums, helping to reduce the overall costs that their employees are responsible for.
On the other hand, voluntary benefits require employees to pay 51% to 100% of the benefit premiums. These benefits can still be affordable for employees, as they allow workers to buy into group insurance plans, which are typically cheaper than individual policies.
The employee’s portion of the monthly premium is often deducted from their paycheck and is typically pre-tax, which helps employees save even more.
What Does Vision Insurance Cover?
Vision insurance is a form of healthcare coverage that funds vision care. Vision insurance often includes coverage for eye exams, glasses, contact lenses, and depending on the policy, procedures like LASIK.
To choose the best vision insurance policy for your employees, you should consider the following factors:
- Area of coverage
- Premium costs
- Ease of access
- Coverages (e.g. eye exams, corrective procedures, eyeglasses)
Corrective procedures like LASIK are not covered by all vision insurance policies, as they are often considered elective surgery. However, plans that don’t cover corrective procedures may still offer discounts to help offset employees’ out-of-pocket costs.
Standard health insurance policies often don’t include vision coverage, making it a great option for employers that want to provide more comprehensive coverage to their employees. By combining vision insurance with other ancillary benefits, you can ensure all of your employees’ basic healthcare needs are covered.
Can You Bundle Vision & Dental Insurance?
Employers may be able to save money by bundling certain types of ancillary benefits, including vision and dental insurance.
These benefits are often bundled together, as they are two of the most desirable coverages that aren’t included in traditional health insurance policies.
Employers can contact their insurance providers to discuss how building ancillary benefits may be able to help them save money while offering high-quality coverage to their employees.
How Much Does Vision Insurance Cost?
Employers should compare several policies to find a vision insurance plan that meets their coverage and financial needs.
The cost of vision insurance can vary depending on several factors, including:
- Number of employees
- Area of coverage
- Covered services
- Group size
At KSA Insurance, our knowledgeable insurance agents work with business owners to help them find comprehensive, affordable vision insurance policies and other ancillary benefits.
Request a Quote for Ancillary Benefits for Vision
Ancillary insurance helps employers create well-rounded benefits packages that improve their employees’ quality of life, attract and retain top talent, and boost employee retention rates. Vision insurance is a particularly beneficial ancillary benefit that employers should consider offering to their employees.
At KSA Insurance, we work with employers in South Carolina and across the southeastern United States to help them choose vision insurance policies and other ancillary benefits that provide effective coverage to their employees.
Contact us today to get a quote and learn more about ancillary benefits for employers.