Using wp_parse_args to set up Plugin Default Settings

So I want to have defaults set up for each of my plugins settings, and I'm using wp_parse_args to do so which I believe is the correct way, but I'm hitting a roadblock.

Here's my code at the moment:

function eddslider_options_each( $edd_slider_options ) {

$edd_slider_options = get_option( 'eddslider_options' );

/**
 * Define the array of defaults
 */ 
$defaults = array(
    'slider_insert'     = 0,
    'slider_arrows'     = 0,
    'slider_bullets'    = 0,
    'slider_effect'     = 'fade',
    'slider_theme'      = 'default'
);
/**
 *  Parse incomming $args into an array and merge it with $defaults
 */ 
$edd_slider_options = wp_parse_args( $edd_slider_options, $defaults );

/**
 * OPTIONAL: Declare each item in $args as its own variable i.e. $type, $before.
 */ 
extract( $edd_slider_options, EXTR_SKIP );

}

Now if I add something like:

$output = $slider_insert;
return $output;

I'm able to use ?php echo eddslider_options_each('slider_insert'); ? and it will have the defined default set and work well. How do I do this for every option though? Thank you.