As a savvy shopper and Costco member, you‘re always on the lookout for the best deals and discounts on everything from groceries to garage doors. But did you know that your Costco membership can also save you hundreds on eye care and eyewear? It‘s true – and if you have vision insurance, the savings can be even sweeter. In this ultimate guide, we‘ll take an in-depth look at how to use popular vision plans like VSP and EyeMed at Costco Optical, and share some expert tips for maximizing your benefits as a picky, price-conscious consumer.
The Vision Insurance Landscape
First, let‘s zoom out and take a look at the vision insurance market as a whole. According to the National Association of Vision Care Plans (NAVCP), over 194 million Americans currently have some form of managed vision care coverage, accounting for roughly 60% of the population. The vision insurance industry is big business, generating over $12.4 billion in revenue annually.
The largest vision insurance providers in the U.S. include:
- VSP (Vision Service Plan): 80 million members
- EyeMed: 55 million members
- Davis Vision: 22 million members
- Spectera/UnitedHealthcare Vision: 22 million members
These plans are often offered as part of employer-sponsored benefits packages, but can also be purchased individually. Most operate on a discount or "retail allowance" model, where members pay a reduced fee for services and products at in-network providers, and/or receive a set dollar amount to spend on frames or contacts.
So, just how much can vision insurance save you? Let‘s crunch some numbers. The average cost of a comprehensive eye exam in the U.S. is around $150, while a complete pair of glasses (frames and lenses) can easily run $250-$500 or more. In contrast, many vision plans offer an annual eye exam for a $10-$15 copay, and frames/lenses at a steep discount or included in the plan. For example, VSP‘s popular "Choice Plan" includes a $15 exam copay and $150 frame allowance, plus 20% off any overage.
Assuming you get an annual exam and one pair of glasses per year, this plan could save you:
$150 exam – $15 copay = $135
$300 glasses – $150 allowance – $30 (20% off $150 overage) = $120
Total savings = $255
Of course, your individual savings will depend on the specific plan, your vision needs, and the eyewear you choose. But clearly, there‘s potential for hundreds in annual savings – especially if you require specialty lenses or multiple pairs.
The Costco Connection
Now, let‘s bring Costco into the picture. You may know Costco as the go-to spot for 48-packs of toilet paper and 3-lb tubs of hummus, but did you know they‘re also one of the largest optical retailers in the country? It‘s true – there are over 500 Costco Optical centers across the US, making them the 5th largest optical company by sales volume. And with their famously low prices and high-quality products, it‘s no surprise that Costco Optical has become a popular choice for both insured and uninsured customers alike.
Like many optical retailers, Costco Optical centers accept most major vision insurance plans, including VSP, EyeMed, Davis Vision, and Spectera. This means that if you have coverage through one of these providers, you can enjoy significant savings on eye exams, glasses, and contacts at Costco on top of their already discounted prices.
For example, let‘s say you have an EyeMed "Bold" plan, which includes a $10 exam copay and $150 frame allowance. Here‘s how the costs might break down for an exam and glasses at Costco Optical vs. another popular retailer:
Costco Optical:
Eye exam: $78 – $10 copay = $68
Frames: $140 – $150 allowance = $0
Lenses (single vision polycarbonate): $53.99
Total = $121.99
LensCrafters:
Eye exam: $149 – $10 copay = $139
Frames: $200 – $150 allowance = $50
Lenses (single vision polycarbonate): $139.95
Total = $328.95
In this scenario, using your EyeMed benefits at Costco Optical would save you over $200 compared to an out-of-network provider like LensCrafters. And this is just one example – the savings could be even greater depending on your plan details and vision needs.
The Fine Print
Of course, as with any insurance plan, there are some important details and limitations to be aware of when using vision benefits at Costco Optical (or any other retailer). Here are a few key points:
- Frequency limitations: Most vision plans only cover exams, glasses, and/or contacts once per calendar year or specified interval. Hence, it pays to time your visits strategically.
- Retail allowances: While most plans offer a set dollar amount to spend on frames or contacts (usually $100-$200), anything above that allowance is your responsibility. Fortunately, Costco Optical‘s frame and lens prices are often significantly lower than other retailers, so you may be able to stay within your budget more easily.
