Colonial Life has introduced a new group accident insurance plan that helps provide financial protection to working Americans who have an accidental injury. The new product, available to employers with 10 or more eligible employees, features optional coverage that pays for 24 health screening tests for employees or pays benefits if employees are hospitalized.
Accident insurance can help offset today’s rising deductibles and out-of-pocket medical costs.
Every 10 minutes, more than 700 Americans suffer an injury severe enough to seek medical help. 1 And medical help comes with an expensive price tag. Today’s employee bears a greater financial responsibility for medical costs with increased deductibles, bigger copayments and shrinking coverage. In fact, the number of employees with a $1,000 or greater annual deductible in their health plans has tripled in the past six years. 2
Accident insurance provides lump-sum and daily benefits for covered accidents that can help pay nonmedical expenses and medical costs not covered by major medical insurance, such as lost income from not being able to work, rehabilitation, caregiver fees, travel costs, deductibles and coinsurance. Accident plans typically cover services such as doctor’s office visits, hospital admissions, emergency treatment, fractures, dislocations, surgery, rehabilitation, occupational therapy, X-rays and medical imaging. 3 Benefits are paid directly to individual policyholders unless they specify otherwise, regardless of any other insurance they may have.Colonial Life’s new group accident insurance plan offers many important features. Some key features of Colonial Life’s new group accident plan include the following:
- Coverage options — A choice of four plans meets the unique needs of the employer’s business and employees. Employers can choose to offer on- and off-the-job coverage or off-the-job only coverage. Family coverage is also available.
- Additional benefits options — Optional coverage includes a health screening benefit that pays for 24 covered tests and a hospital confinement benefit that pays for overnight hospital stays due to a covered sickness.
- Guaranteed issue — No health questions are asked. Everyone qualifies.
- Affordable — Different coverage levels are available to fit most budgets.
- One rate — All employees pay the same premium for the same benefits regardless of their job titles or management status. Employers can take advantage of a two-year rate guarantee.
- Health savings account-compliant — Accident coverage is considered an eligible coverage for individuals who also participate in HSAs.
- Multi-state friendly — Employers with workers in multiple states can offer the same benefit to their entire workforce at the same rate.
- Portable — Employees can keep their coverage if they leave their jobs.