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 of the two. The money may be treated by the employee as reimbursement for expenses they incurred. However, they may 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 left over after health insurance pays.
Many insurance policies have additional riders available to help meet the needs of your employees. For example, this may 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. These riders may include:
- Accidental Death and Dismemberment
- Hospital Confinement
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 to find out more.