Most of the providers participating in Eastbridge’s 2020 Voluntary Vision Products survey reported increases in 2019 sales compared to 2018, but are less optimistic about 2020 sales, expecting slightly higher or similar results as a result of the pandemic. Despite the expected short-term challenge in sales, carriers anticipate future growth, citing the development of plans with more flexible options and benefits, expanded network scope, and product bundling with medical, dental, or other voluntary product lines.
The report examines the overall voluntary vision market and provides the product specifics for 12 voluntary vision products from 11 carriers as well as providing general information on carrier results, competitors, trends, and concerns regarding the market. In addition to the 11 participating carriers, three other carriers providing vision products are profiled in the last section of the report using secondary data.
AS COVID-19 CONTINUES to change the benefits landscape, employers anticipate continuing to make changes to their benefits packages. Eastbridge research found that, as a result of COVID-19 changes, almost a third of employers—a percentage similar to that reported in 2018—are planning to add new voluntary benefits and/or move employer-paid products to voluntary this year.
PARTICIPATION RATES FOR voluntary Most important factors limiting participation products have been stable in 2020, according to a survey of voluntary carriers. And although this survey preceded the results of the fourth quarter of 2020, the findings are still useful.