Group accident insurance adds another layer to your benefits.
No one ever sees an accident coming. However, group accident insurance can help employees with the financial strain that can result from an injury. Millions of people are injured every year and seek medical care as a result. Ambulance charges, emergency room copays, deductibles, co-insurance—the expenses can add up fast.
Lump sum payments can be used for whatever the employee needs.
Group accident insurance plans typically pay out a lump sum when an accident occurs. The amount could be based on the type of injury sustained, the type of treatment rendered, or a combination. The money can be treated by the employee as reimbursement for expenses they incurred. However, they can also use it to pay for additional child care, transportation, or any other needs. The amount paid by the group accident plan is generally paid regardless of the out-of-pocket expenses leftover after health insurance pays.
Additional riders are often available.
Many group accident insurance policies have additional riders available to meet the needs of your population. For example, this can include benefits for when an employee and their family stay accident-free for a period, a wellness benefit for obtaining preventative care, hospital confinement, accidental death and dismemberment, and more.
Increased payouts for child athletes could be possible.
Children may be more prone to accidents than adults. However, children who play sports like football, soccer, lacrosse, and other sports have a higher chance of becoming injured. Many group accident plans include higher benefits for children who are injured while participating in organized sports.
Considering adding group accident insurance coverage to your suite of employee benefits? Contact us today to find out more.