What does accident insurance actually do?
We all know that accidents happen. But what does that mean for you and your pocketbook? Think about the all too typical sprains and dislocations – these are the most common reason for accident insurance claims. A normal emergency room visit normally costs more than $2,000. For those Americans with a high-deductible health insurance plans – which is the majority of Americans – you would be responsible for paying the entire bill out of pocket.
This is where accident insurance comes to play.
Accident insurance pays benefits to help with the costs of unexpected injuries, such as a sprain, dislocation, fracture, cut or a burn. The payments from the accident insurance will go directly to you for usage. The money can be spent however you need the money to be used. Accident insurance pays the out-of-pockdet medical expenses and / or other costs not covered by insurance such as your transportation. Accident insurance can even be used to pay the babysitter while you go to the medical appointments. Additionally, your benefit payments will not be reduced by other coverages you have through your current health insurance plan.
Commonly, you and your children all have active lifestyles. Sports, dance, exercising, hiking and more all hold the potential for an accident. Accident insurance covers the void between an unexpected medical bill and what you may have in savings for emergencies that will happen. Approximately 40 million Americans seek medical help for injuries every year.
Accident insurance may be available through your employer or as a supplemental choice to add to a benefits package. Some benefits packages will have accident insurance as a voluntary supplemental choice. If you are not sure if you have it as an option, ask your HR department if it is available. If it is a voluntary benefit, you would pay for the protection yourself so there is not direct cost to your employer. The bonus? It’s really affordable. Generally, the cost is around $5-$8 a week for coverage, although it may vary in cost depending on the number of family members covered. (Costs will vary obviously by plan, how many people are covered, and state guidelines too.)
Look into the options you may have available. The initial cost would be low to you, and the savings potential would be exponential.