Colonial Life Enhances Group Accident Plan

COLUMBIA, S.C.  — Employers can offer their workers even more valuable voluntary accident coverage with Colonial Life’s new group accident plan.

Colonial Life has increased the benefits payable for covered accidents by an average of 37 percent, with no increase in premium. The new plan provides employees a higher level of affordable coverage for stronger financial protection against unexpected expenses.

“Many employees today have medical plans with deductibles of $1,000 or more, plus co-pays,” said David Polen, director of Product and Market Development at Colonial Life. “That can leave families exposed to significant out-of-pocket costs when an accidental injury happens. Accident insurance helps cover those unexpected costs, from emergency room visits to ongoing care at the doctor’s office and even treatment-related transportation and lodging.”

Even with medical insurance, out-of-pocket costs for accidental injuries can add up quickly. An emergency room visit can cost several hundred dollars. Depending on the treatment, diagnostic tests and lab fees needed, the bill could total several thousand dollars. Accidents requiring follow-up treatment — removing a cast or physical therapy, for example — often involve additional costs for co-pays or coinsurance.

Colonial Life’s new group accident plan is offered on a guaranteed-issue basis, so there are no health questions for employees to qualify for coverage. Employers can choose to offer one of four different plans with varying levels of coverage. They also can include a health screening benefit or a hospital confinement benefit for a covered sickness to expand their options. Employees who choose the accident coverage can also buy protection for their spouse, children or whole family.

Voluntary accident insurance is a valuable addition to an employer’s benefits plan that can help fill gaps in coverage with no direct cost to the business, Polen said.

“Because the plan is voluntary, employees who want the coverage choose and pay for it themselves,” he said. “The plan also is compatible with health savings accounts and isn’t subject to Affordable Care Act requirements.”

For more information about Colonial Life’s new group accident plan, contact Polen at [email protected] or 803-678-6158.