In the interest of attracting the highest level workers and remaining competitive, employers often try to best one another in offering the best workplace benefits. Accident insurance is one such benefit that is increasingly becoming a popular offering. Accident insurance often subsumes traditional healthcare insurance; it costs less to maintain and it gives coverage to the employee and his or her family members for injuries of a non-catastrophic nature.
This kind of insurance normally covers injuries such as a broken arm, lost teeth, cuts and sprains, etc. It is different from normal health insurance as it does not pay for long-term illnesses, like cancer or Alzheimer’s disease. Accident insurance is exactly what its name implies- it is for unexpected injuries.
When one receives care and treatment for a broken limb, one is required to somehow pay for the medical bills. Accident insurance is here to provide the financial assistance necessary to pay these bills and expenses. With this insurance one can be assured of avoiding hefty out-of-pocket costs.
An accident policy can also be engineered to provide compensation for utility bills, loan payments and even rent or mortgage payments during recovery. Often a cash benefit is paid directly to the insured. In this way the policyholder has the freedom to utilize the funds as he or she chooses.
This kind of policy usually has no deductible. Also, there is not a waiting period in which one has to wait for the plan to become in effect- the insured has access to the benefits immediately. And there is no required network of doctors or hospitals that the policyholder must use. The policyholder is free to obtain treatment anywhere he or she sees fit.