Colonial Life now offers America’s employers customizable accident protection that helps protect their financial well-being. When an unexpected injury happens, accident insurance pays benefits to help with the costs. These accidents can vary from a fracture, a dislocation, a cut or a burn etc. For the average American worker, health insurance may not be enough to cover the financial burdens they face. As the trend for high-deductible health care plans continues, the average American needs to have that high-deductible available in their personal savings…and they don’t.
This plan pays higher benefits than previous plans at competitive affordable prices. Employers can adjust the plan they offer to match the needs of their employees. They can select from three optional benefits.
1) Active lifestyle: This boosts benefits by 20%.
2) Well-being assistance: This helps pay for routine preventive care.
3) Gunshot wound benefit: This is for expenses from a nonfatal gunshot wound.
From there, employees can customize their coverage more by choosing from options such as disability income during an accident, sicknesses, critical illnesses, or hospitalization.
Employees can choose Colonial Life’s new individual accident plan, which will give access to new benefits including telemedicine and treatment for post-traumatic stress disorder from a covered accident. Coverage can be for themselves only or include family members making this additional coverage highly sought after.
Additionally. coverage is guaranteed without answering health questions. People can keep their coverage if they change jobs or retire (as long as they continue paying premiums.)
This plan also is compatible with health savings accounts, typically offered alongside high-deductible health plans.
By having the individual accident plan be indemnity based, Colonial Life gives people a peace of mind to know that they are paying a set amount based on the injury / treatment they receive.
Benefits are paid directly to the person insured and will not be reduced by any other insurance. Because this is not like Workers` Compensation, it can cover injuries off the job as well as at work.
Since this plan is voluntary, employees can select and pay for the coverage, which eliminates a cost to the employer. Ultimately, this presents a win – win option for employees AND employers.