As we move through the Summer season, folks love to tackle home projects. As a result, it’s tempting to try to DIY as much of your life as possible, especially if you’re a new or soon-to-be retiree on a budget. However, there are times in life that you want to do things the “right” way and partner with trusted professionals and brands to avoid a bigger, more costly consequence down the road.   

Summertime is also DIY season as people roll up their sleeves to try and tackle everything from major renovations and makeovers to simple home maintenance and small repairs. 

The main goal for most Do-It-Yourselfers is cost savings. Painting the exterior of your house, replacing a floor, or cutting down some overgrown bushes brings with it the notion of not only saving thousands of dollars, but also the pride and prestige of a job well done. Research supports this notion, as one recent study found that 73% of homeowners said cost was the driving factor for choosing to DIY, followed by building confidence in their abilities. 

Truth is, DIY projects can be a tough balancing act between the possibility of reaping the benefits and the probability of getting overwhelmed by downside risk. There is the positive, money saving, project is done, and I’m proud of my efforts side… but also the negative side where a project becomes a money pit, will never be done, and now you may need to hire a professional to finish what you started.

It’s interesting because a similar DIY balancing act can play out with things like vision insurance right around the time people decide to retire, forcing some people to unexpectedly become DIY insurers.  

It’s common for many people to have access to vision insurance through their employer. It tends to be one of those benefits that doesn’t get the same attention as health insurance or 401(k) plans, but it comes in handy when it's time for their annual eye exam, new glasses or contacts.

The issue at hand is that when people opt to retire and must self-insure themselves, they may not know what is fully covered under their new plan, or they forgo vision coverage completely, both of which can lead to money pit consequences. First, it’s not uncommon for people to learn that some Medicare plans don’t cover typical vision costs like a previous employer plan did. Alternatively, some folks might forgo a vision care plan entirely, not anticipating future vision-related issues or needs. Either way, it means you may be left paying out-of-pocket for things such as an eye exam, glasses, or contacts that may have otherwise been covered by a budget-friendly individual vision plan.

I’m usually a big fan of DIY projects, but when it comes to protecting your nest egg and finding some peace of mind in retirement, working with professionals like VSP® Individual Vision Plans can reduce the DIY burden of protecting one of our most valuable senses, your vision.  

Don’t DIY This Part of Your Retirement

The good news is that unlike hiring a new or unvetted contractor, VSP has been helping people find the right coverage for over 70 years (since 1955). With a VSP Individual Vision Plan you can literally call or visit their website, sign-up, and use one of their plans on the same day. There is no 30-day or 6-week waiting period, which can be both timely and money-saving.

I also appreciate their approach to matching you with a vision care plan tailored to your specific needs. In just a few minutes, you can answer a brief set of simple questions online to help identify the ideal plan for you. Additionally, you have the option to connect with a knowledgeable representative for personalized assistance. In other words, if you only need a standard plan for an exam and pair of glasses, they aren’t going to try and sell you something extra with unnecessary bells and whistles.

Overall, as you approach and weigh the pros and cons of DIY projects around the house, be mindful of the current or future impact retirement can have on common workplace perks like vision insurance. Consider what factors Medicare may or may not cover so you can complement your coverage accordingly, and take steps to explore the benefits of working with a recognized brand and company rather than opting to self-insure and fall into a vision money pit. 

Explore VSP Individual Vision Plans today and see which plan may be right for you.

Disclaimer: Robert Laura is a pioneer in the psychology of retirement and legacy planning. He is a best-selling author of Retirement Intelligence, wealth manager, and a paid spokesperson for VSP Individual Vision Plans. This information is only for general knowledge and should not be considered as personal or professional financial, tax, or insurance advice. Compensation for his role is not based on new or existing policies or related sales. VSP is not a publicly traded company.

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