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.
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.