For most employers, vision benefits have been a check the box, offering for over 50 years because there has been little to no innovation. Employees typically choose between two fairly standard plans, with limited coverage, and may never take advantage of them at all, despite the fact that you’re paying between $5 and $25 per month to offer the coverage.
As a result, a small fraction of your workforce uses its vision benefits to obtain glasses or contacts each year. What’s worse, employees looking to leverage your benefits for preventative but elective eyewear can’t even use your benefits at all, since those elective eyewear choices aren’t covered by traditional plans.
Employers don’t have to opt for the status quo and check the box with your benefits offerings, while failing to see a real ROI.
There are seven reasons why offering better vision benefitswill help you boost employee utilization, lower your benefits costs , and help to retain your best people.
1. Employees want better vision benefits
A recent study showed that 87% of employees surveyed would be more likely to stay at a company that offered high-quality vision benefits, such as coverage of premium lens and frame options. Not only do great vision benefits help with employee retention, but research has repeatedly shown that access to high-quality benefits is a key factor job candidates consider when deciding whether to join a new company. It shouldn’t be understated either that most employees would take a pay cut in exchange for better benefits.
2. Vision insurance cost gaps affect most employees
Not only do your employees want robust vision plans for themselves, but they also want to rein in costs to cover their families as well. For a family of four with traditional vision insurance, the average price for one pair of glasses each per year exceeds $400at what is considered a 3000% markup, even after using traditional vision benefits.
When you consider that 60% of Americans don’t have $1,000 saved for emergency expenses, it’s no wonder why high out-of-pocket costs in the retail environment lead to many employees opting out of utilizing their vision plans each year.
3. Employees are drastically underutilizing vision benefits
As a result of costs and coverage limits employees have with traditional vision plans, just 14% of the workforce uses its vision benefits to obtain glasses and 10% for contacts each year. Even worse, only 25% of employees take advantage of free yearly eye exams, which are proven to help prevent growing and costly epidemics like eye strain.
4. Most employees can’t take advantage of your vision plan
As Americans have recently shifted to working at home and spending more time in front of their screens, blue light’s health implications are growing: studies have negatively linked it to everything from headaches to sleep trouble. Most employees who don’t need glasses but want to mitigate eye strain and the effects of blue light must pay out-of-pocket for elective anti-glare glasses since traditional vision insurance plans don’t cover these.
5. Digital eye strain is a productivity killer
As we just mentioned, research shows that enhanced screen time and fewer breaks are a detriment to employee productivity because of eye problems that form as a result. A jarring 79% of employees report that time spent on their devices is impacting their job performance due to headaches, fatigue, and focus issues. Headaches alone result in $17 billion in absenteeism, lost productivity, and medical costs for business per year.
6. The cost of underutilized vision benefits to employers is huge…like billions huge
It’s been estimated that the cost of underutilized vision benefits alone to employers over $15 billion in the U.S. Even though you may be offering premium family plans, it’s more than likely your people don’t know how to maximize their benefits, or simply aren’t satisfied with the breadth of these plan offerings since they can only choose one pair of glasses or contact lenses per year.
7. Boosting your vision plan actually saves your company money
If you supplement traditional vision benefits with a low-cost booster that increases employee access to frames, contact lenses, virtual preventative exams, elective glasses, and other benefits, you’ll gain $7 for every $1 you invest and save over $2,700 annually per employee.
While employee benefit packages traditionally focus on healthcare packages, there is growing employee demand for more comprehensive vision care. As digital eye strain and other issues related to increased screen time are on the rise, employers need robust vision benefits plans that all employees can leverage to stay healthy and productive.
Source – BenefitNews.com