Coverage can help take the financial sting out of summer mishaps
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Summer kicks off a time of family barbecues and outdoor fun, but for
leading benefits provider Unum (NYSE: UNM) it also is a time for
something else – accident claims.
During summer, the company sees close to a 20 percent increase in
accident claims for emergency room visits, follow-up treatments and
fractures and lacerations. For the last two years, the number of
accident-related claim payments during summer has averaged close to 15
percent higher than any other time of year for Unum.
“While no one can predict how or when an accident will occur,
individuals and families can be financially impaired by one — even if
they have solid medical insurance,” explains Debbie Cecil, director of
product development at Unum. “And this benefit is paid in addition to
other core coverages, so there are no offsets to existing medical
coverages. That’s another reason why financial protection benefits such
as accident and disability insurance are so important and are growing in
popularity.”
Eastbridge Consulting Group reports that accident insurance sales in the
workplace were up 14 percent across the industry in 2011. Unum’s
accident sales have grown about 20 percent in each of the past four
years.
According to Cecil, the ease of enrollment, including the fact that
accident insurance is “guaranteed issue,” meaning there aren’t any
health questions at the time of enrollment, could contribute to the
growing popularity of this type of coverage. And at a time when 42
percent of American workers say they live paycheck to paychecki accident
insurance can help lessen the financial burden of an unplanned expense.
“Some of the most common accident claim payments we see include
emergency room services, follow up treatments, doctor visits, fractures,
hospital services and physical therapy,” Cecil said. “These medical
events can really drain a family’s bank account. If a family has
accident insurance, however, they are given a lump sum payment that can
be used as needed to help soften the financial impact of these types of
incidents.” Cecil also notes the affordability of this type of
insurance. “One claim can often repay the annual premium.”
Accident insurance benefits vary according to the defined injury – from
sport-related to catastrophic events – and typically include benefits
for follow-up doctor’s visits, emergency room treatment, hospitalization
and surgery benefits and physical therapy. Catastrophic events are also
covered by accidental death and dismemberment insurance.
An additional benefit to accident insurance is the inclusion of wellness
options. These options can encourage healthy choices that can lead to
better outcomes and lower health care costs.
In March, Unum introduced a group accident product with something new to
the market - multiple benefit level choices – including the ability to
tailor benefit amounts or eliminate specific benefits. This can help an
employer meet their health plan objectives and their employees’ needs.
In the past five years, Unum has paid more than $40 million in benefits
for more than 56,000 accident claims.
Group accident not available in NY, MN, VT.
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services in the United States and the United Kingdom.
iCareerBuilder.com, nationwide survey of more than 5,200
workers, August, 2011
Unum
Dawn McAbee, 423-294-1892
Toll free: 866-750-8686
dmcabee@unum.com
Source: Unum