Key takeaways

• 45% of people believe their vision plan is among the most important employer-sponsored benefits.

• Preventive exams can help identify costly conditions like glaucoma and cataracts.

• FSAs and HSAs allow pre-tax savings for qualified vision expenses, helping offset rising healthcare costs.

Having good vision can impact people’s health and wealth, with 92% of America’s 240 million adults using some form of eyewear like glasses or contact lenses. The $68.3 billion optical market looks to expand with future generations, as around 32% of children under age 10 need vision correction.¹

Vision care and eyewear can be seen as nice-to-haves, though in the long run, spending on prevention and treatments now can be a smart money move for both health and wealth.

1. Use insurance coverage and preventive care

Seeing clearly is a big priority for U.S. workers: More than two in five Americans (45%) say their vision plan is among the top workplace benefits, according to Empower research.

On average, monthly premiums for vision insurance cost around $19 for an individual. Plans often cover preventive eye care like exams at little to no cost, and prescription eyewear like glasses and contact lenses have set dollar limits for coverage. People should check their specific plan to see the frequency in which eye care is covered; for example, a comprehensive eye exam could be free once every calendar year, though the cost could jump significantly should there be another exam during the same period.²

Since premiums could add up to hundreds of dollars over the course of a year, it’s worth tapping into the offered benefits before coverage resets.

Prescription glasses cost around $300-$700 including frames and lenses, though prices can vary widely depending on insurance benefits and where consumers shop; the eyewear market has diversified to include direct-to-consumer sellers and warehouse clubs.³

2. Avoid larger health costs later

Concerns identified through regular eye exams can also act as a warning sign for more complex health conditions like diabetes and high blood pressure, which is the number one chronic health concern for older Americans.⁴

Vision problems are common among adults eligible for Medicare — the federal health insurance program for people 65 or older (and some younger people with disabilities). Some 41% of Medicare beneficiaries have had at least one claim related to four vision conditions: age-related macular degeneration (AMD), glaucoma, diabetic retinopathy (DR), and cataracts.⁵

America’s oldest Baby Boomers are turning 80 in 2026, and the generation as a whole accounts for 20% of the U.S. population (67 million people).⁶ The country’s shift in population dynamics has affected spending habits; from 2010-2019, over 40% of U.S. healthcare expenses were for people older than 65.⁷

Read more: Understanding the costs of a healthy retirement

Keeping vision strong can help prevent falls and increase independence, especially as most older adults — 75% of people aged 50 and older — aim to stay in their homes and age in place. In a given year, a fourth of adults ages 65 and older has a fall, which is the top cause of injuries for older Americans and can lead to hospitalizations.^8,9

Treatment costs can vary for eye conditions and may accumulate out-of-pocket costs even with insurance. Glaucoma surgeries can cost around $2,000 for a laser procedure, and more complex surgeries could be around $5,000.¹⁰ Surgery for cataracts could be in the hundreds of dollars for Medicare enrollees, while those without any type of insurance could be spending upwards of $6,000.¹¹

3. Lower tax burden with tax-advantaged accounts

Health spending is projected to account for 19.7% of the U.S. economy by 2032, driven by the aging population and changes to the labor market and prescription-drug costs. This compares to 17.6% in 2023.¹²

With this increase in overall costs, people should prepare their finances to both handle the immediate payments and plan ahead for tax savings.

Qualified eye care expenses like prescription glasses, contact lenses, and exam co-pays qualify for reimbursement through both flexible savings accounts (FSAs) and health savings accounts (HSAs). Both provide workers the chance to allocate pre-tax dollars to cover health costs, though FSAs have a more limited time frame to accumulate expenses.

Read more: What are the benefits of a health savings account?

HSAs are specifically available for people who are enrolled in high-deductible healthcare plans, and the 2026 contribution limits for HSAs rose to $4,400 for individuals and $8,750 for family coverage. The contributions themselves reduce a person’s taxable income, and any earnings are tax deferred within the account. If funds are taken out to cover medical expenses, there’s also the benefit of withdrawals being tax-free, though state income taxes could still apply.*