Accommodation, the eye’s ability to adjust focus from distant to near objects, decreases with age, leading to presbyopia. Presbyopia correction techniques aim to restore accommodation, either through surgical methods or through the use of intraocular lenses (IOLs). Premium IOLs, particularly those designed for simultaneous vision, offer solutions by providing multiple focal points. The evolution of multifocal, enhanced depth of field (EDOF) has addressed challenges in providing clear vision at varying distances. However, issues like dysphotopsia, contrast sensitivity, and patient satisfaction remain concerns. Standardization efforts by International Organization for Standardization (ISO) and American National Standards Institute (ANSI) aim to ensure quality and performance but may not fully capture real-world patient experiences. The need for a comprehensive classification system based on both optical design and clinical outcomes is crucial, especially in light of rapidly evolving IOL technologies. A functional, evidence-based classification system is proposed, considering both visual acuity and patient-reported outcomes for better classification and understanding of “premium” IOL performance.