Vision Insurance After Retirement
In addition to your normal health insurance, continuing to have vision insurance coverage into your later years is important to maintaining long term health. Don’t let your vision fall into the periphery by assuming other forms of health coverage are enough. Here are three vision insurance questions to consider as you prepare for retirement.
How can I keep my vision insurance after retirement?
The most viable and cost-effective way to continue vision insurance in retirement is through your current employer. If you’ve worked with the same employer for a long time, chances are they will provide you with options to maintain your current health insurance and vision insurance once you’re retired. Oftentimes, you need to sign up ahead of time or within a certain period of time after retiring. So the best practice is to talk with your employer’s HR department and plan in advance.
Some important questions to ask your employer might include:
1) Will I receive vision insurance benefits in retirement?
2) If so, how will the benefits differ from my current plan? What’s covered and what’s not?
3) When do I need to enroll in the new vision plan?
4) Is it possible to enroll family members or dependents under the new benefits?
5) How will the monthly costs differ from what I currently pay per month?
Don’t assume insurance coverage will be continued simply because it is offered. Proactively seek out the information and give yourself time to research other plan options if your employer’s offer doesn’t fit with your budget and lifestyle.
What cost considerations should I plan for in my post-retirement plans?
If your employer doesn’t provide continued coverage, you may be entitled to COBRA benefits. COBRA lets you temporarily maintain your current coverage at the group price while transitioning away from your past employer. If that’s not an option, it is always possible to obtain comprehensive coverage by enrolling in a VSP® Individual Vision Plan.
Regardless of the monthly costs, the benefits of maintaining your vision coverage are eye-opening. VSP members typically save up to $200 per year on glasses and contacts.
Does traditional Medicare provide vision coverage?
With the exception of some specific conditions, traditional Medicare does not always provide coverage for routine eye exams, prescription glasses, and contact lenses. Maintaining or adding a vision plan during your retirement is the best way to ensure you’re always covered.