Over the past few years, voluntary benefits have emerged as a way for employers to enhance their overall benefits package in an efficient and cost-effective manner. Most people are familiar with offerings such as dental, vision, life and disability insurance, but accident insurance is now emerging as one of the more popular voluntary benefits in the marketplace, primarily due to the increasing costs of medical expenses and employers’ need to shift more of that cost to the employee.
WHAT IS ACCIDENT INSURANCE?
This product is designed to pay a lump sum benefit directly to the insured for an accidental injury. Accidental injuries include dislocations, fractures, loss of limbs, burns, and disabilities or deaths due to accidents. The lump sum payment can be used to help defray the cost of out-of-pocket medical expenses associated with an accidental injury, such as doctor fees, copayments, deductibles, X-rays, crutches, wheelchairs, blood plasma, stitches and other emergency services. Accident insurance can cover an insured’s spouse and/or children. This offering is supplemental to any medical coverage, meaning that it is separate from any other coverage the insured has. As such, accident insurance can be purchased on its own or to fill a gap left by other coverage. The bi-weekly premium is about $8 for single coverage.Read More »Everything you need to know about Accident Insurance