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Having a great primary health insurance plan is the first step to putting in place an overall health plan. But there are many different insurance types that deal with healthcare costs - and knowing how to select and combine them optimally can close up coverage "gaps" and save you a lot of money.
One of the most popular types of secondary health insurance is accident insurance. Most people could greatly benefit from an accident insurance policy - but first, you have to learn the basics of how they work.
What Exactly Is Accident Insurance?
While ordinary health insurance covers most healthcare expenses, it may not always be enough. Here's why - it often does not cover ambulance rides to the hospital and other costs incurred in the aftermath of an accidental injury. Accident insurance does.
Also, ask yourself these questions. How will I keep up on the mortgage and car payment and all other regular expenses when life is disrupted by an accident? Will my health insurance cover that kind of thing - no. But again, accident insurance benefits can be used for such things (or used in any way you choose).
With an accident policy, you don't have to empty your savings account to pay for the deductible, copays, and coinsurance on your health plan and for uncovered costs. Your policy pays out a lump sum amount directly to you, not to the healthcare provider. There are no networks involved, and there are a wide range of covered accidental injuries.
What Does Accident Insurance Cover?
What is covered by your accident policy will vary based on your insurer and particular policy. You can combine accident cover with critical illness cover if you wish. You can choose a coverage amount that fits your budget and meets your needs.
In general, however, severe burns, dislocated bones/joints, bone fractures, lacerations, concussions, and many other accidental injuries are covered. Anything that is a relatively serious injury and is a result of an accident is typically included.
Ambulance rides, ER visits, physical therapy post-accident, urgent care, prescription drugs, and other accident-related expenses are not always covered or fully covered by health insurance and/or disability insurance. Accident insurance comes to the rescue when other insurance has an exclusion or runs out.
Who Needs Extra Accident Coverage?
Almost anyone can benefit from an accident policy. After all, accidents can happen to anyone, unexpectedly, and result in extremely costly medical bills. But here are some ideas on when you should especially be interested in an accident policy: