"It just makes sense that employees having access to accident and disability coverage would decrease worker's comp claims." In addition to health plan costs, the costs related to worker's compensation claims can easily get away from a company. In addition to the direct costs, companies struggle to capture the real cost of claims, factoring in absenteeism, and loss of productivity. A recent workforce study commissioned by AFLAC, found that companies who offered their employees the opportunity to purchase voluntary accident and disability insurance saw a significant decrease in workers compensation claims. It just makes sense that employees having access to accident and disability coverage would reduce workers comp claims. Not only does voluntary accident and disability cost companies nothing, employees are covered on and off the job. It's impossible to measure the accidents that may not actually happen on the job, but turn into a workers compensation claim when employees don't have off-the-job coverage. These incidents are eliminated when employees are covered no matter where they are. | "42% of companies offering voluntary accident & disability saw a significant decrease in their worker's comp claims ." The independent survey of 600 employers found that 42% of companies offering voluntary accident and disability saw a significant decrease in their worker's comp claims. How significant? 15% of companies who offered accident coverage reported reductions of 50% or more, while 9% reported declines of 25-49%. 18% of companies who offered disability coverage reported reductions of 50% percent or more, while 17% reported declines of 25-49%. Talk about a positive impact on the bottom line that couldn't be easier and more cost-effective (free) to implement. Now, back to the serious challenges of bringing health plan costs down. Source: Bell, Alison. LifeHealthPro: "Disability benefits may cut workers'comp costs" http://www.lifehealthpro.com/2014/04/04/disability-benefits-may-cut-workers-comp-costs Giddens, Tom. Small Biz Trends: "Reduce Workers’ Compensation Claims with Accident and Disability Insurance" Apr 28, 2014 http://smallbiztrends.com/2014/04/reduce-workers-compensation-claims-disability-accident-insurance.html |
RSS Feed
