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The CDC estimates that more than 11 million Americans over the age of 12 need vision correction. Cost can be an obstacle to accessing care for many of these patients, and insured patients can still face out-of-pocket expenses.
Out-of-pocket medical expenses shouldn’t stand in the way of receiving quality eye health care. Optometry patient education can help patients to understand their options and cover these expenses.
What Are Out-of-Pocket Expenses in Optometry?
Quality eye health care comes at a cost. While some health insurance plans make vision care more accessible, patients still have to cover a portion of the cost themselves—often far more than they expect.
Examples of out-of-pocket medical expenses include:
- Premiums: The monthly cost of maintaining coverage.
- Co-pays: Most plans include a set fee per visit or service.
- Deductibles: A deductible is the amount the patient has to spend before their coverage kicks in.
- Non-covered services: Patients must pay in full for services that fall outside the scope of their plan. LASIK surgery is a common example.
Because every patient’s needs are unique, out-of-pocket expenses vary and impact the cost of eye care in different ways.
Make your optometry practice stand out by being transparent about your fee structure and providing personalized optometry patient education regarding out-of-pocket expenses.
Strategies for Navigating Out-of-Pocket Expenses
The cost of healthcare is increasing. Last year, the average American spent over $7,000. This figure highlights the need to present patients with concrete solutions to reduce and cover out-of-pocket expenses.
Discussing Care Options
Take the time to discuss the full range of available care options and educate patients about cost and value. This approach will improve patient relationships and empower your patients to make informed decisions.
A common topic for optometry patient education is contact lenses. More patients are opting for contact lenses, resulting in a 6% growth rate for this market. However, some products come with high out-of-pocket expenses, and options like glasses and rigid gas-permeable contacts can be introduced as more affordable alternatives.
Researching Coverage and Vision Care Plans
Encourage patients to research coverage options to get the most value for their money and get reimbursed for the services they need.
You can discuss discount plans as an affordable alternative to insurance coverage. Instead of getting reimbursed for optometry services, patients can qualify for cheaper services and materials thanks to pre-negotiated discounts.
FSAs, HSAs, and Tax Deductions
If a patient takes the itemized deduction when filing their taxes, vision care services qualify as medical out-of-pocket-expense tax deductions.
Patients can also save on out-of-pocket expenses by opening a flexible spending account (FSA) or health savings account (HSA). While flexible spending accounts are typically offered via an employer. To qualify for an HSA, you must be covered under a high deductible health plan (HDHP).
These accounts are tax-free vehicles that allow patients to lower their tax bills by putting money aside for qualified medical expenses.
Educate your patients about these options and remind them that out-of-pocket optometry expenses are qualified HSA and FSA expenses or IRS-deductible medical expenses.
The Importance of Optometry Patient Education
Optometry patient education should include a transparent discussion about out-of-pocket expenses and the options available for covering these costs. It pays to empower patients with information that can help them navigate healthcare expenses. This can often allow them to make the best health decisions rather than skipping needed products and services.
Vision Care Direct of Oklahoma helps make eye health care more accessible with flexible discount plans. When you accept these plans and educate your audience about this affordable alternative to traditional insurance products, patient satisfaction, and health outcomes tend to improve.
Contact Vision Care Direct of Oklahoma to learn more about joining our provider network!
Summary: Out-of-pocket expenses can be an obstacle to seeking care for many patients. This blog discusses the most common types of out-of-pocket expenses optometry patients face, as well as strategies for reducing and covering these expenses.
