Fortunately, there are voluntary benefits out there like accident insurance that act to fill in the holes left by traditional health insurance, and they can be a great addition to your employee benefits package. Here's an explanation of how accident insurance works and why it's a great choice for both your employees and your business.
What Is Accident Insurance?
Accident insurance is a voluntary benefit that is meant to fill in some of the gaps left by traditional health coverage. Often, when an accident occurs there are many unexpected costs that pop up. Things like ambulance charges, emergency room fees, post-operative care, and physical therapy. These bills aren't always covered by health insurance and this can end up surprising many families, and leave them in a precarious financial position.
Accident insurance helps offset these costs by providing a lump sum payment that can be used to cover anything you deem fit, even things that aren't directly related to the accident like childcare costs or lost wages from missing out on work. This lump sum payment and lack of red tape make this benefit a lifesaver for employees who have been in accidents and are just trying to focus on recovering and getting back to work.
How Your Employees Benefit From Accident Insurance
Medical care is expensive, even with great insurance, and as you learned above it doesn't cover many of the costs associated with an accident. This often comes as a surprise to those who have been in accidents and who don't have enough savings put away to cover these cost out of pocket. This financial stress can place a huge burden on an already overburdened family.
With accident coverage a part of this burden is relieved, giving injured employees access to everything they need to recover and get back to work. Employees don't like missing work any more than you like having missing employees and they will appreciate being able to get back as quickly as possible.
How Your Business Benefits From Accident Insurance
As you know, what's good for your employees is usually good for your business. Not only will a diversified employee benefits package increase satisfaction levels among your current workforce, it can also help you attract new talent. In fact, many surveys show that many employees place more value on their benefits package than they do in a pay raise, and healthcare related benefits are the most desired by these employees.
In addition to increasing employee satisfaction, it can also help your injured employees recover from their accident quicker. This reduces the lost productivity associated with having key employees out of commission and saves you from having to train and pay for temporary replacements. The best part of all this is that voluntary benefits like accident coverage can be offered without straining your budget.
At Summerlin-Roberts we can help you craft a competitive benefits package that pleases current employees and attracts new talent to your organization. Please contact us today to learn more about creating a strategic and effective benefits package that's right for your unique organizational needs.