NEW
YORK, N.Y., Nov. 12, 2019 – This holiday season, will
Americans seek adventure over relaxation on their winter getaways? According to
a new survey by The Guardian Life Insurance Company of America® (Guardian
Life), 72% of Americans took a vacation this year, 81% plan to take
a vacation in 2020, and two-thirds are seeking adventure while on vacation. The
survey also found that adventure-seeking can have unexpected outcomes on
vacation, including the adventure-related accident.
The
latest findings reveal that a third of Americans (34%) know someone or have
themselves been injured on vacation. And, for those who identify as strictly
adventure-focused travelers, that number rises to nearly half (49%). To put a
finer point on the potential dangers and injuries Americans face while
vacationing, one-fifth (19%) of traveling Americans even felt like they were
going to die while on vacation, and that number increases to nearly a third for
adventure-focused travelers (29%).
Whether
it’s ziplining in the mountains, hiking, snorkelling or a myriad of other experiences
adventure travellers seek, risks abound. For those who have been injured, 75%
of the injuries required medical attention. Unfortunately, the majority of
Americans are not confident they could manage unexpected out-of-pocket medical
costs; in fact, only two in 10 (21%) polled say they are completely confident
they could handle the medical costs associated with an injury on vacation.
Fortunately,
accident insurance is a solution that can provide Americans comfort, helping
them feel more financially prepared to take on adventure travel with
confidence.
“As
more Americans pursue adventure travel, accidents are likely to happen, so they
should be prepared for unplanned expenses from injuries requiring medical
attention,” said Marc Costantini, Executive Vice President, Commercial and
Government Markets, Guardian Life. “The high cost of medical care, particularly
for those with high deductible health plans, can be offset with accident
insurance and help people reduce financial stress."
Accident
insurance – an affordable supplemental health benefit many employers provide as
part of their benefits package to employees - can be used to help cover the
out-of-pocket medical expenses that primary health insurance may not, such as
deductibles, copays and coinsurance, helping families offset those expenses.
Services and items an accident policy typically will cover include x-rays,
ambulance services, deductibles, and even items like rent or groceries.
Guardian
Life’s New Accident Policy
To help
consumers who would otherwise not be able to afford unexpected out-of-pocket
medical costs—like a potential injury on vacation—Guardian Life launched a new
accident insurance product earlier this year. The new policy includes
first-to-market features consumers want most: money back if the policyholder
goes injury-free for five years, and a rainy
day fund that provides payment for treatments that might
normally exceed primary healthcare policy limits.
Driving
Consumer Awareness
Additional
findings from Guardian Life’s survey reveal there is little consumer awareness
about what accident insurance is and how it can help families offset
out-of-pocket medical costs from unexpected injuries:
·
Just over one quarter (28%) of Americans currently have an
accident insurance policy that would help cover extra, out-of-pocket expenses
associated with an injury.
·
Forty-two percent of Americans are not clear on what an accident
policy is designed to do, as 18% believe the policy covers their car in an
accident and 24% aren’t sure.
·
The top three reasons for owning an accident insurance policy
among current policy owners include preparation for unexpected injuries (71%),
relief from needing to use savings to cover the potential costs of medical
expenses (50%) and to offset high out of pocket deductibles (44%).
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