Accidents happen; that’s why they’re called accidents. And they can happen to anyone at any time, resulting in everything from a broken arm to a broken back – or worse. The sobering fact is that a disabling injury takes place every second in the United States.1
After a serious injury occurs, most people immediately focus on treatment and recovery. However, once the initial shock wears off, their thoughts may turn to finances. While major medical insurance may pay some doctor, lab, pharmacy and hospital costs, most people are left with out-of-pocket expenses. These may include expenses that aren’t covered by major medical insurance and bills stemming from a temporary loss of income. Fortunately, accident insurance can help fill the financial void.
Voluntary accident insurance helps employees cope with out-of-pocket costs associated with serious accidents or illnesses — costs major medical insurance was never intended to pay. In the event of a covered incident, accident insurance provides cash benefits that can be used in any way they see fit (unless otherwise assigned). It helps workers and their families stay ahead of the medical and out-of-pocket expenses that add up so quickly after an injury, including treatment related costs and everyday bills that continue to roll in. Depending upon the policy, accident insurance pays a specific benefit amount for:
In addition, some policyholders may select an optional accidental death benefit rider, which pays a lump-sum death benefit for covered common-carrier accidents and other accidents.
It’s important to note that health exams aren’t required to qualify for voluntary accident insurance. If an employer offers a voluntary accident plan, workers may receive payroll rates and have premiums deducted from their paychecks. Who needs accident insurance?
Unlike some insurance policies that may be more appropriate for certain age groups or at-risk individuals, voluntary accident coverage may be beneficial to most employees because it helps provide financial protection from accidents they can’t afford. Why provide employees the opportunity to apply for accident insurance?
Voluntary accident coverage helps provide financial confidence for workers and their families. Even those with comprehensive major medical plans in place will find that out-of-pocket costs stemming from an accidental injury can be substantial. In fact, 44 percent of workers would need to borrow from a 401(k) and/or use a credit card to cover expenses associated with an unexpected serious illness or accident.2
Even the most minor of accidents, such as a broken arm, can lead to temporary loss of income and inability to pay normal living expenses. Regular bills, including the mortgage or rent, car payments and utility bills, don’t stop when an individual is laid up after an injury. The protection accident insurance helps provide allows policyholders and their families to focus on recovery – not on finances.
A real-life experience
On July 1, I received a phone call that my 5-year-old son had been bitten by a dog in New York City. I live 90 miles from the city.
He was admitted to the emergency room where he was immediately taken to the operating room for four hours of plastic surgery. He was then sent to the ICU where he spent the next two days trying to talk and adjust to what had happened. He suffered multiple lacerations to the face and three fractures in his jaw, along with several displaced teeth. Four days later, he was operated on for seven hours to place a titanium plate in his jaw and wire it.
We spent a week in the hospital. I was by his side the whole time. After he was discharged, I missed another week of work because of recovery. Having Aflac’s accident insurance policy helped me be able to keep up with my rent on my apartment. I had no more personal days at work, so I went two weeks without pay. The benefit check from Aflac helped me with my out-of-pocket expenses.
I’ve been back and forth to the city, and Aflac helped cover those expenses, too. If it weren’t for Aflac, I’d likely be in debt with all the medical expenses caused by the accident.
Thank you, Aflac! The best decision I’ve made was to apply
This article is for informational purposes only and is not intended to be a solicitation.
1“Injury Facts 2014 Edition,” National Safety Council, p. 37. Print edition.
2The 2015 Aflac WorkForces Report, “Waste not, want not,” accessed Nov. 6, 2015 – https://www.aflac.com/business/resources/aflac-workforces-report/overview/waste-not-want-not.aspx.