Industry Spotlight: Key Accident and Health Insurance Trends to Know

What trends are shaping the insurance industry? Here are the top accident and health insurance trends to know for 2021 and beyond.

What's on your clients’ to-do list today? Plan weekly meals, attend work meetings, get the oil changed, pick up dry cleaning, update the organization's insurance policy.

Wait...what's that last one? Your clients’ accident insurance is probably NOT on their daily radar.

But what happens when there's an accident at your clients’ gyms or on their teams? Are volunteers covered in their current policy?

According to current insurance trends, policy premiums and deductibles are on the rise. This means your volunteers, participants, and members' personal insurance policy probably has some gaps.

Keep reading to find out why supplemental accident and health insurance should be on your clients’ to-do list.

It's Not If. It's When

If people are exercising or playing sports in facilities or organizations, chances are, someone is going to get hurt. In 2019, Emergency Department exercise injuries with or without equipment totaled 468,000. Sports injuries have accounted for over 1 million Emergency Room visits in children.

What does this mean for your clients? They could be responsible for expenses related to these injuries.

Don't Assume They're Covered

Your clients’ gyms are buzzing with activity! Members are excited to be back through those doors after months of doing nothing but sitting around at home.

Unfortunately, this scenario can mean accidents may happen more frequently. Won't members’ insurance policies cover their injuries? Not necessarily.

Injuries can add up to out of pocket expenses – even with health insurance. So what happens when those who are injured want to be made whole?

College and Youth Sports Teams

The Mavericks could go all the way this year. The college intramural team has been neck-and-neck with the Eagles all season.

During a routine practice, Andy and Rachel are struck by a falling volleyball net post. Andy's injuries require an extended hospital stay. Rachel sprains her ankle.

Rachel's high deductible plan means she's billed for considerable medical expenses. Since she's a student with a part-time job, she doesn't have that kind of money.

Because the intramural league carries supplemental accident insurance, she doesn't have to go into debt to pay for her medical expenses.

Covering Members and Patrons

Nancy and Doug are starting their New Year's fitness routine. While doing his 5k on the treadmill, a button malfunctions and Doug falls injuring his knee. Since he was hurt using your client’s treadmill, their facility is liable for this injury.

Supplemental accident insurance helps by providing Doug with money to cover his out of pocket medical costs. Lab tests, doctor visits and rehab therapy and more are covered.

If Doug's gym is carrying supplemental accident and health insurance from pomi, these expenses will be covered. And, even better, most policies are just a few hundred dollars and cover not just Doug, but all participants and volunteers. That’s what makes it affordable peace of mind protection.

Since 50% of New Year resolutions are related to more exercise, this scenario is very likely!

What About Volunteers?

Haley and Jamal are great volunteers! Together they run a local youth sports league. As coaches and tournament organizers, they're often traveling with the team to and from events.

Last week, the team van was in an accident on the way to an out of town tournament. Haley left the scene with a concussion and Jamal has a fractured wrist.

Haley will need expensive medical testing throughout her six weeks of recovery. Jamal must deal with a cast and X-rays. Even with health insurance, they still owe money.

This is where supplemental insurance is key. Because the non-profit has pomi accident and health insurance, all of their volunteers are covered. So those pesky out of pocket costs? Poof. They’re covered and Haley and Jamal are made whole. And the non-profit can breathe easy knowing they have great coverage in place to protect all of their volunteers.

How Can Supplemental Insurance Help?

Supplemental accident insurance is a growing insurance industry trend with businesses. As shown in the above scenarios, injuries and accidents have many downstream effects.

These often aren't covered by traditional insurance policies. Additional expenses include:

  • Coverage of all parties. Participants, students, coaches, volunteers, & spectators to name a few.
  • Urgent care visits
  • Lab tests and therapies
  • Breaks and sprains
  • Hospitalizations
  • Doctor visits

Attract Participants and Volunteers

Supplemental accident and health insurance offers business owners and organizations added peace of mind. Knowing all parties are covered in the event of an accident or injury is a great selling point as well.

Volunteers are much more likely to sign up to help if they know they will be protected should an accident occur. Your clients’ helpers are free to focus on their passion and leave the liability worries behind.

Where Is Supplemental Accident Insurance Used?

Supplemental accident and health insurance offer coverage for the following:

  • Transportation to and from events
  • Tournaments
  • Schools
  • Games
  • Practices

New Year, New Insurance Trends

The year 2020 has taught the world to expect the unexpected.

Supplemental accident and health insurance policies are designed for just that: the unexpected. Start off the new year with the added confidence a pomi policy provides.

If current insurance trends feel overwhelming, don't worry. Just ask the experts at pomi about how accidental and health insurance applies to organizations and businesses.

Talk with us today to find out how pomi can supply the kind of supplemental accident insurance your clients need. Give us a call at 1.800.275.4691 or send us an email inquiry at [email protected]

These posts are for informational purposes only and should not be considered as specific financial, legal or tax advice. Depending on your individual circumstances, the strategies discussed in this post may not be appropriate for your situation. Always consult your legal or tax professionals for specific information regarding your individual situation. In providing such information, Great American does not warrant that all potential hazards or conditions have been evaluated or can be controlled. The liability of Great American Insurance Company is limited to the terms, limits and conditions of the insurance policies underwritten.  Policies are underwritten by Great American Insurance Company, an authorized insurer in all 50 states and the DC.  © 2021 Great American Insurance Company, 301 E. Fourth St., Cincinnati, OH 45202.  All rights reserved.  Please see Great American Insurance Company’s Legal Disclosures/Terms and Conditions.

 

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