VSP Insurance

Discussion in 'Optometry Archives' started by ddgiant, Jan 12, 2006.

  1. ddgiant

    ddgiant Guest

    My company is changing to VSP insurance but the way I am reading the
    plan I get NO actual coverige and was wondering what any of you think.

    I will pay $150 out of my check each year. (this is to cover 2
    I thin will have to pay $20 for basic examin and $20 for frames per
    And there is a max allowance of $120 per year per person.

    So if I am doing my math correctly.
    150 + 20 ex1 + 20 fr1 + 20 ex2 + 20 fr2 = $240 per year
    ex 1 is the examin for person one
    fr1 is the frames for person one
    $120 x 2 = $240 per year max allowance.

    So if I am seeing this correctly, I have no coverige.

    Thanks for your time and help on this.
    ddgiant, Jan 12, 2006
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  2. Be very careful on this one. My office has never been a VSP provider,
    because it never seemed to make sense economically for the patient.
    When you have VSP you also are restricted to use your benefits at a VSP
    provider. To be a VSP provider, a practice must be owned by
    optometrists and never by opticians. So, all of your convenient retail
    opticals in malls cannot be VSP providers.
    doctor_my_eye, Jan 12, 2006
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  3. ddgiant

    Dr. Leukoma Guest

    Do yourself and your eye doctor a favor, and pay out-of-pocket.

    Dr. Leukoma, Jan 12, 2006
  4. ddgiant

    LarryDoc Guest

    The $120 allowance is probably just the frame retail allowance. Should
    you choose a frame over that allowance, you'd have to pay a calculated
    "overage" charge.

    Figure (reasonable estimates in California as example) $100 for exam
    plus eyeglasses with a frame retail of $120 and lens cost of $120.
    That's a total of $340 of services for which you pay $40. Actual
    out-of-pocket including YOUR payment into plan is $190 for a total
    "savings" of $150. Add the cost of the employer's contribution and the
    reduction in actual money paid to the doctor, if you'd like, to find the
    true value of the plan.

    VSP is not a bad choice, but is only useful and appropriate if you
    actually fully utilize the benefits. You could also put that $150 into
    a medical savings plan account, making it "worth" about $225, pay the
    doctor in cash, perhaps asking for a discount for being a loyal cash
    paying client, and realize about the same net out-of-pocket costs.

    As Dr. G suggests, you could just pay out-of-pocket and be able to
    choose any doctor or eyewear provider of your choice. The first step
    might be to go to the VSP website and see if your preferred doctor is a
    provider. Do factor in the value of your relationship with the doctor.
    That could be the deal maker/breaker right there!

    LB, O.D.
    LarryDoc, Jan 12, 2006
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