subject: What You Need To Know About Vision Insurance [print this page] Sometimes, in the world of insurance, terms are thrown around to confuse you so that you spend more money. After all, insurance is basically just a safety net for anything that may go wrong, right? Well, since vision insurance is such an important thing to have, its important you know what youre talking about before getting yourself too deep. Enjoy this helpful guide to truly understanding all about vision insurance!
It's often the terms used in a specific field that we don't understand. While there are many phrases within the world of insurance that might seem familiar to you - like HMO, carrier, dependents, copay, deductible - there may be just as many that you dont understand. Unfortunately for us, the consumers, only bad things can come when we dont understand what were purchasing! If it all sounds like a different language to you, its ok; were here to help!
HMO (or "Health Maintenance Organization") is a group of insurance plans that allow people (and their employers) to pay a set fee for all services.
Carrier refers to the actual insurance company or HMO that you are buying your health plan from. Your dependents are usually children and/or spouses.
Copay refers to amount of money that you would need to pay just to retain vision-care services.
Your deductible is the amount of money you need to cover before your vision care will kick in and pay the rest.
Capitated basically just means "pre-paid". (So when referring to your HMO: they offer monthly capitated fees that will remain the same).
HIPAA (or "the Health Insurance Portability and Accountability Act" of 1996) is a federal law serving several matters for the consumers protection, one of which guards your medical records and personal details from any kind of publicity.
HSA is a "health savings account". This allows you to set money aside for any of your health or vision-care needs - it is particularly important to note that the funds will be taken from pre-taxed income.
Outpatient services is when you have some sort of surgery or vision-care medical service that doesnt require staying overnight in the hospital. This is an important term because it is not uncommon that insurance companies will refuse to cover the costs not pertaining to outpatient services.
Your premium is your annual fee that is paid in order to continue with your insurance plan.
A primary care provider is your main optometrist or ophthalmologist taking care of all of your eye care needs, including tests, procedures, etc.
PPO (or "preferred provider organization") is a network of several different types of medical service providers that are organized by insurance companies that offer discounted rates.
If you currently have vision insurance and are looking for the best place to buy glasses, it might behoove you to take a look at your PPO. If you dont have a PPO, or if youre not loving the choices that they offer, you can certainly check out prescription eyeglasses online - which are often much cheaper anyway! Good luck with your insurance company; at least now you can speak their language!
by: Hillary Glaser
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