If a specific redist is being called out in the error message, make sure that the correct version of the redistributable is installed. If it is not, you should be able to download it directly from Microsoft's website.
After the redistributable is installed, go to your computer's Programs and Features window, which can be accessed from the Control Panel.
In Programs and Features, highlight the entry for the specific redistributable version, click Change, and then click Repair. (Please note that the "Repair" option is what fixes this issue; an uninstall/reinstall may not correct the problem)
After the repair installation is completed, you should be able to install your software.
Additionally, plugins or other features can sometimes utilize portions of earlier redistributables. If, for example, you Repair the VS2012 redistributable and still see the issue, you may wish to Repair VS2008 as well.