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Why you should include accident insurance in your voluntary benefits line-up

By Higginbotham on August 29 , 2018

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Your employees are stressed out about a lot of things, and their workload is only part of it. According to the Center for Financial Services Innovation, approximately 85 percent of all U.S. workers are worried about finances, leading to reduced productivity, absenteeism and higher turnover rates. If some of this stress can be alleviated, both employees and employers profit. One simple way to do this is through group employee accident insurance.

Common injuries can become financial disasters.

Accidents happen – frequently. In one year, injuries resulted in 92.2 million visits to the doctor and 41.6 million trips to the emergency department, according to the CDC.

Unfortunately, the pain they cause isn’t merely physical. It’s also financial. Even with health insurance, people can expect to pay out-of-pocket costs, including co-pays and deductibles.

For people enrolled in high-deductible health plans, the out-of-pocket costs can be especially expensive – and according to the CDC, almost 40 percent of people who get health coverage through work are enrolled in high-deductible health plans.

Many people cannot afford these unexpected costs. According to a recent report from the Federal Reserve Board, 40 percent of adults in the U.S. do not have enough savings to cover an unexpected expense of only $400. Medical bills from accidents can be much higher than that.

When the injured person is also an income-earner, missed work can make the financial situation even worse.

For people living paycheck-to-paycheck – 78 percent of U.S. workers, according to a CareerBuilder Survey – just the possibility of an accident is enough to cause serious stress.

Accident insurance can help.

Accident insurance can cover the out-of-pocket costs associated with accidents, including medical bills as well as other costs. When combined with health insurance, it offers important protection against unexpected injuries.

Here’s what employers can achieve by offering accident insurance as a voluntary benefit:

  • Alleviate financial stress so employees can focus on work.
  • Attract and retain talent with an attractive benefits package.
  • Help workers without increasing costs. Voluntary benefits can be paid for using payroll deductions.
And here’s what employees can gain by enrolling in group accident insurance:
  • Enjoy good rates associated with group benefits.
  • Be financially prepared for an accident.
  • Have peace of mind knowing that they're ready for a rainy day. 
Accidents happen. Although accident insurance can’t prevent the pain of a broken bone, it can help with the sting of expensive medical bills. Ask Higginbotham how to add accident insurance to your company’s voluntary benefits line-up.

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Tags: Employee Benefits

  
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