Did you know that the majority of Coloradans get their health insurance through an employer? As employers, we know this is not only an extremely important benefit but also one that represents a significant cost to all of us as well. We assume our coverage will handle any medical costs that could arise. But you may want to double check and ensure your employees are covered in the event of a catastrophic injury.
You may be thinking, of course they are—we have workers’ compensation coverage. But a catastrophic injury can often occur outside of work and could prevent an employee from ever returning to work or require extensive medical treatment.
One employer only found out their coverage was inadequate after an employee was injured. That’s why I am writing today. There are too many situations where these life-changing injuries are compounded by the stress of the medical and care costs that arise if your health plan doesn’t cover longer hospital stays or adequate rehabilitation time.
Craig Hospital, which is a leader in rehab services for people who have experienced spinal cord or traumatic brain injuries, suggests having a plan that covers a minimum of 60 to 90 days of rehab, equipment and therapy benefits.
Mountain States Employers Council (MSEC) has a few more suggestions for employers:
Get to know your plan. The first step is understanding what you have and if there are any limits on the number of days a person is covered to receive care.
Rx matters. Prescriptions can sometimes be limited or fall into specialty areas. Find out what is covered (or not) and how that can impact costs to your team.
Build a plan. If you have a fully insured plan and at least 50 people on your staff, you’ll have more options and can compare prices. But if you have a self-insured or partially self-insured plan or smaller organization, there are still a few options and supplemental coverage can help close any gaps.
Click here to read more tips from MSEC.
No one likes to think about these kind of scenarios, but a catastrophic injury can change a person’s life forever. As employers we care deeply about our workers and want to do everything we can during times like this. So please take time to check your plans so you and your workers aren’t surprised later.
Kelly Brough is the president and CEO of the Denver Metro Chamber of Commerce.
[Photo by SSG Robert Stewart, U.S. Army]