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August 27, 2018 at 08:39 AM
While we all hope for as easy a life as possible, the likelihood of an accident happening is too high for your clients to do nothing about that.
Life happens, after all. According to the U.S. Centers for Disease Control and Prevention, accidental injuries lead to an estimated 30.8 million visits to the hospital emergency department each year.
If an accident happens, major medical may cover a large share of the doctor and hospital costs. However, the unexpected out-of-pocket expenses that remain can quickly add up.
The average total cost of treating one broken leg, for example, is $9,300, according to Aflac estimates. Assuming the average major medical insurance plans cover about 60% of the costs, there would still be about $3,720 in remaining expenses.
(Related: 3 Things Employers Should Know About Financial Wellness Services)
The best strategy is, “Hope for the best, but prepare for the worst,” but how do we prepare for what we cannot predict? One important way to help client employers and their employees prepare for the high cost of accidents is to offer them voluntary accident insurance plans, like those offered by Aflac, and to remind clients about the peace of mind and financial security accident insurance can offer.
All Life Stages
While some insurance policies might hone in on a particular age group, accident insurance can be a great boon for every employee, no matter what the employee’s life stage.
Whether the employee is a young college graduate still developing rainy day savings, or a near-retirement-age employee who has no desire to dip into retirement funds early, the employee may not have the cash on hand to pay for high deductibles or other out-of-pocket expenses.
Wendy Herndon is second vice president of product development and implementation at 