If you have or are looking to purchase vision insurance, you may be wondering what makes these companies unique. In this article, you’ll learn about the similarities and differences of EyeMed and VSP (including how they compare in cost).
How are EyeMed and VSP similar?
Both EyeMed and VSP can offer members significant savings on eye exams, contact lenses, and glasses. They also offer discounts on vision correction surgery (such as LASIK and PRK). In fact, EyeMed does through the U.S. Laser Network while VSP does through VSP Laser VisionCare Program.
Furthermore, both companies have large doctor networks and numerous plans to choose from (with varying copays, coverage, and benefits). They both are taken by various practice modalities (i.e. private, corporate, etc.) and require you to choose to use your benefits towards glasses OR contact lenses.
If you’re looking for medically necessary contact lens coverage, both EyeMed and VSP have plans with this benefit available.
How are EyeMed and VSP different?
The first difference that sticks out between EyeMed and VSP is their provider network. For example, most private practice doctors have the option to join both EyeMed and VSP. This is something you’d have to research before scheduling an appointment at a private practice.
However, doctors located at LensCrafters, Target Optical, and Sears Optical are typically in-network with EyeMed while those located at Visionworks, MyEyeDr, and EyeCare Centers are typically in-network with VSP. This doesn’t mean if you have VSP you can’t go to LensCrafters or if you have EyeMed you can’t go to Visionworks. It’s just not guaranteed your exam will be covered.
As direct competitors, EyeMed and VSP have different objectives. EyeMed is owned by EssilorLuxottica who also owns LensCrafters, Target Optical, Pearle Vision, Sunglass Hut, several frame brands, and Essilor lenses. On the other hand, VSP owns Visionworks, Eyeconic, various frames brands, UNITY lenses, and Community Eye Care vision insurance. With vested interested in their vertical, you may find both insurances are looking to direct you to providers that are affiliated with or carry their products.
The cost for both EyeMed and VSP varies depending on what plan you choose and how you sign up (as an individual or with a company). In general, company-sponsored plans tend to cost you (the employee) a lot less.
For EyeMed, there are a number of plans to sign up for which range $5 a month (individual discount plan) to $90 a month (family plan). You can sign-up online without any enrollment fees and start taking advantage of the benefits on your selected enrollment date.
For VSP, there are an array of plans to sign up for which range $13/month for an individual standard plan to $80/month for a premium family plan. Fortunately, you can sign-up online without any enrollment fees and start taking advantage of VSP benefits within 5 business days.
In the end, EyeMed and VSP are similar in many ways. While they’re direct competitors and the two largest vision insurances in the United States, both companies aim to provide their members with the best eye care benefits possible. Honestly, if your company provides either of these vision insurances as an option, you’re in luck. If you’re looking to purchase vision insurance on the open market, price both insurances out and purchase the one that provides the best bang for your buck!