As an employer, you want to put your best foot forward with employees and offer the most attractive benefits package available in an effort to attract and retain top talent. Many employers, especially with those dealing with budget constraints, consider accident insurance to be smart way to offer other benefits to employees without increasing costs to the bottom line.
While it may seem straightforward, many employees don't have a clear understanding of how accident insurance can benefit them.
How does accident insurance work?
Let's say an employee tears his or her ACL, which happens to be a common injury that can cost upwards of $20,000 to repair. While the employee's health insurance will cover a large portion of this surgery, the employee is still out-of-pocket for the deductible and related expenses such as physical therapy, knee braces, and crutches. These out-of-pocket expenses could easily amount to thousands of dollars.
However, if that employee took out accident insurance to compliment his or her health insurance policy, he or she could receive a payment to go towards these unexpected out-of-pocket expenses. The medical costs in conjunction with time away from the office due to the accident can cripple a household financially. However, accident insurance can help to offer some peace of mind that the finances will be taken care of.
What are some circumstances that accident insurance could be used?
There are a number of different circumstances that will justify an accident insurance payout, such as burns, dislocations, fractures, and concussions. In addition, specific events that happen during treatment and recovery, such as an ambulance ride and hospitalization, can allow an employee to receive an accident insurance payout.
Of course, accident insurance can vary depending on the carrier, so it's best to speak with a knowledgable insurance partner such as one of experienced team members at Summerlin-Roberts to learn more about which carrier would offer the most benefits for your employees.
All in all, as the cost of health insurance continues to rise for employees, offering voluntary accident insurance to your employees can offer them an affordable safety net in the event that an accident does happen.
At Summerlin-Roberts, we can make it very easy for you to use accident insurance as a way to strengthen your employee benefits package without straining your budget. Please contact us to learn more about offering accident insurance to your employees.