Issues & Answers Special Advertising Section
“We’re committed to providing the most value to agents and brokers in delivering high-quality programs to their client.”
What is accident insurance?
Group accident insurance is covering individuals and participants as representatives of policyholders and organizations. The intent of it is to own medical expenses associated with injuries that occur during participation in covered activities for the policyholders.
Is there a correlation between health insurance and accident insurance?
Accident insurance is typically secondary in nature to primary health insurance offered by employers or individuals. Most often the interplay is when the first expense is absorbed by the primary health insurance, and then the accident insurance associated with a policyholder will kick in to cover all residual expenses associated with a covered activity, such as a coinsurance or a deductible.
Has the Affordable Care Act had any impact on accident insurance?
The ACA has had a significant impact on our business, which includes more opportunity for accident insurance to become a player in the health insurance world. This is related to, primarily, higher deductibles and higher costs associated with deflecting costs against primary health insurance. As those deductibles and more cost sharing are absorbed by a policyholder of the health insurance plan that the Affordable Care Act opened up, that’s more of a chance for accident insurance to come in and provide benefit in that gap.
What should agents and brokers know about accident insurance?
Agents and brokers need to understand the benefit of the opportunity to have a cost containment associated with accident insurance programs. Not all accident solutions are created equal. Many times there could be a large experience-rated program that, if it’s not being managed with appropriate cost containment measures, it can be a runaway train as far as costs are concerned for their client. By partnering with some industry leaders such as A-G in regards to managing those claims from a TPA perspective we can provide the most value to agents and brokers in delivering high-quality programs for their client. With the cost gap widening every day with escalation of medical rates it’s important that you have a strategic partner that understands your accident insurance program and can help navigate that environment. At A-G, accident coverage is our specialty, we provide our agents and brokers with the best service, best savings and superior technology for their clients.