Voluntary Vision Products

Cost: $3,000; published 2016

Employers and employees are asking for 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. As employers continue to look for ways to cut benefit costs as well as address the needs of an aging workforce and jobs that are more technologically-oriented and eye-straining, the demand for vision coverage will become greater. Perhaps that is why voluntary vision sales have grown each year since 2008 and accounted for just over five percent of all voluntary sales in 2014.

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, how their product compares relative to the competition, and whether changes or updates are needed.

View Table of Contents

1. Executive Summary

A. Report Objectives

B. Methodology

C. Key Findings

2. Market Overview and Competition

A. Market Overview

1. The Overall Voluntary Vision Market

2. Employer Perspective

3. Employee Perspective

4. Broker Perspective

5. Key Competitors

3. Carrier Overview, Results & Future Trends

A. Carrier Overview

1. Voluntary/Worksite Definition

2. Employer Contribution

B. Carrier Results

1. Length of Time Product Offered

2. Sales Results

3. Voluntary Vision Sales Percentage

4. Average Participation

5. Persistency

6. Claims Loss Ratios

7. Typical Policyholder and Account Demographics

8. Average Annual Premium per Employee

9, Competitive Differentiators

C. Challenges & Future Trends

1. Product Concerns or Challenges

2. Future Market Trends

4. Product Details by Carrier

A. Product Specifics

1. Product Source

2. Product Structure

3. Plan Options

4. Eye Exam Benefit

5. Lenses/Frames Benefit

6. Contact Lenses Benefit

7. Additional Materials Discounts

8. Eye Surgery Benefit

9. Lasik Discounts

10. Additional Wellness Benefits

11. Other Benefits

12. Additional Contact Lens Co-Pays or Deductibles

13. Fitting and Follow-Up Visits

14. Mail-Order Contact Lens Option

15. Medically Necessary Contact Lens Benefit

16. Employee and Employer Choices and Options

17. Maximum Annual Benefit

18. Waiting Periods

19. Policy Exclusions

20. Rider Options

21. Unique Product Feature or Benefits

22. Spouse and Dependent Coverage

B. Provider Network

1. Provider Network Description

2. Access to Providers

C. Underwriting

1. Minimum Size Group

2. Unacceptable Industries

3. Employee Eligibility Requirements

4. Minimum Participation Requirements

5. Underwriting Questions

6. Renewal Underwriting

D. Costs and Commissions

1. Premium Structure

2. Voluntary vs. Employee-Paid Plan Premiums

3. Standard Commissions and Commission Variances

E. Sales and Enrollment Process

1. Standalone 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

F. Claims and Administration

1. ID Cards

2. Consolidated Billing

3. Typical Service Timeframes

5. Data on Other Carriers/Providers

A. Introduction

B. Aflac

C. Davis Vision

D. Eye Med

E. MetLife

F. UHC/Spectera

G. VSP


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