Accident And Health Benefits
A type of health insurance policy employers provide for their employees. The health insurance policy is supposed to cover the medical expenses incurred due to an unexpected workplace accident.
Accident and Health Benefits Details
Accident and health benefits are considered as add-on protection to the standard health insurance policy. Accident and health insurance provides benefits to the insured in the event of an accident resulting in injury, disease, loss of property, or loss of life. Insurance helps cover the financial impact of such an accident.
The employer usually provides these benefits to keep the workplace attractive. Good health benefits are just one of the critical factors that a potential employee looks for before joining an organization, along with the salary and designation. Most employees will already have private health insurance in hand. These health insurance policies do not provide 100% coverage and may have some gaps.
The health insurance policy provider will not cover the loss of income due to injury sustained at work. The accident and health benefit plan provided by the employer is supposed to bridge this gap. Although this plan is an added cost for the employer, it can still act as a worthwhile long-term investment that can keep its employees intact and attract job seekers.
Real-World Example of Accident and Health Benefits
One of the biggest accident and health benefits providers for employees is Starr Insurance Companies. Starr Insurance Companies is a global provider of health and accident insurance policies. This organization has affiliations with a wide range of organizations ranging from Fortune 500 clients to non-profit organizations.
Starr Insurance Companies has its impact on corporate and consumer markets. They provide a host of accident benefits like death and dismemberment coverage, accidental dental coverage, coma and disability coverage, etc.
They also cover emergency medical expenses, including burns and paralysis. Employees have the option to customize the benefits based on their requirements. Starr Insurance Companies has Accident and Health claims departments located in several parts of the United States, including New York, Philadelphia, Texas, and California.
Types of Accident and Health Benefits
Insurance companies and employers provide several health benefits insurance plans based on the recipient's requirements. An individual health insurance plan is an insurance plan that covers the health expenses of an insured individual. The health benefit usually includes a cover limit value. The insured company will cover costs up to the cover limit value in case of an unexpected accident to the insured.
A Family Floater health insurance plan is another type of health insurance meant to cover the insured's health-related expenses and those of the insured's family. The premium for such health insurance is determined based on the eldest family member's age.
Health benefits provided during an accident can also vary based on the customer's type of coverage. Accidental death and dismemberment insurance policies are arrangements where the provider pays premiums to a designated beneficiary in the event of the insured's death. Accident insurance policies not limited to the occasion of the insured's death are called general accident insurance policies.