Nic is a Beam member who opted into an employee-paid accident plan. Nic’s son, a dependent of the plan, was injured during a high school soccer match. His injury required a trip to an urgent care clinic, where he received an x-ray and stitches.
A few days later, Nic received a bill stating that the total out-of-pocket cost of the visit is $950.
Because Nic’s son is covered by Beam’s standard select accident plan that pays out up to a maximum of $1,500, the out-of-pocket cost of care will be fully covered. Nic will submit the expense to Beam and receive a lump sum of $950 to cover the full medical costs associated with the injury.
Member hospital stay
Dora has employer-paid hospital indemnity coverage through Beam. She is experiencing a high-risk pregnancy. After giving birth to her baby, she must remain under care at the hospital for six days to ensure a healthy recovery.
Because her employer offers the ultra plan option, Dora receives up to $500 per day, totaling $3,000, for her six-day hospital stay. She submits the expenses not covered by her health insurance to Beam, and her plan pays the benefit directly to her—not to the hospital—so she is able to offset the costs in a way that works for her family.
Dora uses her hospital indemnity benefit to cover the cost of her high health insurance deductible, and she uses the remaining funds toward the cost of child care for her older children during her hospitalization.
Member accident and hospitalization
Beam member, Jo, has both accident and hospital indemnity coverage through their employer-paid Beam benefits package.
On their way home from running errands one evening, Jo is involved in a car accident. At the hospital, it’s determined that Jo has suffered significant injuries that will require surgery and inpatient care. Jo remains in the hospital for six days, including two days in the ICU.
Because Jo has both accident and hospital indemnity coverage, they are eligible to receive financial support through both plans to cover costs associated with this injury.
$3,000 max lump sum payment
2 days in ICU
$2,000 ($1000 max per day)
4 days in inpatient care
$2,000 ($500 max per day)
Total member payout for this incident: $7,000
Hospital stays can be quite expensive, even with health insurance. Jo submits the expenses they’ve incurred during this hospitalization to Beam and receives the maximum lump sum payments to help ease the cost of care. Jo’s health insurance plan has a high deductible, so they use their supplemental health benefits to meet it. Jo uses the remaining funds to offset the cost of transportation and child care accrued during the accident and hospital stay.
Easing the unexpected for employees
Michelle realized her lifelong dream of opening an independent movie theater. It’s a small business with just a few employees and thin margins, so she has to keep her costs low.
Michelle provides a high deductible medical plan to her employees, but she knows that medical costs could still be very expensive for them. After doing a little research, she realized that adding an employer-paid supplemental health option to her benefits package is an affordable way to help her employees cover high medical costs associated with accidents or hospital stays.
Through Beam, Michelle was able to purchase the select accident and hospital indemnity plans for a low monthly premium. Each employee is eligible for a direct lump sum payout in the event of non-workplace accident or hospital stay in order to offset the financial impact of a high deductible medical plan. She can be confident that her employees and her budget are protected.