Managed care vision & scheduled vision insurance: Which is right for your business?

Photo of a man working on a laptop in a coffee shop.

It’s easy to see the benefit of offering vision insurance to your employees: businesses lose $80 billion annually due to vision-related problems,1 and employees without coverage may be less likely to seek out vision care on their own.

Providing coverage helps encourage preventive care and early detection of vision-related diseases like glaucoma, as well as non-vision-related diseases like diabetes, autoimmune disorders, thyroid disease, and more.

In collaboration with respected vision expert VSP® Vision Care, Principal Life Insurance Company offers both managed care and scheduled vision insurance plans. So how do you know which is right for your business?*

Managed care vision insurance works with an established network of providers to offer low out-of-pocket costs for WellVision® eye exams and corrective eyewear, as well as special offers for laser vision surgery, contact lenses, prescription sunglasses, and more. Like an HMO for vision care, managed care plans offer affordable care within a specified network.

Scheduled vision insurance covers specific procedures at specific price points—which you set, in $5 increments, to fit your budget. Participants in Principal Life scheduled vision plans have no deductibles, copays, or provider networks to worry about, but they do have access to discounted services from VSP providers with the VSP® Vision Savings Pass™.

While managed care vision insurance provides greater coverage flexibility to employees—all or a percentage of qualifying costs are covered after copay, no matter what those costs are—scheduled policies can be simpler and less costly to maintain, since they cover only up to a specific price point that you set for each covered item.

Either way, vision insurance is an appreciated—and worthwhile—part of your benefit program design. For every 100 employees, employers can save $8,027 the first two years through improved productivity and lower healthcare costs with VSP.2 Principal Life can help you structure the plan that makes the clearest impact on your business.

Talk to your advisor about incorporating vision coverage into your benefits package.

Do you offer employee benefits through us?

Manage your benefits online.

1 “Rising Healthcare Costs/Systemic Disease,” Healthcare Connection,, 9/30/2014.

2 Human Capital Management Services, Inc. (HCMS) on behalf of VSP, 2013

* This summary is not a complete statement of the rights, benefits, limitations and exclusions of the coverage described here. For cost and coverage details, contact your Principal representative. Vision insurance from Principal® is issued by Principal Life Insurance Company, Des Moines, IA 50392. Managed care vision insurance from Principal is administered by VSP. Scheduled vision is administered by Principal. VSP is not a member of the Principal Financial Group®