By Heather Garbers
Like they say, accidents happen. They can happen when your Little League catcher gets spiked by a player sliding into home plate. They can happen when you’re doing yardwork and sprain your ankle. They can happen when you’re washing dishes and the glass breaks in two and slices your hand.
Any number of accidental injuries can wreak havoc on your employees’ lives, and it’s more than just the pain, discomfort and, yes, inconvenience, that take a toll. There’s a financial price in terms of the out-of-pocket expenses incurred as a result of an accident – covering co-pays and the deductible gap, not to mention non-medical costs that also may be incurred like extra babysitting or cab service because you can’t drive. The Centers for Disease Control puts the average medical and work loss costs from non-fatal emergency department visits at $5,808.
With some three out of ten adults reporting problems paying medical bills in their households, smart businesses understand the need to help their workers offset the risk of that kind of extra financial burden. Employee personal accident insurance is actually one of the most popular and most utilized voluntary benefits (among all employee age groups) among HUB’s employee benefit clients, and is an important piece of a well-rounded benefits package.
Offering employee personal accident insurance as a voluntary benefit is not just another great way to attract and retain valuable employees. It also can help offset workers’ compensation claims as a means to encourage workers to take care of accidental injuries when they happen – rather than delaying treatment for financial reasons and having the injury worsen when they are on the job.
Employee personal accident insurance is a fixed indemnity plan that provides payments directly to the insured based on common accidental injuries. A schedule of benefits is set for the injury and treatment–outlining dollar amounts paid for the room costs, X-rays and visits for follow-up treatment. And when you think about it, out-of-pocket-costs can really mount for accidental injuries as people typically go to the nearest place for treatment when they happen (depending on the severity), whether it’s in network or out.
Another advantage is that even if the employee has already met his or her deductible and has no out-of-pocket expenses owed, the policy will continue to pay the same amount that’s specified. And keep in mind that it’s not just medical costs that are covered. The benefit can also be applied to non-medical costs, like transportation costs for treatment or child care while a parent is injured.
And premiums are very affordable. Depending on the carrier and the benefits provided, monthly premiums can range from $7 to $20 for the employee only or $30 to $50 for families.
Your Hub International consultant is available to share details about employee personal accident insurance and other voluntary benefits that will help your employees while advancing your organization’s overall culture of wellness.