- Preferred providers: Vision insurers like VSP and EyeMed negotiate different rates and reimbursements with different providers. Hence, you may get more coverage at some in-network locations compared to others. For example, VSP members get an extra $50 to spend on featured frame brands at Costco Optical.
- Out-of-network benefits: If you get eye care from a provider that doesn‘t accept your plan, you may still be able to get reimbursed – but usually at a lower rate compared to in-network benefits. With Costco Optical‘s low prices, it may sometimes be cheaper to pay out of pocket rather than opting for out-of-network reimbursement.
- Optometrist restrictions: While all Costco Optical centers accept most major vision plans for products like glasses and contacts, the optometrists located inside each center operate independently – so they may not accept the same plans. It‘s important to call ahead and ask specifically about insurance accepted for exams and other services.
- Coverage exclusions: Most vision plans exclude certain products and services – for example, upgrading to non-basic lens coatings or opting for "premium" designer frames. While Costco‘s selection is expansive, some ultra high-end brands may not be eligible for coverage. Always check your specific plan details.
By understanding these nuances, you can plan ahead to get the most value from your benefits. As Catherine Suddeth, a long-time Costco member and vision plan user, puts it: "I always look up my plan allowances and call to compare prices before I go in for my annual exam. A little homework can really pay off."
A Closer Look at Coverage
Now that we‘ve covered some general tips and considerations, let‘s take a closer look at exactly how coverage works for the two most popular vision plans at Costco Optical: VSP and EyeMed.
VSP Coverage at Costco Optical
VSP (Vision Service Plan) is the largest vision insurer in the country, with over 80 million members and a network of 38,000 providers – including Costco Optical. All Costco locations are considered "Choice" providers, which means you can enjoy the maximum savings on products and services. Here‘s a breakdown of some common VSP plans and benefits:
Standard Plan:
- Eye exam copay: $15
- Frames allowance: $150
- Lenses: Covered in full after $25 copay
- Contacts allowance: $150 (in lieu of glasses)
Easy Option Plan:
- Eye exam copay: $20
- Frames allowance: $140
- Lenses: Covered in full after $20 copay
- Contacts allowance: $130 (in lieu of glasses)
Enhanced Plan:
- Eye exam copay: $10
- Frames allowance: $200
- Lenses: Covered in full after $15 copay
- Contacts allowance: $200 (in lieu of glasses)
In addition, VSP members can get an extra $50 to spend on featured frame brands (like Calvin Klein, Nike, and Lacoste) at Costco Optical – a perk that‘s exclusive to Costco.
To use your VSP benefits at Costco, simply show your membership card at checkout. The optical team will look up your coverage, apply any applicable discounts, and calculate your out-of-pocket costs on the spot. You don‘t need to submit any claim forms or receipts after the fact.
EyeMed Coverage at Costco Optical
EyeMed is another major vision insurer that‘s accepted at Costco Optical, with over 55 million members nationwide. Like VSP, EyeMed offers a variety of plan options with different benefits and allowances. Here‘s a rundown of their most popular plans:
Healthy Plan:
- Eye exam copay: $10
- Frames allowance: $130
- Lenses: Covered in full after $20 copay
- Contacts allowance: $130 (in lieu of glasses)
Bold Plan:
- Eye exam copay: $10
- Frames allowance: $150
- Lenses: Covered in full after $15 copay
- Contacts allowance: $150 (in lieu of glasses)
Bright Plan:
- Eye exam copay: $0
- Frames allowance: $200
- Lenses: Covered in full
- Contacts allowance: $200 (in lieu of glasses)
One key difference between EyeMed and VSP is that EyeMed doesn‘t have a separate "in-network" designation for Costco Optical – they‘re treated the same as any other provider. However, this doesn‘t necessarily mean you‘ll get less coverage. In fact, because Costco‘s base prices are often lower than other optical shops, your EyeMed allowance may go further.
The claims process is a bit different with EyeMed, too. After getting your exam and/or eyewear at Costco Optical, you‘ll need to pay out of pocket, then submit a claim form (available on EyeMed‘s website) and itemized receipt to EyeMed for reimbursement. While it requires an extra step compared to VSP, many members find it easy and worthwhile. "I usually get my EyeMed check within 2-3 weeks of submitting my receipts," says long-time Costco shopper Lisa Simmons. "For me, it‘s worth the extra few minutes to fill out the form and make a copy."
