Do you have optional eye insurance through your employer? Do you wonder if you are getting your money’s worth? Recently I have been wondering the same thing. I scratched my lenses about a week ago and was therefore forced to order new lenses. Lucky for me I was eligible for new ones on my insurance. Unfortunately I found that it was still going to cost me a pile of money. This is when I started doing the math and found that maybe paying for my optional eye insurance was not the smartest financial decision.
I decided to call around and do some price checks. In my research I found there are plenty of low cost options. Obviously everyone’s insurance benefits are different so be sure to research your own situation before changing your coverage. In my instance I could have purchased an entirely new frame and lens combination for less than I paid for just lenses. In addition my insurance was not required so I would have also saved the premium I pay at each paycheck. This was a startling revelation as I have always trusted insurance to provide me with the best deal.
Do not go spending that extra money in your check just yet. Even if you do decide to cancel your eye insurance you should still reallocate that money into a different health bucket. You should look at either a Flexible Spending Account, if your employer offers it, or a Health Savings Account which you can open at Standard Bank. Give us a call or come into a branch to learn more.