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The History Of Accident & Health InsuranceWhat is Accident & Health Insurance? The industry involving accident & health insurance concerns itself mainly with underwriting claims of injury or illness. Insurance can cover lost wages, medical bills, and special treatments depending on the plan purchased. Oftentimes, the accident & health insurance providers will partner up with medical professional, pharmacies and drug companies to offer discounts and flexible payment plans to their customers. In The Beginning The idea of accident & health insurance was first documented nearly two centuries ago. However it wasn't until the 1800s that organized insurance policies came into existence in the United States when sailors paid a small fee to protect themselves in case of injury on the sea or to maintain their health while traveling. Several decades later in the 1930s, during the Great Depression, accident & health insurance emerged in the form that we recognize today. This form of insurance covered large medical costs due to injury or illness for an affordable monthly fee, a small deductible, or possibly both. The Industry Grows Beginning in the 1960s and continuing for many years, employers offered accident & health insurance at very reasonable rates to their workers. The main reason for the popularity of health insurance as an employee perk was the tax benefits offered to companies. The premiums paid for accident & health insurance were tax-deductible for employers and tax-exempt for employees. This made offering insurance a very cost-effective benefit. Originally employers paid the majority of the cost of the insurance provided to their workers. This changed in the 1980s when shifts in the economy created a need for employers to reduce costs, some of which were insurance-related costs. This didn't change the accident & health insurance company policy of raising premiums on an annual basis. This increase in rates, which is much quicker than the rise of inflation, remains one of the biggest complaints of insurance consumers today. |
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