Benefits of a Large Deductible Plan
Most companies want to provide fair, comprehensive insurance coverage for their employees. A large deductible plan for workers’ compensation or general medical care is often the obvious choice for employers.
A large deductible plan — an insurance plan that requires insured parties to spend a certain amount on medical expenses out of pocket before specific coverage kicks in — may seem intimidating to the insured. However, there are actually a few key benefits to this type of coverage. Not only do these types of plans help to keep company costs down, but those savings are often passed on to the insured in the form of lower premiums.
Peace of Mind
Implementing this kind of coverage ensures that the employer can offer the best possible insurance for its employees, while those employees have peace of mind in knowing that any costs incurred from an unforeseen accident at work will be fully covered once the deductible is met. This is a straightforward approach to insurance coverage that tends to benefit both parties.
As with all insurance, an individual employer generally has a variety of options from which to choose an affordable and effective plan that satisfies its hardworking employees. Opting for a large deductible plan keeps the cost of such coverage balanced.