Aetna Vision/EyeMed Vision Insurance and Eyebuydirect

I am happy to report that Aetna Vision/EyeMed Vision Insurance also works with eyebuydirect.com!

I purchased prescription glasses online at eyebuydirect.com for approximately $80. This included the following features:

1) high index (1.6)
2) anti-blue light
3) UV protection
4) anti-reflective coating

I submitted it to Aetna Vision insurance as an out-of-network claim, and received a check to cover the entire cost other than shipping. My total out of pocket was the shipping cost of $5.95.

The reimbursement limits on my plan are below:

Notice that there is no copay! Remember to keep the lens cost under the limit and the frame cost under the limit. My plan only covers frames once every 2 years, so I'll be skipping vision insurance for the next plan year.

The out-of-network claim form can be found on the Aetna Vision website after logging in. I had to print it, fill it out, and snail mail it in. But they did pay up!

If you have VSP, see my old post for my experience in buying glasses online and getting reimbursed from VSP.

Here is my referral link if you would like to save $10 off your eyebuydirect.com purchase. I also earn $10. Sometimes they have 15% off coupon codes so those may work better on bigger purchases.

Wells Fargo HSA Converted to Optum Bank

Back in June, it was announced that Wells Fargo was selling its HSA business to Optum Bank. The transfer went through recently and I finally logged into the Optum Bank website. Back at Wells Fargo, I invested my entire balance (except the required $1000) in the Wells Fargo Index Fund (WFIOX). This was the lowest cost option with an expense ratio of 0.25%. As my combined cash + investment balance was greater than $5000, the monthly fee of $4.25 was waived. This was one of the good features of the Wells Fargo HSA as it counted the investment portion towards the minimum balanace.

Now that my account is at Optum, I wanted to make sure there were no big changes. After logging in, there is a link with "Account Details" which says "$4.25 – Waived if average balance is $5,000 or more*". At the bottom of the page: "* The average balance to waive the monthly maintenance fee does not include investment funds." This was definitely worse than Wells Fargo, so I gave Optum a call.

The customer service representative reassured me multiple times that the investment balance DOES count towards the $5000 requirement to get the fee waived. I asked multiple times and they mentioned we were grandfathered in. Looks like there's no way to be sure other than waiting a couple months to see if the fee is charged.

The fund selection seemed to be the same as at Wells Fargo (no Fidelity/Vangurd). I read online that Optum Bank HSAs usually have Vanguard/Fidelity funds. The CSR mentioned we would get access to the usual slate of funds in January. They could not tell me if the fees would change at that time, but said they would let us know ahead of time if so.

If the fees stay the same and they add Vanguard/Fidelity funds, this could be one of the best HSA investment options. We will see in January 2017.

eyebuydirect glasses broke, any warranty?

My glasses from eyebuydirect broke today after 8 months of use. One of the nose pieces fell off by itself. Upon closer examination, I noticed the material attaching the nose piece to the glasses was made entirely of plastic. I took a look at my conventional glasses purchased in store and saw the nose pieces were held on by metal.

So it seems there may be a difference in sturdiness of online vs store bought glasses. However, the price was $200 out of pocket in-store vs $15 out-of-pocket online. Without insurance, it probably would have been $500 vs $100.

I talked to eyebuydirect through their online chat to see if the glasses could be replaced. As it was within 12 months from my date of purchase, they agreed to replace them for the cost of shipping ($5.95). Unfortunately, my original frames were out of stock but I was given the option of choosing other frames and paying any overage. Three details to note:

1) Coupons do NOT apply for replacement orders
2) Sale prices DO apply for replacement orders.
3) A replacement order can be placed online via chat, email, or through the phone.

I will be waiting for a sale on frames and then placing my replacement order.

Metlife Declined Underwriting Home Insurance Policy In Silicon Valley

Today I called Metlife Auto & Home Insurance to get a quote for home insurance. They declined to underwrite my home insurance policy due to Silicon Valley being in an earthquake zone. I was interested in a quote since my employer has a relationship with them that could've resulted in some savings. "Your employer may offer payroll deduction as a payment option for you. Your premium payments will be automatically deducted from your paychecks in small, more affordable amounts. There are no down payments in most cases, and no installment fees. Plus, you may save 10% just for participating. Other payment options are available." For anyone else in Silicon Valley, save your time and skip Metlife for home insurance. I had to waste time giving them a call as they did not have an online quote tool. Too bad.

