Voluntary Products – Accident & Critical Illness
Help protect your savings from potentially high out-of-pocket expenses due to a serious illness or injury. Accident and Critical Illness Insurance coverages can help you pay for costs that can really add up and eat into your savings.
What is Accident Insurance?
Accident Insurance pays a lump sum benefit directly to the insured, in the event of a covered accidental injury.
Even though the benefit can be used for any reason, including medical expenses, it’s important to point out that Accident Insurance is NOT comprehensive medical insurance.
Why you may need Accident Insurance
Accident Insurance can help you financially prepare for out-of-pocket expenses you may face if you or a family member suffers an accidental injury. And that’s important when you consider that one out of every eight Americans visit the ER each year.
Even with comprehensive medical or disability income insurance, an accidental injury could negatively impact your finances. In fact, the cost of a broken leg is $10,000 or more on average, when you factor in lost wages, transportation, copays, deductibles, and medicine.
What is Critical Illness Insurance?
Critical Illness Insurance pays a lump-sum benefit amount, directly to the insured, upon diagnosis of a covered condition. Covered conditions include:
- Invasive Cancer
- Heart attack
- Major organ failure
- Renal failure
- Alzheimer's disease
The benefit can be used for any purpose, including to help pay for any out-of-pocket expenses, and you do not have to account for how you spend the benefit.
Critical Illness Insurance is NOT a comprehensive medical insurance or disability insurance plan. This coverage does not replace those plans or pay benefits in the same way.
Why you may need Critical Illness Insurance
Critical Illness Insurance can help you financially prepare for out-of-pocket expenses you may face if you or a family member is diagnosed with a serious illness.
This is important because 62 percent of bankruptcies are based on a medical event.
Cash payment for injuries, treatments and loss due to an accident. Payment varies by accident.
Cash payment when person is diagnosed with a critical illness for the first time.
Accident & Critical Illness Rates
The rates below represent monthly costs and are 100 percent employee paid.
|Rates by Tier||Accident|
|EE + Spouse||$10.75|
|EE + Child(ren)||$13.38|
|EE + Family||$20.45|
Critical Illness (rates per $1,000)