In truth the insurance is just a scam because glasses cost 1/10th what they say.
Now that would be OK if there was actual competition, but there isn't, they are basically a monopoly - as soon as a competitor arises they buy them.
Online glasses are not the same market as a physical store where you can try them on.
https://www.walmart.com/browse/health-medicine/prescription-...
I see lots of $30 and $60 options.
The insurance is only a thing because the tax code allows it as a way for employers to pay people with untaxable money in the form of insurance, so it is not a real insurance market.
Further it’s got some serious conflict of interest going on with how the benefits are structured. So a plan may cover 1 300$ par of glasses, but not 2 pairs of 150$ glasses specifically to minimize the risk of a race to the bottom etc.
But because of how they do it they hide that. $40/month for 2 years = $960 "for insurance" which gives you the right to buy glasses worth around $20 or so.
All the number are inflated leaving people with the impression that glasses cost $400 - they don't.
We have the internet now, with plenty of other vendors willing to sell eyeglass frames and lenses for cheaper.
High profit margins are also bad when it's something people need.
The competition isn't working right, for a variety of reasons, and so the mere existence of competition does not make those problems disappear.
Pretty sure you can go to most Walmarts and find much cheaper corrective eyewear than Luxxotica too.
https://www.walmart.com/browse/health-medicine/prescription-...
So here's the thing with WalMart and Luxottica - their insurance does not fully cover WalMart! They give you a significantly reduced amount with WalMart (or Costco), that's how you know it's fraudulent - they only want to cover their own stores, that's not a normal behavior for "insurance".
https://www.cleverdude.com/content/costco-optical-vs-walmart...
https://clark.com/health-health-care/costco-optical-eyeglass...
The other companies you mention are actual insurance: They cover rare, and unexpected events. As opposed to covering once every two year glasses, on a schedule.