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No one likes to think about the possibility of an accident, but the likelihood is inescapable. Have you or anyone you know ever had an automobile accident? Slip or fall? Or how about a sports injury? Whether it is a minor injury or something more severe, accidents often happen when your doctor’s office is not open, meaning you may have to go to the emergency room or urgent care where your out-of-pocket costs are the greatest.
Medical insurance offsets most of the treatment costs for injuries resulting from an accident. But what about the out-of-pocket costs you do not consider? There is your deductible, co-pays, prescriptions and even time off of work. It is inconvenient and expensive and can impact your financial situation. Accident insurance provides a hedge against this possibility paying benefits for injuries resulting from a covered accident.
These benefits are paid directly to you or your designee to use however you wish. The benefit schedule specifies payment amounts for events like hospitalizations, emergency room treatments, surgery, fractures, dislocations, burns, comas and diagnostic testing.
Treatment costs are only one piece of the financial puzzle when someone is injured. Loss of wages and increased household expenses, paired with the leftover costs that medical insurance does not cover such as co-pays, deductibles, can mean bills piling up just when you’re least able to keep up with them.
Sure, you may have medical, dental and vision insurance. You may even have a Health Savings Account (HSA) or Flexible Spending Account (FSA). If you have an accident, you are financially covered, right? Not necessarily. Most, if not all, medical insurance policies leave you with unexpected out-of-pocket expenses such as co-pays and deductibles. Since the accident policy pays you directly, you determine how you want to use the funds. This coverage is available to you, your spouse and your dependent children.
You cannot be turned down for this insurance if you are an eligible employee, coverage is guaranteed and there is no medical underwriting.