In recent years, high deductible health plans (HDHP) have only grown in popularity as they tend to reduce overall costs. However, some businesses with workers that do physically demanding jobs or labor have also seen an increase in on-the-job injuries and workers’ compensation complaints as well. In some certain situations, it has been found that this correlation is due to employees getting hurt at home, not wanting to pay their high deductible on their health plan, and then delaying claiming their injury until they are at work in order to get workers’ compensation.
The solution to preventing these situations is for companies to additionally offer voluntary benefits like Hospital Indemnity and Accident coverage that come at no further cost to the employer. These benefits are designed to help cover injured employees’ out of pocket medical expenses so that they are more likely to get care as soon as they are hurt and not claim workers’ compensation unless the accident really does happen on the job. From a statistical standpoint, adding voluntary benefits to an employee’s benefits package can reduce the risk of workers’ compensation claims by as much as 30%, according to the Colonial Life Director of Market Development, Patrick McCullough. While some employers choose to pay for accident or hospital coverage for employees, others even contribute a portion because it can save them so much money.
This information is especially important for companies and organizations in high manual labor industries such as construction, manufacturing, wholesale trade, oil and gas, trucking, and restaurants that can often see an above-average number of workers’ compensation claims. To learn more about how to provide voluntary benefits to your employees that prevent the misuse of worker’s compensation claims or to improve your business’ safety plan, reach out to Diversified Insurance Industries, Inc. for more information or visit: https://www.coloniallife.com/employer-resource-center/2022/november/reduce-workers-comp-claims
Some employers even pay for accident or hospital coverage for employees or maybe contribute a portion because it can save them so much money.
DII is your partner in reducing costs and providing great benefits to your employees. Our team of experts can work with you to understand the best plan of action for your workplace when it comes to benefits, in 2023. Please contact your DII representative for more information. #Benefits #HDHP #Workers’Comp