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One of the most important of all types of supplemental health insurance is clearly accident insurance. Accident insurance is designed to give you extra protection against out of pocket cost incurred as a result of a qualifying accidental injury. It is currently one of the most popular of all "peripheral" insurance types, and for a number of very good reasons.
1. Health Insurance May Not Be Enough
All health plans leave you with some potential out of pocket expenses, due to the existence of deductibles, co-payments, and coinsurance. Accident insurance will pay you a lump sum benefit regardless of how much your regular health insurance policy is covering you for.
Since what health insurance leaves unpaid can often be enough to sink you financially, accident insurance is a valuable supplemental tool. This is especially true if you have a high-deductible health plan.
2. You Get Flexible Cash Fast
When you file a qualifying claim with accident insurance, you get immediate or very short-wait cash in hand. The benefit monies go to you, not to your insurer and then to the health care provider.
There are no restrictions on how to spend the money. You can use it for anything, including ambulance expenses, personal transportation costs, medical exams, hospital bills, food and lodging, rent or mortgage payments, and more.
These types of expenses always pile up after an accident disrupts your income stream - and other insurance policies aren't going to pay for them.
3. Accident Insurance Is Very Affordable
Usually, you can get a substantially beneficial accident insurance policy for only $5 to $50 per month. The exact premium will vary based on insurer, plan-type, age, and other factors, but a health exam is generally not required.
Also, if you keep the policy long term, your premiums won't go up as you age, nor will they go up when you make claims (even large numbers of them.)
4. Most Accident Types Are Covered
Not every accident is covered by every policy, but most accident types are. This includes slip and fall accidents, falls off ladders at home, car accident injuries, bicycle accidents, accidental injury while using a lawn mower or doing DIY home repairs, and more.
Generally excluded are accidents stemming from illnesses, from reckless behavior, from self-inflicted injuries or suicidal actions, or injuries sustained in the course of committing a crime.
Sports injuries may or may not be covered. Typically they are and you can add a rider for extra coverage for sports injuries - but high-risk activities like skydiving or bungee cord jumping will almost certainly be excluded.
5. Your Policy Goes Wherever You Go
Unlike many health insurance policies that are lost should you ever lose your current job, accident insurance stays with you.
In fact, on an interim basis, it (along with temporary health insurance) could be your only coverage. And it's far better than having no coverage at all and then getting caught off guard with a painful and expensive accidental injury.
More than half of all Americans with health insurance are unable to pay the uncovered portions of their medical bills following an accident, and about as many lack sufficient savings to cover these expenses.
Accident insurance is a great way to guard against the financial fallout that could result from such a situation.
To learn more, contact Summerlin Benefits Consulting for a free consultation!