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 ,096.
- Just 38 percent of Americans said they could cover an unexpected emergency room visit, or even a 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.