Helping reduce the catastrophic cost of a personal accident
May 19, 2015
Help protect against financial risks related to injuries.
The importance of managing healthcare costs is an ongoing conversation within an organization. Employees are becoming more savvy healthcare consumers by choosing cost-effective solutions like high-deductible plans and generic medicines. As an employer, you are continually evaluating the benefits landscape in order to retain the best talent and achieve a solid ROI on your health and wellness programs.
Managing day-to-day healthcare costs is one thing. But what happens when an employee or employee family member suffers a medical event like a major accident? Handling the financial burden of an accident of even a minor nature may be beyond the means of many of your employees.
You may find it surprising how frequent accidents happen, the average out-of-pocket expense, and how unprepared families are:
- A Harvard University study found that among families who could not pay for the cost of a severe injury, the average out-of-pocket expense was $25,096.
- Just 38 percent of Americans said they could cover an unexpected emergency room visit, or even a $500 expense, with cash on hand in a checking or savings account
- Accidents are the leading cause of death for Americans under age 45, and every 10 minutes more than 700 Americans suffer an injury severe enough to seek medical help. Read a related report from the Health Care Cost Institute
Here’s the good news: There is a cost-effective solution that can be a win-win for both employers and employees when it comes to providing coverage for a major or minor personal accident. Group Personal Accident Insurance can provide benefits for medical costs, recovery expenses and the long-term financial burdens of covered accidents. This coverage offers a way for employees to obtain the financial support they need. And it gives employers an easy way to provide a much needed cash benefit when an accident does happen.
For more information about Group Personal Accident Insurance, click here.