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What is voluntary accident insurance?

Voluntary accident insurance is a supplemental employee coverage that addresses costs associated with injuries or illnesses that are unexpected. This is a policy that can round out an employee`s benefits package, but it does not take the place of health insurance. Health insurance is a primary plan to pay for the costs of medical care, but voluntary accident, also known as supplemental insurance, provides funds to pay for the additional costs that may be incurred from an injury to an employee or eligible family member. This is a voluntary enrollment benefit that an employer offers via payroll deduction, and the coverage can be used to cover therapies, surgeries, or other costs associated with treatment or recovery from an injury.

 


Learn more about voluntary accident insurance

When do I need to be aware of voluntary accident insurance?

You may want to include access to voluntary accident insurance as a part of your employee benefits package. For those who secure coverage, the injury or condition does not have to be work-related in order for benefits to be paid out. The coverage plan can also be extended to family members of the employee.

What is important to know about voluntary accident insurance?

This coverage is not mandated by government agencies, but it can be an attractive option that catches the attention of top talent when the company needs to fill positions. Policies may pay out for certain situations regardless of additional payments or coverage received from standard health insurance. There are some other important items you should know about voluntary accident insurance:

  • Voluntary coverage usually has the employee paying for 100% of the cost of the benefit, though some companies may provide a company-paid policy as a supplemental insurance benefit.
  • Dependents can be included in certain voluntary accident coverage plans, with benefits extending to situations like sports accidents or emergency room treatments.
  • Supplemental insurance does not take the place or workers’` compensation coverage or a short-term or long-term disability plan.