Accident insurance can be a great way to cover unexpected medical costs, especially before health insurance kicks in.
Accident insurance contributes to employee financial wellness. Medical costs, college debt, and other expenses are pushing stress levels higher. What’s more, two-thirds of all bankruptcies are related to medical bills. And workers are turning to their employers for help: 52 percent of employees report they would face financial hardship without their workplace benefits, while 67 percent say their benefits are important because they would not be able to afford them otherwise.1
Employees want accident insurance. Employees want supplemental health insurance benefits like accident insurance – in fact, offering these types of benefits would cause someone to want to work for the employer that offers them. In a recent survey, 55 percent of employees said they want supplemental health insurance benefits. Likewise, nearly as many stated that supplemental insurance offerings like accident coverage were viewed as a welcome addition to help pay for expenses not covered by their medical plan, as well as expand care possibilities.2
Guardian accident insurance can serve as a sensible way to help employees cover expenses that many medical plans may not. Accident insurance benefits are paid directly from Guardian to the covered employee – not to the doctors or the hospital. The money your employees receive can be used however they wish – for medical bills, childcare, mortgage payments, groceries, or any other expense, allowing them to concentrate on getting better instead of how they’re going to pay their bills. And with a price tag similar to a latte a day, the cost of accident insurance is one you can share with your employees if you choose.
Features that help Guardian accident insurance stand out:
The Rainy Day Fund: This feature helps pay for additional services when members exceed the maximum number of allowable treatments and visits. Members start each year with up to $500 in the fund (varies based on the plan design chosen by employer) and we use that money to pay claims that would otherwise be denied due to frequency limitations. Leftover amounts up to half of the initial fund amount are rolled over to the next year. Uses for the Rainy Day Fund include doctor follow-up visits, fractures, outpatient therapies, and many more.
Automatic Increase3: Add this option to give employees a 5 percent increase in benefit amounts each year for five years with no increase in employee premium. This option does not apply to disability, hospital confinement due to sickness, or the wellness benefit.
Organized sports benefit: Accident insurance benefits are increased by up to 25 percent if a covered dependent child (aged 18 years old or younger) is injured while participating in an organized sport. We also cover baseline concussion studies, which are required by many youth sports leagues.
Injury-Free Benefit rider: This unique rider rewards members who are accident-free for five years with a benefit payout of up to $500. We pay the benefit even if there are Wellness and/or Concussion Baseline Study claims. No other carrier offers this type of planholder rider.
TravelAid services: These services provide employees and their dependents with a safety net for both personal and business travel. TravelAid is available around the clock and the world to ensure assistance when members need help the most – whether it’s a medical emergency or simply replacing travel documents.
Wellness rider. This rider, standard on all Guardian supplemental health insurance products, encourages employees to stay healthy by including a wellness benefit payment of $50 - $150 per year when they complete certain routine wellness procedures or screenings.4
Guardian accident insurance covers services related to:
- Common injuries such as burns, dislocations, fractures, concussions, eye injuries, lacerations, and brain trauma.
- Services during treatment and recovery, such as ambulance, emergency room treatment, x-rays, hospitalization, surgery, chiropractic visits and more.
- Outpatient therapies (occupational, physical, vocational, speech, respiratory, cognitive, behavioral)
Tailor your employee benefits offering to meet the specific needs of your company, your employees, and their families with these additional options:
- AD&D rider (accidental death & dismemberment), where additional benefit payments are available if there is an:
- Accidental death
- Catastrophic loss
- Accommodation to home or vehicle that is needed
- Hospital confinement for sickness rider, which provides an additional benefit payment for each day the insured person is in a hospital due to sickness.
- Disability rider, where an additional benefit payment is made if an employee or covered spouse becomes disabled and unable to work (weekly payments can be for 26 – 52 weeks).
When your company decides to offer accident insurance, our approach to enrollment can help you design an experience that educates and engages employees, so they can make more informed benefit decisions.