Lowering Out-O-Pocket Healthcare Costs

Benefits of Providing Accident Insurance to Employees

No matter how hard you try to avoid them, the unexpected is inevitable. In fact, more than 80 million individuals in the United States seek medical treatment for injuries each year and 43 million go directly to the emergency room. Whether it is a sports injury, a car accident, or a slip and fall, the financial implications an employee may face could be an overwhelming burden to not only themselves, but those around them.

That is why implementing a voluntary accident insurance plan can play a major role in rounding out your employee benefits package to help employees cover unexpected costs.

What is Accident Insurance?

Accident insurance can help employers meet the needs of their workforce, acting as an essential supplement to employees’ benefit packages. By offering accident insurance as a voluntary benefit, employers can help financially protect employees in case of an accidental injury. With the insurance landscape shifting more responsibility to individuals, accident insurance can ensure coverage for out-of-pocket medical expenses, daily living expenses, and lost income from unpaid time off.

Accident insurance will deliver a payment to employees for various qualifying incidents, including the following:

  • Injuries such as fractures, dislocations, burns, concussions, cuts and lacerations, eye injuries, coma, torn knee cartilage, broken teeth, and paralysis
  • Medical services and treatments such as ambulance services, emergency and non-emergency care, therapy, medical testing, inpatient and outpatient surgery, and blood and plasma transfusion
  • Family lodging and travel needs related to an accident and follow-up care

Accident insurance will likely not cover an accident or injury under the following circumstances:

  • Acts of war — declared or undeclared — or active military duty
  • Natural disasters
  • Non-prescription use of controlled substances or consumption of alcohol
  • Participation in illegal activities

Accident insurance is a perk that employees can utilize when the unexpected happens to them or a family member. While accident insurance is not often subject to the same legal and regulatory compliance guidelines as other plans, this plan is a good way to offer benefits that meet employees’ evolving needs, while reducing their bottom line.

To learn more about the benefits of providing accident insurance, click here.

Questions? Contact the Creative Benefits, Inc. Team at 866-306-0200 or solutions@creativebenefitsinc.com.