Accident Insurance 101: What, Who, and How
Accident insurance, sometimes used with terms such as supplemental or personal, is insurance that pays a cash benefit for accidental injuries. Think about the expenses involved in a potential serious injury: time lost at work, medical deductibles and oc-pays, possibly even paying for a home health aide or nurse to assist you. This type of insurance can help ease the financial pain of an injury.
What does it cover?
These types of policies usually cover a variety of injuries, including burns, dislocations, fractures, lacerations, and concussions. They also typically cover services such as an ambulance, physical therapy and a visit to the hospital’s emergency room or an urgent care center.
Who should have it?
Individuals or families that have an active lifestyle should definitely consider it. Families with small children should have it. If you don’t have an unlimited budget to cover the expenses involved in an injury, you should find a way to work the premium into your budget.
How does it work?
Generally, you purchase this policy and pay your premiums. Upon being injured, you pay any deductible associated with the policy, and then the policy picks up any treatment expenses not covered by your main health insurance policy, and possibly also pays your lost wages, deductibles or co-pays associated with your main policy, or additional services that some insurance companies offer.
Some policies will also cover death and dismemberment. It’s important when purchasing a policy to ensure that you thoroughly understand exactly what it will cover and how to use the policy when, or if, it becomes necessary.
Accident insurance is something that most people hope they never need. Even so, it’s worth securing to make sure that if or when the time comes that you need it, you’re prepared. After the injury happens, it’s too late to get coverage. Take care of it now so you’re ready later.