The introduction of high-deductible plans, as well as higher deductibles within all insurance plans, are some of the key reasons healthcare costs have been kept under control the last few years. While this approach may work for day-to-day healthcare expenses, what happens when an unexpected and catastrophic medical event occurs?
Employees could face expenses that run $15,000 or more. Plus, they may have to pay for additional services and living expenses that insurance may not cover. This can be a difficult financial challenge for many. As mentioned in a recent blog post, many working Americans have no more than one month’s income as an emergency fund.
Group Personal Accident Insurance is designed to assist your employees in covering medical, living and any other expenses after a major or minor accident or injury. The benefit is paid directly to the employee, so there is immediate access to the resources they need to maintain their physical and financial well-being.
Employers can work with their insurer to tailor Group Personal Accident coverage to include:
- Accident Medical Expense: A cost-effective way to manage medical and other expenses
- Accident In-Hospital: Benefits can be used as needed if an employee is hospitalized short or long-term
- Accidental Death/Catastrophic Injury: High-limit, long-term financial protection for employees and their family
- Accident Disability: Added resources to pay expenses if disabled
Group Personal Accident Insurance provides benefits for medical costs, recovery expenses and the long-term financial burdens of covered accidents. It helps employees manage the high cost of deductibles and other out-of-pocket expenses that come with an accident or injury. This gives employers an easy, cost-effective way to supplement their health plan offerings.
For more information about how to implement Group Personal Accident insurance at your company, click here.