Given the state of the healthcare industry in the US, it has now become more important than ever to have some form of health insurance. The Affordable Care Act makes it mandatory for companies with more than 50 full-time employees to either provide healthcare insurance or pay a penalty for not non-compliance. This law does not apply to vision insurance, which means it is up to the management’s discretion to offer this type of insurance to its employees.
But why should your business offer a non-essential benefit at a substantial cost? If you look past the cost of purchasing adult vision insurance and the administrative costs associated with it, you’ll find that vision insurance offers loads of benefits to your company and its reputation. Is vision insurance worth it? Here are 4 reasons why the answer is yes.
1) Your Reputation Matters
In the increasingly competitive market of today, it has become more important than ever before to stand out from the crowd and become the crème de la crème. Did you know that nearly 23 percent of employees don’t receive vision benefit coverage? By offering vision insurance to potential employees, you will not only attract skilled individuals for interviews, but also retain employees already on your payroll.
For many employees, vision insurance takes care of the potentially high costs of routine eye care. Offering this insurance shows that you care about the health and wellbeing of your employees. Plus, it’s the easiest way to differentiate your business from other organizations that do not invest nearly as much in health. Fostering employee loyalty pays out in the long run and yields a bottom line that dwarfs the cost of providing insurance.
2) It Protects Employee Health
Because your employees are now able to afford eye exams on a regular basis, doctors are able to detect serious medical problems such as cancers, autoimmune diseases, high blood pressure, high cholesterol, and thyroid issues. Catching these diseases at an early stage can reduce long-term medical costs and ensure that your employees are able to perform at work more efficiently.
3) Improves Your Employees’ Attitudes Toward Work
When employees receive office perks that include vision benefits, their quality of life dramatically improves. Because their overall wellbeing is now improved, their work ethic and attitude towards your business improves. This allows them to foster stronger relationships with their coworkers and contribute more to your bottom line.
4) Ultimately Saves You Money
This sounds contradictory, but did you know that stand-alone vision insurance actually saves employers money? A study found that employers were able to save more than $5.8 billion over the course of four years due to the preventative nature of vision care. Non-invasive eye exams performed at a regular basis by optometrists identified signs of disease that could have gone unnoticed.
The study found that for every dollar that the company invested in vision benefits, they received $1.45 by factoring in lower healthcare costs and low turnover rates.
Want to offer vision insurance to your employees at low cost? Click here to get in touch with the experienced consultants at JS Benefits Group.
