Voluntary benefits continue to rise in popularity, with products like accident, hospital indemnity, and critical illness offering employers and employees additional value by providing cash benefits to supplement major medical deductibles, copays, and coinsurance.
Let’s explore accident insurance in action.
What is Accident Insurance?
Accident insurance is a supplemental health insurance policy that pays pre-determined cash benefits for a covered accident or accidental injury.
How does Accident Insurance work?
Here’s an example: Jane has a slip and fall at home, and breaks her leg. She goes to the emergency room, where she is given a cast, crutches, and pain medication, along with discharge paperwork for several follow-up doctor appointments and physical therapy. As Jane recovers over the next six weeks, the bills begin rolling in for her portion of the deductibles, copays, and any out-of-network services.
Jane files a simple claim, and if approved, she will receive cash to help pay for these bills, replenish lost wages from when she was unable to work, or pay for other items she might need. In fact, Jane can use the money however she wishes!
Who Might Benefit?
Accidents can happen to anyone, and the unexpected costs can have a big impact on finances. Anyone who could benefit from having additional cash in the event of an accident or accidental injury may be a good fit for Accident insurance.
Accident Indemnity insurance can provide added financial protection and peace of mind when an accident or accidental injury occurs. Contact BCS today to learn more.
