Attracting top talent has never been harder. With more and more people quitting their jobs in search of better opportunities, your business must compete harder to not only bring in better employees, but also to retain your most valuable team members. Improving your benefits package accomplishes exactly that. Although most companies provide some form of medical insurance for their team, few go the extra mile to offer group vision insurance. Here’s why you should consider adding vision to your benefits.
Group Vision Insurance: A Great Benefit for Your Business
What Vision Insurance Covers
Vision is normally not covered by medical insurance, with the exception of surgical interventions for medical emergencies. So, while your employees might already be covered by health insurance for issues like glaucoma or a traumatic injury to the eye, they lack coverage for more common issues. Statistics show that over 60% of Americans wear prescription eyeglasses. When you add contact lenses, the figure jumps over 70%! That is a lot of people who have no coverage for a basic need.
When your business acquires a vision insurance package, your employees will be able to get significant discounts on prescription lenses, contact lenses, and visits to the optometrist. We work with a large network of healthcare providers, so your staff should have no problem finding an in-network location nearby. Of course, they can still choose to go out of network and pay out of pocket.
Why Purchase Group Insurance?
Buying group insurance is much more cost-efficient than individual insurance options. The more people your company represents, the cheaper your rates will be per person. Insurance companies offer discounts for larger groups since there will likely be some individuals who don’t take advantage of the package. In effect, those non-users act as a sort of subsidy for the rest. Therefore, both you and your employees get a better deal with a group package.
More importantly, you can deduct the expense from your taxes, which individual employees cannot do. So, not only do you get a great deal by buying for a group, but your business will actually save even more by the end of the year.
The Impact on Your Business
Is buying vision insurance for your employees worth it? There are several positive effects on your company when you add benefits like vision to your package. As mentioned, you’ll have an easier time recruiting and retaining talent. More importantly, you’ll give your workers a sense of comfort and security. This reduces stress and ultimately leads to better productivity.
When you do more than what is required of you as a company, your employees are more likely to do the same for you. Vision insurance, especially, offers a great return on investment. It’s affordable, but has a big impact on many people’s lives, making it a perfect add-on for your benefits packages.
Get an Insurance Quote Today
If you’re interested in getting a group vision insurance package for your business, we can help. Contact ISU Armac today to get a quote and learn more about our network of providers.