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Accident Insurance

Information on Voluntary Benefits


Offerings that comprise voluntary benefits include such coverage as that for on-the-job accidents and so much more. Businesses may provide good voluntary benefits so as to attract and keep good employees, but on your own you will have to pay the premiums for this coverage. However, keep in mind it can be a proverbial “life saver” in instances of crisis and is less expensive than other options that are available. The package particulars and levels of coverage for the plan holder and his or her family will vary depending on an individual’s circumstances and needs. The good news is that usually this coverage is portable, so protection remains for you should you leave one job for another or choose to retire.

How it Functions

The coverage is activated when one requires more than the normal that is featured in one’s primary healthcare plan. This coverage enables the plan holder to be compensated for a myriad of out-of-pocket costs, such as co-pays and deductibles, which come into play when one is diagnosed and in treatment for the consequences of an accident, injury, or illness. One may also utilize benefits to pay for other costs, like transportation to and from appointments, having you and family members put up while in treatment and away from one’s normal residence, to pay for needed nutritional supplements and medical devices that do not fall under the purview of one’s regular prescription drug plan and for normal living costs incurred during the crisis, like food, gasoline, childcare and the usual bills.

Big Benefits

This coverage compensates one for covered issues that occur regardless of being on or off the job. One can rest assured that protection is extended whether at home, at work, or in recreation.
The benefits are paid out directly to the plan holder and he or she may use them to pay for non-medical costs that are related to the accident or injuries.
There is also no need to have a medical exam to be eligible for coverage nor is do pre-existing conditions hamper one from receiving this coverage. Essentially, one is protected, without question, no matter one’s health. Coverage commences immediately, at the time of signing up for the plan. Claims are generally paid out relatively quickly so the plan holder can devote his or her time to getting well and can do so sooner rather than later.

Who Benefits

Accidents are, as the name implies, unexpected and can happen at any time and certainly can have a significantly adverse effect on one’s finances. Carrying accident insurance with one’s employee benefits (or even on one’s own) can greatly help in protecting hard-won savings, to seal holes in other existing coverage, and to better manage daily expenses that still are an issue when one is temporarily not able to perform work duties.