When it comes to managing personal finances, one of the most overlooked expenses is eye care. Many people think of eye health as something that requires only occasional visits to the optometrist or ophthalmologist, but in reality, the costs of maintaining good vision can add up over time

From routine eye exams to prescription eyewear and potential treatments for conditions like cataracts, the costs associated with eye health can be substantial, especially as we age. In fact, one cross-sectional survey found that 78% of participants cited high medical costs or lack of insurance as an issue. Even among insured respondents, high out-of-pocket costs such as copays, coinsurance, and deductibles made access to eye care cost-prohibitive. 

Understanding the hidden costs of eye health and learning how to budget for them can help you stay financially prepared while also safeguarding your vision.

Common eye care-related expenses

Routine eye exams

The first and most common eye health expense is the cost of eye exams. While many people are aware that they need an annual or biennial exam, the actual price of these visits can vary widely depending on factors such as location, provider, and whether or notyou have insurance. 

According to an article from Reader’s Digest, a standard eye exam in the US can cost anywhere between $46 and $255. Without insurance, the full cost is typically higher. Data from a Medical Expenditure Panel Survey shows that out-of-pocket expenses for an eye exam and glasses can set uninsured adults back by about $485, more than a third of the monthly income for a single adult living at or below the federal poverty level.

The good news is that, per the American Optometric Association’s guidelines, adults between 18 and 64 years old only need to undergo an eye exam every two years. However, if you have a family history of eye conditions, are at risk for certain diseases (e.g., diabetes or glaucoma), or have symptoms like blurry vision, more frequent exams may be necessary. 

Prescription eyewear

Corrective glasses or contact lenses are the most significant ongoing costs related to eye health. In the US, the Vision Council estimates that about 63.7% or 166.5 million adults wear prescription eyewear. Moreover, nearly everyone experiences some form of presbyopia (the gradual loss of near vision) after age 40. This condition typically worsens until your mid-60s when it stabilizes, necessitating frequent prescription changes.

The price of prescription eyeglasses, reading glasses, and contact lenses can vary dramatically, ranging from $20 to as much as a few hundred dollars per pair. Fortunately, many online eyewear retailers now offer high-quality eyewear at a more affordable price point than physical retailers. Presbyopes, for one, can turn to budget-friendly reading glasses from Readers. This retailer carries everything from fully magnified to multifocal reading glasses for a fraction of the national average price of $242.

Meanwhile, contact lens users who want to stretch their budgets can opt for monthly contact lenses instead of daily lenses. According to Ophthalmology24, the total yearly cost of monthly lenses, including lens care solutions, ranges from $420 to $720. On the other hand, daily contacts can set you back by up to $912 per year. 

Treatments for eye conditions

As we age, the likelihood of developing various eye conditions increases, and the treatments for these issues can carry significant costs. Common age-related eye conditions that require medical intervention include cataracts, glaucoma, and macular degeneration. 

Some reports estimate that close to four million cataract surgeries are performed in the US every year. Citing figures from Medicare, MedicalNewsToday reports that, on average, cataract surgeries cost patients between $1,808 and $2,866 per eye. As for glaucoma patients, treatment usually involves prescription eye drops, which can cost anywhere from $12 for generic drugs to $197 for brand-name medications. Lastly, treatments for macular degeneration, such as injections or laser surgery, can be quite expensive, with costs potentially reaching thousands of dollars per treatment cycle.

Budgeting for eye health: How to manage these costs

Now that we’ve outlined the various costs associated with eye health, it’s time to look at how you can effectively budget for these expenses. With some planning, it’s possible to manage the hidden costs of eye care without breaking the bank.

Leverage FSAs or insurance benefits

Vision insurance can help with the cost of eye exams, eyewear, and even some treatments for specific conditions. Even if you don’t have vision insurance, check to see if your general health insurance covers any aspects of eye care, such as exams for those with certain health conditions.

If your employer offers a Flexible Spending Account (FSA) or Health Savings Account (HSA), consider contributing to it. As we discussed in a previous post, both accounts allow you to set aside pre-tax money for medical expenses, including eye exams, glasses, and contacts. This can reduce your taxable income while ensuring you have the funds available to cover unexpected eye health costs.

Shop smart for eyewear

Another money-saving strategy is to shop for glasses or contacts online, where you can find more affordable options compared to traditional brick-and-mortar opticians. Websites like Readers and Eyebuydirect sell stylish glasses at significantly lower prices. Additionally, many online eyewear retailers offer seasonal sales or discounts for new customers, so it’s worth looking out for these opportunities to save.

Prioritize preventive eye care

The best way to avoid the high costs of eye treatment is to take preventive measures. Regular eye exams, for instance, can help detect issues early on, preventing more expensive treatments down the line. Additionally, eye-friendly habits like eating a healthy diet rich in vitamins for eye health (like vitamins A, C, and E), reducing screen time, and wearing sunglasses with UV protection can help preserve your vision and reduce the likelihood of needing expensive treatments.

From routine exams to the purchase of eyewear and the management of age-related conditions, eye care costs can add up over time. However, with smart budgeting strategies, you can manage these hidden costs without sacrificing your eye health.