Mega Backdoor Roth IRA : Contributing More $$ to a Roth IRA

The Mega Backdoor Roth IRA is a method to contribute more money to a Roth IRA beyond the $5500 per year. I was able to contribute 30K USD per year into a Roth IRA using this method.

It requires a compatible 401k plan. What is compatible?

1) Allows post-tax 401k contributions (NOT to be confused with Roth 401k contributions)
2) Allows in-service withdrawals

Requirement 2 is not strictly needed, but helps transfer the money into a Roth IRA sooner. Without requirement 2, a person would need to wait until after leaving a company to do the transfer.



Do many companies meet these requirements ?
Here's my list of companies known to have 401k plans that are compatible with the Mega Backdoor Roth IRA. Please add to the list in the comments!

Google
Cisco
Genentech
Mediatek
US Steel
Western Digital

Adding Beneficiaries on Bank Accounts

I recently started looking into adding beneficiaries on my bank accounts. In the event that I pass early, I would like my assets to be passed to my wife and kids. In California, by default everything will go through probate where lawyers get some of my hard earned money. By adding beneficiaries on an account we can avoid probate. They call this TOD (Transfer on Death) or POD (Payable on death).
This is my experience in California regarding Wells Fargo, Chase, and Bank of America.

Wells Fargo:
1) In branch, easily added my wife as a beneficiary to all my individually owned checking and savings accounts. SSN not required.
2) Unable to add beneficiary for brokerage, Roth IRA, and HSA in branch.
3) Any number of equal primary beneficiaries. No secondary beneficiary.

Chase:
1) In branch, easily added my wife to checking account. SSN not required.
2) One primary and one secondary beneficiary allowed.

Bank of America:
1) In branch, easily added my wife to checking account. SSN required.
2) Any number of equal primary beneficiaries.
3) Unable to add beneficiary for Merrill Edge brokerage in branch.

VSP Out-of-Network Reimbursement with Eyebuydirect/Coastal

Summary: I recently purchased glasses online and got reimbursed by my vision insurance with VSP.

Details: I have had vision insurance with VSP through my job for the past 7 years but I never used it. My glasses got scratched recently so I decided to look into getting a new pair of glasses. In the past, I always got my glasses overseas in my home country.

I paid a visit to two stores for eyeglasses and found their prices to be quite high. Even with insurance, a new pair of glasses would be at least $200 due to the necessity of high-index lenses and the addition of basic coatings like anti-reflection. This was much higher than the price quotes I got online from eyebuydirect.com and coastal.com .

I went to a local store to get my eyes checked and my prescription. They included my pupillary distance without any prodding, but I've heard they don't have to give it to you. (You will need this measurement in order to order glasses that will fit your eyes.) I then paid my $10 co-pay with VSP for in-network eye examinations. (This amount will vary according to your plan. I've seen $25 for some VSP plans).

You will need to verify if your vision insurance covers out-of-network providers if you want to buy glasses online. My plan has a $55 allowance for single-vision lenses and $70 for frames. This is subject to the $10 co-pay (my plan is $10 co-pay for exam and/or lenses/frames), but since I already paid the $10 for the exam, there was no other copay.

I bought a pair of glasses on eyebuydirect for about $61 and got reimbursed $55. VSP does not cover the cost of shipping ($5.95). The lenses had an index of 1.6, anti-reflective coating as well as anti-blue coating. I paid $16 out of pocket, whereas the local stores would have charged me $200+.

When ordering, I made sure to choose the packages/bundles so that the various coatings are NOT itemized on the receipt. I do not know if VSP will cover the cost if the coating is on a separate line by itself.

Conclusion : VSP reimburses for purchases from eyebuydirect.com and coastal.com. Make sure you have out-of-network benefits and check the benefit amounts/copays.

edit: Refer to three followup posts (Eyemed + Eyebuydirect, VSP + Eyebuydirect 2019, Filing for Reimbursement 2020).