Accident Insurance

What About Accident Insurance?

Accident insurance fills in the financial gaps in health insurance coverage and deals with out-of-pocket costs that can leave a policyholder vulnerable following one of many covered accidents. This coverage pays out a lump sum to the beneficiary directly with no specification as to how the benefits must be spent. 

How It Works

Most of the time, beneficiaries will utilize accident plan benefits to pay for out-of-pocket costs, such as co-pays, deductibles, lodging and food, transportation, and so on. Those who have good accident insurance also use the benefits for dealing with out-of-pocket costs for normally non-covered medical services, ones that a usual health plan won’t include, like ambulance rides, medical testing, surgery, physical therapy, and more.

Who Needs It?

This coverage often is part and parcel to one’s employee benefits plan where employers provide group accident coverage as a perk for potential workers. Employees normally pay premiums via deductions from the payroll. Accident plans are helpful to employees as they are convenient and relatively uncostly. These plans help employees in dealing with the financial difficulties of serious accidents. Coverage can be extended for individuals as well for their loved ones.

Coverage begins immediately if an insured person faces injury due to an accident. For instance, if the policyholder beneficiary falls off his roof while repairing a shingle and breaks a bone, he would be eligible for the full benefit amount, which would be paid in one lump sum. He could then use this money for any or all out-of-pocket expenses of his choosing. If the policyholder is not the beneficiary but suffers injury, his or her beneficiary would be compensated, which would often be the case in which the employee covers his or her children. 

The Benefits

Insurance companies offer plans with a range of coverage and benefits, with some plans being portable and with significant coverage options. When one is looking for eligibility for coverage, the qualifications will vary by the plan and insurance provider that offers it. Many accident plans offer additional benefits like accidental death, paralysis, dismemberment, and loss of income coverage. Some provide plans that compensate for necessary lodging and meals when one is receiving treatment away from home. 

Conclusion

Accident plans can be a highly cost-effective way for families to safeguard their savings or avoid going into debt due to often large out-of-pocket costs. These claim processes are usually relatively easy and give the accident victim peace of mind during a challenging time.