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Employee benefits for out-of-pocket expenses

June 26, 2015

Group Personal Accident Insurance is a voluntary accident plan that can provide employees with immediate and long-term financial protection.

Vice President, Accident and Health, Zurich Specialty Products

Chris Manchester is the Vice President for Zurich Specialty Products’ Accident and Health enhanced... About this expert

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When an employee or a family member suffers a catastrophic medical accident or injury, the first priority is the immediate physical stability and recovery of the patient. As an employer, you are also concerned about getting the employee back on the job and returning to the previous level of productivity.

What you may not realize is that after dealing with the trauma of the accident, your employees may also face the challenge of dealing with unexpected expenses. Even with health insurance, employees face significant out-of-pocket expenses when an accident or injury occurs, especially with today’s high-deductible plans. According to the 2014 Biennial Health Insurance Survey, 31 million people ages 19 to 64 had such high out-of-pocket deductibles that they were underinsured.

Research shows that over half of American’s worry about having enough money to cover unexpected medical expenses. Many working Americans have no more than one month’s income as an emergency fund, meaning they can be dipping into retirement savings, college education funds and using credit cards to pay for the expense of a major or minor accident.

That’s why the benefit of Group Personal Accident Insurance Coverage is such a welcome benefit to an employee and gives them:

  • Flexibility of payment: The benefit can be used for any purpose to pay any provider
  • Immediate financial help: The claim is paid out quickly, so it can be applied against medical balances and deductibles, and other services that health insurance does not cover
  • Cost effective solution: Employees can use this coverage to help pay additional expenses incurred due to an accident or injury.

Group Personal Accident Insurance is a voluntary accident plan that can provide employees with immediate and long-term financial protection ---the help they need to get back on track, keep their finances in order, and return to being the high-performer they need to be on the job.


The information in this publication was compiled from sources believed to be reliable for informational purposes only. All sample policies and procedures herein should serve as a guideline, which you can use to create your own policies and procedures. We trust that you will customize these samples to reflect your own operations and believe that these samples may serve as a helpful platform for this endeavor. Any and all information contained herein is not intended to constitute advice (particularly not legal advice). Accordingly, persons requiring advice should consult independent advisors when developing programs and policies. We do not guarantee the accuracy of this information or any results and further assume no liability in connection with this publication and sample policies and procedures, including any information, methods or safety suggestions contained herein. We undertake no obligation to publicly update or revise any of this information, whether to reflect new information, future developments, events or circumstances or otherwise. Moreover, Zurich reminds you that this cannot be assumed to contain every acceptable safety and compliance procedure or that additional procedures might not be appropriate under the circumstances. The subject matter of this publication is not tied to any specific insurance product nor will adopting these policies and procedures ensure coverage under any insurance policy.

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