Voluntary benefits such as accident insurance plans are becoming increasingly attractive to employers. Your clients are trying to balance costs, administrative demands and the needs of their employees — forcing many to rethink their responsibilities when it comes to employee benefits.
At the same time, employees are now responsible for more out-of-pocket medical expenses than ever before. For many, financial hardship could be one injury away. This provides a unique opportunity for you to sell voluntary products such as accident insurance plans. Supplemental benefits such accident insurance coverage are becoming vital to the financial security of today’s working Americans.
Adding supplemental accident insurance to your portfolio of product offerings allows you to provide a valuable service to your clients and increase your revenue stream. But, which accident insurance coverage is right for your clients? Here are a few questions to ask to help you evaluate plans available from different carriers.
Q. What do accident insurance plans cover?
A. Not all accident insurance plans are alike. The benefit paid depends on the type of injury and specific events during a person's treatment and recovery period. Look for carriers that provide coverage for an extensive range of circumstances.
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)
Q. Are dependents covered when playing organized sports?
A. When looking for a well-rounded, comprehensive plan to offer your clients, coverage for youth organized sports injuries is an important feature. Millions of kids play organized sports in the U.S. Most likely a few of those children have parents who work for your clients. And whether it’s baseball, soccer, lacrosse or football, they have a greater risk for accidents when they play sports.
Guardian's Accident Insurance not only covers children when playing organized sports, it increases benefits by up to 25%1 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.
Q. Are there riders to help customize a plan for each client?
Many accident insurance plans come with available riders that provide more than just accident protection. This allows you to address specific concerns your clients may have in meeting the financial needs of their workforce. Below are some standard features available on all Guardian Accident Insurance 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.
You can also add the following optional riders* to a Guardian Accident Insurance plan for even greater coverage:
- 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. Employees are encouraged to stay healthy through a benefit payment of $50 - $150 per year when they complete certain routine wellness procedures or screenings.
- AD&D rider (accidental death & dismemberment). Additional benefit payments are provided if there is an:
- Accidental death
- Catastrophic loss
- Accommodation to home or vehicle that is needed
- Hospital confinement for sickness rider. Coverage is added for each day the insured employee is in hospital due to sickness.
- Disability rider. An additional benefit payment is provided if the employee or covered spouse becomes disabled and unable to work (weekly payments can be for 26 – 52 weeks).
Q. What kind of enrollment support will my clients get?
A. To make introducing a new plan a success, employees need to understand why they should consider coverage and it should also be easy to enroll in. It's important to look for a carrier that provides comprehensive educational and enrollment support – in print, in-person and online.
Guardian's enrollment team designs the most optimal enrollment strategy for each client. Employees are assisted throughout the enrollment process to help them understand the coverage so they make the best decisions about their insurance needs. Here are some of the ways your clients' employees are supported:
- Customized educational materials, such as emails, enrollment kits, posters, flyers and online product videos.
- Employee benefits hotline
- Ongoing support, through our self-service online site GuardianAnytime.com where they can enroll, re-enroll, make changes to their benefits, check the status of a claim and more.
Q. Can I trust this company to be there for my clients?
A. Times have changed. Your clients have every right to be concerned about the reputation and financial backing of the people they do business with. Be sure to work with companies that offer the security they deserve.
At Guardian, we've been helping protect the financial security of people and businesses for over 155 years. Our long-standing reputation for reliability means you can trust that we will be there when you and your clients need us. That's why we're one of the most highly rated insurers in the industry.