Rising medical costs, affordability and guaranteed issue are just a few.

Countless Reasons to Add Voluntary Accident Insurance to Your Benefits

By Nicole A. Simpson

MBA, CFEI Columbus Ohio

Go Fund Your Life

           Your company’s employees have busy lives, inside and outside the office. Those with families likely spend considerable time attending school functions and driving their children from one activity to another. Some of those activities – from football and soccer to dance and cross country – can involve accidents and injuries. And so can all of the driving to and from activities.

           When accidents happen, they’re often followed by a series of bills. Even with good health insurance, your employees can have out-of-pocket expenses including co-pays or co-insurance, ambulance charges, and emergency room fees.

           One quick example: A man bought an accident policy for his family of four. Since both of his sons played football, he felt the purchase made good, practical sense. In the three years since he bought the policy, his family has filed four claims due to various injuries sustained by the sons — none of which were caused by football. He figures the policy has paid for itself a couple of times over by now.

           Stories like this one are not unusual. Voluntary accident insurance helps provide America’s workers with valuable financial protection. If you haven’t added this product to your benefits package yet, there’s no better time than now. Let us give you some of the best reasons to consider adding accident insurance to your benefits.

·      Accidents happen. Help your employees prepare. The National Safety Council reported in 2012 that every 10 minutes, more than 700 Americans suffer an injury severe enough to seek medical help. Although you can’t always prevent accidents, you can certainly be prepared in the event one occurs. Accident insurance helps provide your employees with the financial protection they need if an accidental injury happens to them or their covered family members.

·      Accident insurance isn’t subject to health care reform legislation. Because accident insurance isn’t considered medical coverage, it isn’t subject to the recent changes in health care legislation. That means no headaches for you, and no complicated rules or regulations to remember.

·      Accident insurance offers your employees affordable protection. Workers can purchase accident insurance at their jobs for reasonable rates. For example, a basic employee-only accident policy (off-job) with a health screening benefit costs less than $5 per week (costs may vary by state). A two-parent family can purchase this same coverage for less than $8 weekly. If the premiums are paid through payroll deduction on a pretax basis, the weekly deduction can be even less. 

·      Accident insurance helps offset today’s rising deductibles and out-of-pocket medical costs. There’s no question employees pay more in deductibles and out-of-pocket costs for their medical care today. In fact, the number of employees with deductibles of $1,000 or more in their health plans has tripled in the past six years (Kaiser/HRET Survey, 2006-2012). Accident insurance provides lump-sum and daily benefits for covered accidents that can help pay the medical and nonmedical costs not covered by major medical insurance. This coverage can be used to cover lost income from not being able to work, rehabilitation services, caregiver fees, travel costs, deductibles, and coinsurance. Benefits are paid directly to insureds, unless they specify otherwise, regardless of any other insurance they have.

·      Accident insurance offers guaranteed coverage for your employees. Most accident plans offer guaranteed coverage for employees, spouses, and their eligible dependents without having to answer health questions. Everyone qualifies. You’ll love the simplicity of this product.

Need we say more?

           There are countless reasons to add voluntary accident insurance to your company’s benefits package — there’s just no good reason to wait. Take a look at how accident insurance can help you offer your employees valuable, affordable financial protection.

About the author

Nicole A. Simpson is a licensed insurance agent and a certified financial education instructor. She is President of a financial education and resources firm Go Fund Your Life. A veteran of more than 11 years in the insurance and benefits industry, Simpson is responsible for marketing Colonial Life’s products and services in Columbus Ohio, well as providing education and resources on financial safety nets for individuals and families.

           Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness, and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support more than 80,000 businesses and organizations, representing more than 3 million of America’s workers and their families. For more information call Nicole A. Simpson at 614 -707-5227.