Why accident Insurance?
Because accidents happen when you least expect them. Even with health insurance, the extra expenses from an accidental injury can really add up. Lost wages from missing work, high health insurance deductibles and unpaid bills all affect your lifestyle, home and family.
Accident insurance like many of the supplemental insurance provides an additional level of financial protection for employees and families in the worst of events accident or illness.
What is accident or supplemental insurance?
Accident insurance, also known as supplemental accident insurance or personal accident insurance, pays benefits for accidental injuries. Accident insurance pays out a lump sum if you incur specific kinds of injury as a result of an accident. Similar to but legally distinct from health insurance, accident insurance complements disability insurance by allowing you to claim benefits even if the injuries you incur do not keep you out of work. Accident insurance may also complement health insurance if an accident causes you to have medical expenses that your health insurance doesn't cover.
Supplemental insurance is additional coverage that you can use to help with the out-of-pocket expenses that may not be covered by your major medical insurance.
What does accident insurance cover?
This may vary by insurance carrier BUT on average...
Injuries:
- Dislocation
- Laceration
- Concussion
- Fracture
- Eye injury
- Burn
- Dental
- Accidental death and dismemberment
Services:
- Ambulance
- Hospital Emergency Room
- Physical Therapy
- Urgent Care Center
Who may need Accident Insurance?
Individuals and families with an activate lifestyle
Individuals and families with small children
Anyone with current health Insurance
Anyone with a limited budget for unexpected medical expenses
Disability and Accident Insurance can you have both?
Where disability insurance pays you benefits each month you remain disabled, accident insurance only pays out a preset number of times or over a specific range of time. Additionally, accident insurance offers relatively low benefits: one company offers just $5,000 for incurring third-degree burns on one-third or more of your body.
Cost of accident insurance?
Accident insurance is relatively inexpensive. You can take out a policy for between $6 and $20 per month if you’re young and healthy. However, accident insurance policies frequently have deductibles, or an amount of money you have to pay out of pocket for care before you receive the benefit to take care of the rest.
Eligibility for accident insurance?
Every accident insurance company has different rules about who is eligible to receive benefits. To receive accident insurance coverage, you need to be at least 18 years old. Some accident insurance companies terminate your coverage once you reach a certain age, usually between age 70 and 75.
Is accident insurance worth it?
Accident insurance is relatively inexpensive, but it also offers relatively small benefits. You might benefit from an accident insurance policy if your health insurance has high deductibles, because accident insurance offers a one-time payout that can help you afford medical care.
How accident insurance complements other insurance coverage?
Accident insurance vs. disability insurance
Accident insurance is very similar to disability insurance in that, for both cases, the insurance company pays out when you incur an injury. In terms of what kinds of injuries are covered, accident insurance has a lot of overlap with disability insurance.
Accident insurance vs. health insurance
But injuries incurred while covered by accident insurance don’t need to be disabling to qualify for accident insurance benefits, so the benefit could be useful to cover small gaps in coverage from disability insurance and health insurance. You can use accident insurance to help pay down a health insurance deductible or a copay.
Additional Coverage?
Your accident insurance policy may offer you optional coverage similar to the riders you find in life insurance. These include hospital stays and ambulance rides (both in a vehicle or in the air) as well as certain kinds of emergency care. Optional coverage will add to your premiums, but it may increase the number of times you can claim an injury for benefits and expand the time frame during which injuries are eligible to be claimed.