As the employee benefits market continues to evolve, the right accident insurance policy can offer employers an innovative way to manage overall benefits costs while still providing insurance protection that meets the needs of their workforce.
Packaging traditional health and disability plans with newer plans like accident protection insurance is a smart way to help address your clients’ needs. Whether employer-funded or offered on a voluntary basis, a group accident insurance policy can be a cost-effective and valuable benefit. In fact, sales of accident insurance have increased 40% in just four years.1
Why Guardian Accident Insurance is an excellent choice for your clients
Our coverage is more flexible and offers standard and optional features other carriers don’t offer. We’ve strengthened our accident products by talking to our customers and asking them: what do they really want from accident insurance? To find out how we’ve enhanced Guardian accident coverage, check out this short video:
Provide the right strategy for today's insurance needs
The cost for health insurance continues to escalate.2 As a result, today's employees are taking on a bigger financial responsibility for their health care coverage. By adding accident insurance to your portfolio of products, you can help your clients find a compromise between helping to protect their employees and balancing their budget.
When accidents happen, employees can be left with substantial out-of-pocket costs. Despite having health insurance, their bills can leave your employees in debt. An accident insurance policy can help reduce their financial burden by covering a portion of their costs.
Payments are made directly to the employee, regardless of other insurance. And they can be used however the covered employee chooses – for medical bills, child care, mortgage, groceries, or any other expense.
Whether it's a sports injury, a car accident, or a slip and fall, the financial implications can be overwhelming. Here's an example:
- There are between 250,000 and 300,000 anterior cruciate ligament (ACL) injuries per year.1
- The cost to repair a torn ACL runs between $20,000 and $50,000.2
- Even with insurance, out-of-pocket expenses run between $800 and $3,000.2
- And that doesn’t include cost for physical therapy, knee braces, crutches, or medication.
Recommending group accident protection insurance can help you round out the benefits package you offer your clients and enable you to develop a more consultative relationship with your clients.
Benefits are paid for over 40 different circumstances
Guardian Accident Insurance can help with expenses that medical and disability insurance do not cover, such as deductibles, copays and other out-of-pocket expenses. There are over 40 different circumstances that will pay a benefit to a covered employee, including:
- 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)
To help your client's employees focus on getting better, not on finances, payments go directly to covered employees, instead of doctors or hospitals. And the money they receive can be used however they wish, including medical bills, child care, mortgage payments, groceries, or any other expense.
An advantageous selling point: child organized sport benefit
Youth sports are becoming increasingly popular. Many children participate in organized sports every year. Chances are this includes children of many of your clients’ employees. Some of your clients may even sponsor a local sports team.
But while staying active is important for children, it doesn’t come without risks. It’s safe to say that children have a greater risk for accidents when they play sports. Guardian’s accident protection insurance has this covered.
Benefits are increased by up to 25%3 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.
Standard features on all plans
Our Rainy Day Fund pays benefits when a covered person has exhausted a frequency limitation on many benefits. 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.
TravelAid Services are also included providing 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.
Optional riders* for extra coverage
To ensure your clients get an accident insurance policy that fits their needs, you can offer optional riders. Each of Guardian's plans can include the following riders:
- Injury-Free BenefitTM. Members are paid a benefit when their family remains claim-free for five years. We pay the benefit even if there are Wellness and/or Concussion Baseline Study claims. No other carrier offers this type of planholder rider.
- Automatic Increase Option. Provides an automatic 5% increase in benefits every year for a maximum of five years with no increase in employee premium. Does not apply to: disability, hospital confinement due to sickness, and wellness benefit.
- Wellness rider. 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.
- AD&D rider (accidental death & dismemberment). Provides an additional benefit payment if there is an accidental death, dismemberment, catastrophic loss, or an accommodation to home or vehicle is needed.
- Hospital confinement for sickness rider. Offers an additional benefit payment for each day the insured person is in the hospital due to sickness.
- Disability rider. Additional benefit payment if employee or covered spouse becomes disabled and unable to work (weekly payments can be for 26 – 52 weeks).
Support to attract and keep clients
Guardian reduces the administrative workload for your clients by creating the most optimal enrollment strategy for their employees. Guardian:
- Educates about accident protection insurance at enrollment meetings
- Offers online enrollment or personalized enrollment kits
- Provides an employee benefits hotline