Personal Accident Insurance from The Benefits Group
Maintaining financial security is undoubtedly a priority for all employees. By offering personal accident insurance, you provide a cost-effective way for your employees to safeguard their financial health and protect their families. Accidental injuries can quickly turn into a major financial setback, particularly if an employee is missing work. Lost wages, out-of-pocket expenses, and costs for at-home support and medical care all add up.
When used in conjunction with group health and medical plans, personal accident insurance can extend employees’ protection, especially when unexpected costs arise. Some accidents can lead to serious financial blows, with medical fees taking a chunk out of a person’s savings.
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Typical Benefits of Personal Accident Insurance
Regardless of any other insurance benefits your employees may or may not choose, opting for personal accident insurance always provides cash benefits. There are stipulations about the types of accidents that are covered (e.g. falling down the stairs and breaking an arm, yes; breaking an arm while bungee jumping, no; losing natural teeth in a car accident, yes; losing a veneer when opening a bottle with your teeth, no).
If you choose to provide personal accident insurance to your employees, their cash benefits will be paid directly to them. Personal accident insurance through LifeSecure works as follows:
• Annual Benefit Bank: This number represents the total dollar amount that is available to an enrolled employee for covered services rendered each calendar year. The bank will restore to its full amount at the beginning of each calendar year
o Within the Annual Benefit Bank, employees choose, within $100 increments, a minimum of $2,500 in an annual benefit bank amount and a maximum of $15,000 for individuals and $25,000 for couples or families.
• Disappearing Deductible: This number represents the dollar amount that an employee will pay out-of-pocket for covered services in a calendar year before benefits kick in.
o The deductible can be in the amount of $100, $250, or $500.
o The annual deductible amount will decrease by 20% on January 1 if no benefits were paid out in the previous calendar year.
o If any benefits were paid during a calendar year, the deductible amount will reset on January 1.
o If no benefits are paid out for five consecutive calendar years, the deductible will be eliminated and never reset.
• Family Coverage: Family coverage includes spouse, domestic partner, and/or dependents.
o The family deductible is two times the individual deductible amount and must be satisfied by at least two covered family members.
o Once the deductible is satisfied, benefits would be payable for all covered family members for the rest of the calendar year, up to the Annual Benefit Bank Amount.
o Benefits may be paid for an individual family member before the full family deductible is satisfied.
Freedom to Use Personal Accident Insurance Benefits
Personal accident insurance pays benefits for many medical and recovery expenses (with varying stipulations about the amount, time, and place where services are issued), including:
• Initial services
• Major diagnostic exams
• Tests and x-rays
• Physician follow-up services
• Medical equipment
• Prosthetic devices
Benefits can also be used as employees wish, for expenses such as:
• Home care assistance
• Child care
• Housekeeping assistance
• Yard work
• Any other services needed during recovery
The Administration of Personal Accident Insurance Plans for Employers
The financial impact of accidental injury can take a family by surprise. About 88 percent of accidents are non-traffic related, with falls being the leading cause of accidental injuries among Americans in almost every age group, according to the National Safety Council. Young athletes especially are an at-risk group for accidental injury, from traumatic brain injuries to broken bones.
Your employees worry about being able to provide the necessary care for their loved ones while still maintaining the income they need to survive as a family. Personal accident insurance makes the cost of managing an accidental injury manageable so employees can still focus on their job knowing that their own well-being and that of their loved ones is under control.
If you want to help your employees protect their wages and shield their savings, offer personal accident insurance. It’s affordable and the benefits cannot be disputed. The Benefits Group is here to guide you in finding the best administrator of personal accident insurance. Contact us today to discuss the advantages of offering your employees personal accident insurance coverage.