With $200 not getting people very far when it comes to buying eyeglasses, is vision coverage in employee benefit plans too low?

The issue of the adequacy of vision coverage arose in the recent Sanofi health-care survey. It found just 35 per cent plan members surveyed rate their vision coverage as excellent or very good. That number puts satisfaction with vision coverage near the bottom of typical employee benefits, with life insurance, vaccinations, health spending accounts and critical illness ranking lower. The survey found 21 per cent of plan members would describe their vision coverage as poor or very poor.

Read: Sanofi survey finds low employer satisfaction with benefits for vision, major dental care

Members, however, put a lot of emphasis on vision care. It ranked third in terms of importance, with 91 per cent of plan members saying vision care if somewhat or very important.

But at a time of significant pressure on benefit plans, particularly when it comes to prescription drugs, is vision care a priority for new spending? Have your say in Benefits Canada‘s weekly online poll: Are coverage levels for vision care in employee benefit plans too low?

As for last week’s poll, Benefits Canada found significant support for the recent agreement in principle to enhance the Canada Pension Plan. According to the poll, 67 per cent of participants felt the deal is an affordable compromise that will improve retirement security. Another 33 per cent of respondents said the changes will cost too much and won’t address the real concerns about retirement.

Read: Feds confirm $250M price tag for CPP deal as premium details released

The poll follows the June agreement at a finance ministers’ meeting in Vancouver to boost premiums and benefits over a five-year period starting in 2019.

June-27-CPP-Enhancement

 

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com
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Gord Simle:

Vision Care Limits – wrong question, the level of coverage will always be too low. In an insured plan world are you prepared to pay $1.20 for a $1.00 worth of benefit? In an ASO world are you prepared to offset the high cost of providing vision to those that use it significantly with something else for those that don’t – the split is not significantly different between the two? Have you educated those that need it to use the plan and their HSA in conjunction with each other and to plan multiple family purchases in alternating 2 year cycles? The way you have worded the question means the benefit is too low group will always be the significant winner in the results.

Tuesday, July 05 at 1:08 pm | Reply

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