Self-Employed Vision Insurance
One of the primary problems with being self-employed is the lack of employer-sponsored insurance benefits. However, those who are self-employed do have some options for providing for their own insurance needs, including vision insurance. To determine what is the best option for addressing the lack of vision care insurance, individuals should review what options are available and which best meets their specific needs.
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Private Insurance
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The most obvious choice for vision insurance is private insurance. Vision insurance providers that provide group benefits to employers will typically also sell individual policies to private parties. However, private insurance is often quite expensive. Buyers of private insurance should carefully compare the costs of buying insurance with paying the expenses out of pocket. Those with little vision care expenses may be better off without the insurance.
Membership Insurance
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Many groups offer a variety of insurance benefits to members. Groups offering insurance benefits may include trade organizations, social and fraternal groups and the local Chamber of Commerce. The insurance offered from these groups works in a similar manner to traditional employer-sponsored insurance benefits. The group plan helps to defray costs. Individuals may even be able to join a group specifically for the vision insurance benefits and still save money over buying private insurance.
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Discount Plans
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Though not insurance, vision discount plans offer benefits to a self-employed worker without the expense of buying insurance. A discount plan offers individuals the opportunity to pay a reduced rate for vision care. As insurance companies work with health care providers to negotiate costs, vision discount plans do the same. Vision discount plans are typically much less expensive than vision insurance, though the benefits are also less extensive. Those considering a vision discount plan should make certain that their preferred vision care provider accepts the discount plan.
Other Options
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Many large insurance companies provide a variety of insurance products and give discounts to customers that purchase multiple types of insurance. For example, many insurers also sell vision insurance plans that a customer can add to existing policies, making themselves eligible for discounted rates. Another option is to work a part-time job that provides vision benefits. For some self-employed workers, using a spouse's insurance coverage may also be an option. Using a health savings account may save a self-employed person some of the costs of vision care. A health savings account (HSA) allows an individual to save pre-tax money for health care expenses, helping them reduce the cost of paying out of pocket for vision and other health care needs.
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References
- Photo Credit Eye glasses on a test chart image by mashe from Fotolia.com
