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You may have spent a lot of time thinking about how to choose your ideal health insurance plan, and that makes sense because your primary health insurance policy is foundational. But the fact is, regular health insurance is often not enough. You may want to consider a secondary health insurance policy to cover some of the gaps that your primary policy doesn't cover. Otherwise, out of pocket expenses could become very burdensome.
What Is Accident Insurance? One of the best types of supplementary health policy is called "accident insurance." Accident insurance will cover such things as emergency treatment, transportation to/from the hospital, blood transfusions, extended care at home or in a facility, and rehabilitative therapy. It covers most of the expenses that ordinary health insurance won't in the event of a covered accidental injury. And normally, accident insurance pays out in a lump sum payment per accident with no deductible. It puts cash in hand right when you're in a financial squeeze and lets you decide exactly how to best spend it so as to better bear the financial burden incurred in the aftermath of an accident. What Are the Benefits of Accident Insurance? But getting more specific and more practical, let us address the question, "Why should I buy accident insurance?" The most obvious reason to buy accident insurance is simply that it will cover "extra" uncovered costs incurred in the event of an accident, such as those we've already mentioned above. But here are 7 other good reasons why you might want to invest in accident insurance: 1. It doesn't cost very much. It adds a significant chunk of coverage to your health plan with only a relatively small increase in your overall premium total. 2. It's tax deductible. So long as you pay your full accident insurance premiums out of pocket, you can deduct them in full when it's time to file your tax returns. 3. Flexible payout options. With most accident insurance policies, you get to choose (ahead of time) if you want lump-sum or monthly payments when you receive benefits. 4. Flexible cash in hand. You also can use your benefit for living expenses, medical expenses, or anything else as is needed. Big medical bills put the strain on your whole budget, so this spending flexibility is a huge plus. 5. No medical underwriting. Typically, you can qualify for accident insurance regardless of your health and won't need a medical exam. Even if you were refused life insurance due to a health condition, you can probably still get accident insurance. 6. Protection of your savings. If you have no savings, accident insurance gives you the peace of mind of knowing you can pay for any accident that may occur. And if you do accumulate savings, accident insurance helps to protect it from being wiped out following an accident. 7. The disability benefit. Finally, most accident policies will include a disability benefit if you are so badly injured that you can't work anymore. That's why many people plan for their accident insurance term to expire when they retire. The bottom line is, accident insurance offers wide-ranging coverage in the event of an accidental injury, and yet, that coverage is targeted at exactly those expenses your health insurance policy won't touch. To learn more about how accident insurance can complement health insurance, contact Summerlin Benefits Consulting today! |