New group accident insurance plan from Colonial Life helps provide financial protection from the unexpected
Colonial Life has introduced a new group accident insurance plan that
helps provide financial protection to working Americans who have an
accidental injury. The new product, available to employers with 10 or
more eligible employees, features optional coverage that pays for 24
health screening tests for employees or pays benefits if employees are
hospitalized.
Accident insurance can help offset today’s rising deductibles and
out-of-pocket medical costs.
Every 10 minutes, more than 700 Americans suffer an injury severe enough
to seek medical help.1 And medical help comes with an
expensive price tag. Today’s employee bears a greater financial
responsibility for medical costs with increased deductibles, bigger
copayments and shrinking coverage. In fact, the number of employees with
a $1,000 or greater annual deductible in their health plans has tripled
in the past six years.2
Accident insurance provides lump-sum and daily benefits for covered
accidents that can help pay nonmedical expenses and medical costs not
covered by major medical insurance, such as lost income from not being
able to work, rehabilitation, caregiver fees, travel costs, deductibles
and coinsurance. Accident plans typically cover services such as
doctor’s office visits, hospital admissions, emergency treatment,
fractures, dislocations, surgery, rehabilitation, occupational therapy,
X-rays and medical imaging.3 Benefits are paid directly to
individual policyholders unless they specify otherwise, regardless of
any other insurance they may have.
Colonial Life’s new group accident insurance plan offers many
important features.
Some key features of Colonial Life’s new group accident plan include the
following:
-
Coverage options — A choice of four plans meets the unique
needs of the employer’s business and employees. Employers can choose
to offer on- and off-the-job coverage or off-the-job only coverage.
Family coverage is also available.
-
Additional benefits options — Optional coverage includes a
health screening benefit that pays for 24 covered tests and a hospital
confinement benefit that pays for overnight hospital stays due to a
covered sickness.
-
Guaranteed issue — No health questions are asked. Everyone
qualifies.
-
Affordable — Different coverage levels are available to fit
most budgets.
-
One rate — All employees pay the same premium for the same
benefits regardless of their job titles or management status.
Employers can take advantage of a two-year rate guarantee.
-
Health savings account-compliant — Accident coverage is
considered an eligible coverage for individuals who also participate
in HSAs.
-
Multi-state friendly — Employers with workers in multiple
states can offer the same benefit to their entire workforce at the
same rate.
-
Portable — Employees can keep their coverage if they leave
their jobs.
For more information about Colonial Life’s new group accident insurance
plan, call (803) 678-6407 or visit www.ColonialLife.com.
This product has exclusions and limitations. Benefits vary by state and
may not be available in all states.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in
providing financial protection benefits through the workplace, including
disability, life, accident, cancer, critical illness and supplemental
health insurance. The company’s benefit services and education,
innovative enrollment technology and personal service support more than
75,000 businesses and organizations, representing nearly 3 million
working Americans and their families. For more information visit us at www.coloniallife.com
or connect with us at www.facebook.com/coloniallifebenefits,
www.twitter.com/coloniallife
and www.linkedin.com/company/colonial-life.
______________________________________
1 National Safety
Council, “Injury Facts,” 2012.
2 Kaiser/HRET Survey of
Employer-Sponsored Health Benefits, 2006-2012.
3 Not all
benefits are available in all states. Exclusions and limitations may
apply.
