All About Voluntary Benefits (Part 1) - Accident Coverage
Voluntary benefit offerings have recently transitioned from a “nice-to-have” to a “must-have” for many employers. Why? Employees want choice. According to a recent study, 73% of employees said that having benefits customized to meet their needs would increase their loyalty to their employer. In fact, 83% said they would be willing to take a small pay cut in order to have more choices when it comes to their benefits package.1
To make sure you’re not missing the boat when it comes to the newest benefits strategy, we’re kicking off a blog series all about voluntary benefits. What do they look like, what do they cover, and why do they matter to employees and employers? Each week, we’ll be highlighting a specific coverage and answering all your questions. First up: accident coverage.
What It Covers
Accident coverage provides financial assistance to your employees if an unexpected accident occurs. Benefits paid by this coverage can help them with deductibles, co-pays and other out-of-pocket costs that their medical plan may not provide.
As its name suggests, it covers accidental injuries including fractures, dislocations, burns and concussions, medical services and treatments, medical devices and accessories, and family lodging and travel needs.
Why It Matters to Employees
Life can hit hard at unexpected times, and when your employees are in a distressed medical situation, the last thing they want to worry about is their bank account. From ankle sprains due to playing soccer with their kids to major surgeries from an auto accident, it’s important to be financially prepared for anything that comes your employees’ way.
With a growing market that has limited savings, your employees may have a large financial exposure in the event of an accident. Even if you’re offering a comprehensive medical plan, many people will still be unable to pay their deductibles or other non-covered medical expenses. This plan gives your employees the cash needed to use however they like, so they can build their savings for their future instead of an emergency.
Why It Matters to Organizations
Accident coverage is a perfect complement to a high deductible health plan by eliminating the worry of having to pay for a high deductible in the middle of suffering an accident.
At Assurance, we use an EnrollSMART approach to help clients establish a custom strategy that addresses specific challenges based on their employee population. An important part of this strategy? You guessed it, voluntary benefits. To learn how you can elevate your offerings, talk to a member of the ‘A’ Team!
1MetLife Benefits Trend Study 2018
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