US congressional panel probes FTC regulation of vision care insurance
6:28 pm Tuesday, August 08th, 2023
By Kanishka Singh
WASHINGTON (Reuters) – The U.S. House of Representatives Oversight Committee said on Tuesday it has opened a probe into the Federal Trade Commission’s (FTC) regulation of vision care over concerns about concentration in the insurance market.
“The vision insurance market is structured to place only a handful of companies in charge of the vast majority of vision insurance plans for Americans, raising concerns about effects on consumers, including potentially higher costs,” Republican U.S. Representative James Comer, who chairs the panel, said in a statement.
Comer also wrote a letter to FTC Chair Lina Khan requesting a staff-level briefing to understand “the extent to which the FTC has worked to ensure that the vision care market serves the best interests of American consumers.”
Comer requested the meeting by Aug. 15.
Vision insurance is offered by specialty insurance companies in the United States and the largest company, VSP Vision Care, (VSP) covers over two-thirds of U.S. enrollees who have vision-only insurance plans, Comer wrote.
“One company, VSP Vision Care (VSP), provides vision insurance for 82 million Americans nationwide,” Comer said in the letter.
The FTC and VSP could not immediately be reached for comment.
(Reporting by Kanishka Singh in Washington; Editing by Jamie Freed)
