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 enjoying adventure travel 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%).