Voluntary Vision Products

Cost: $3,000; published 2021

Employees and employers continue to want more from the benefits they offer and purchase—more flexibility, more choice, and more options—regardless of the voluntary product involved. Vision coverage is no exception. Despite more employers moving away from employer-paid vision plans, employees still want vision benefits for themselves and their families. Voluntary vision plans are an effective way to meet both the employee’s benefit needs, while helping the employer reduce their costs. And because vision benefits are easy to bundle with other coverages such as medical or dental, offering voluntary vision is a potential way for carriers to increase account persistency and guard against takeovers.

The purpose of this report, Voluntary Vision Products, is to review the current state of the voluntary vision market. In addition, the report helps carriers better understand the overall market and how their product compares relative to the competition.

View Table of Contents

1. Executive Summary

A. Report Objectives

B. Methodology

C. Key Findings

2. Market Overview and Competition

A. The Overall Voluntary Vision Market

B. Employer Perspective

C. Employee Perspective

D. Key Competitors

3. Carrier and Product Specifics

A. Carrier Specifics

1. Voluntary/Worksite Definition

2. Employer Contribution

B. Product Specifics

1. Product Source

2. Product Structure

4. Plan Options

5. Length of Time Product Offered

4. Product Benefits, Options and Network by Carrier

A. Product Benefits

1. Eye Exam Benefit

2. Lenses/Frames Benefit

3. Contact Lenses Benefit

4. Additional Materials Discounts

5. Eye Surgery Benefit

6. Laser Vision Correction Discounts

7. Additional Wellness Benefits

8. Other Benefits

9. Additional Contact Lens Copays or Deductibles

10. Contact Lens Fitting and Follow-Up Visits

11.Mail-Order Contact Lens Option

12. Medically Necessary Contact Lens Benefit

13. Rider Options

14. Unique Product Features or Benefits

B. Product Options and Exclusions

1. Employee and Employer Choices and Options

2. Maximum Annual Benefit

3. Waiting Periods

4. Policy Exclusions

5. Spouse and Dependent Coverage

C. Provider Network

1. Provider Network Description

2. Access to Providers

5. Product Processes and Practices

A. Underwriting

1. Minimum Size Group

2. Unacceptable Industries

3. Employee Eligibility Requirements

4. Minimum Participation Requirements

5. Underwriting Questions

6. Renewal Underwriting

B. Costs and Commissions

1. Premium Structure

2. Voluntary vs. Employer-Paid Plan Premiums

3. Standard Commissions and Commission Variances

C. Sales and Enrollment Process

1. Stand-Alone or Packaged Sales

2. Typical Packaging Combination

3. Typical Enrollment Methods

4. Multiple Plans Allowed

5. Enrollment Responsibility

6. Pre-Tax Enrollment

7. Re-Enrollments

D. Administration and Claims

1. ID Cards

2. Consolidated Billing

3. Typical Service Timeframes

6. Carrier Results, Challenges and Future Trends

A. Carrier Results

1. Loss Ratios

2. Sales Results

3. Profitability

4. Voluntary Vision Sales Percentage

5. Average Participation

6. Persistency

7. typical Policyholder and Account Demographics

8. Average Annual Premium Per Employee

9. Takeover vs. New/Virgin Cases

B. Product Differentiators, Challenges and Future Trends

1. Product Differentiators

2. Product Concerns or Challenges

3. Future Product  and Market Trends

7. Secondary Data on Other Carriers

A. Introduction

B. Aflac

C. MetLife

D. UnitedHealthcare

 


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