When an employee is injured outside of the job they generally aren't eligible for workers compensation and you'd be surprised by how many things your average health insurance plan doesn't cover. So what is an employee to do in this case? As an employer you can offer accident insurance to help fill in the gaps left by health insurance and ease the financial burden placed on your employees.
Where Health Insurance Fails Us
In recent years healthcare has undergone many changes, and these changes aren't likely to stop anytime soon. With endless underwriting requirements, higher deductibles, and an uncertain future health insurance simply can't be the answer to everything. Couple this with the increasing cost of receiving medical care and you have a recipe for disaster. How can a person be expected to pay for all of the hidden costs of an accident when their insurance won't help?
Accident insurance picks up some of the slack and supports employees where health insurance does not. Things like ambulance charges, emergency room fees, post-operative care, and physical therapy are all covered under the umbrella of accident insurance. The lump sum payment allows injured employees to distribute the benefits in the way that is best for their situation, without any unnecessary micromanagement.
Oftentimes you cannot predict or avoid an accidental injury. It doesn't matter how careful you are or how great of a driver you are or how perceptive you are. People have experienced debilitating injury from the most minor things that you would never even think of, like using a small stepladder. While you can't predict an accident, you can prepare for the aftermath with accident insurance.
In 2013 alone the material cost of unintentional injuries was a staggering 820 billion dollars and included employers' uninsured costs, lost wages and productivity, and cost of medical treatment. Accident insurance helps reduce you and your employees' share of this cost by giving injured employees the chance to recover and return to productivity faster.
The Bottom Line About Voluntary Benefits
If voluntary benefits aren't on your radar yet, they should be. Studies show that 88% of employees view voluntary benefits as an important part of their overall benefits package. Voluntary benefits like accident insurance have been shown to increase employee engagement, reduce turnover and help employees feel more financially secure, leading to a happier and more productive workplace all around. Voluntary benefits are also extremely cost-effective, allowing you to maintain a competitive benefits package without too much added cost.
At Summerlin-Roberts we work with you to create a competitive benefits package that will satisfy your current employees and attract new talent to your organization. Please contact us today to learn more about our employee benefits programs.