Maximizing Your Savings
So, how can you make sure you‘re getting the best possible deal on eye care and eyewear at Costco Optical? Here are some expert tips:
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Choose your plan wisely. If you have a choice between different vision plans (e.g. through your employer), take some time to compare the specific benefits, allowances, and participating providers. Consider your unique vision needs and budget to determine which plan will offer the most value.
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Understand your coverage. Before you shop, take a close look at your plan details so you know exactly what‘s covered and what‘s not. Pay attention to copays, allowances, and any restrictions or limitations. If you have any questions, reach out to your plan provider or Costco Optical for guidance.
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Time your visits. Most vision plans operate on a calendar year basis, meaning your benefits reset every January 1. If you have unused allowances or discounts, try to schedule your exam and eyewear purchases before the end of the year to maximize your savings.
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Shop around. While Costco Optical is known for low prices, it never hurts to compare costs with other in-network providers. Check your plan‘s website or provider directory to see if there are any additional discounts or promotions available. Don‘t forget to factor in any shipping or handling fees if you‘re shopping online.
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Look for bundles and extras. Some vision plans offer additional perks and savings opportunities – like discounts on second pairs, protective lens coatings, or even LASIK surgery. Keep an eye out for any special offers or promotions that can help you get more bang for your buck.
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Consider contacts. If you wear contact lenses, you may be able to use your vision insurance benefits to save on those too. Costco Optical offers competitive pricing on major contact lens brands, and many vision plans provide an annual allowance for contacts in lieu of glasses. Just be sure to check your specific plan details and restrictions.
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Leverage your Costco membership. As a Costco member, you already have access to some great perks – like free shipping on contact lenses, discounted gift cards, and even special travel deals. See if there are any additional ways to stack your vision savings with your membership benefits for even greater value.
By doing your homework and shopping strategically, you can easily save hundreds on your annual eye care expenses. As Mark Weber, a financial planner and Costco Executive Member, puts it: "Using my Costco membership and EyeMed benefits together is a no-brainer. I get great prices, a huge selection, and hundreds in savings every year. It‘s one of the smartest financial decisions I make."
The Future of Vision Benefits
As the vision care industry continues to evolve, insurers and retailers are finding new ways to offer value and convenience to customers. Here are a few key trends and innovations to watch:
- Telemedicine: With the rise of remote technology, many vision plans are starting to cover virtual eye exams and consultations. This can be especially helpful for busy consumers or those in underserved areas.
- Online retail: More and more optical retailers, including Costco, are offering online stores and home delivery options for glasses and contacts. This can make it even easier to use your vision benefits from the comfort of home.
- Subscription services: Some companies, like Hubble and Sightbox, now offer subscription-based pricing for contact lenses – often at a discount compared to traditional retailers. As these services gain popularity, vision insurers may start to cover or reimburse these costs.
- Wellness incentives: Many employers and insurers are exploring ways to reward members for proactive eye care and healthy habits – for example, offering discounts or bonuses for getting an annual eye exam or maintaining good vision. These programs can help encourage preventive care and reduce long-term costs.
- Expanded coverage: As the link between eye health and overall health becomes clearer, some vision plans are starting to cover additional services like retinal imaging, genetic testing, and even nutrition counseling. This holistic approach can help catch potential issues early and support long-term wellness.
By staying informed about these trends and advocating for your needs as a consumer, you can help shape the future of vision care – and enjoy better eye health for years to come.
Conclusion
At the end of the day, protecting your eyesight is one of the most important investments you can make in your overall health and quality of life. And with a little planning and savvy shopping, it doesn‘t have to break the bank.
By understanding your vision insurance options, comparing costs and coverage, and leveraging perks like Costco Optical‘s low prices and wide selection, you can save hundreds on your annual eye care expenses. Whether you‘re a loyal Costco shopper, a VSP or EyeMed member, or just a picky consumer on the hunt for the best deal, there are plenty of ways to get great value for your vision care dollar.
The key is to do your research, ask questions, and think holistically about your eyewear needs and budget. By taking control of your vision benefits and making smart choices, you can keep your eyes (and your wallet) healthy for years to come.
