Reduce Out of Pocket Expenses with Accident Insurance
Accident insurance bridges the gap between health insurance and certain out-of-pocket expenses following an accident. A lump-sum payment is paid to you or your beneficiary. The purpose of the payment is to help pay expenses not covered by your health insurance. But there are no requirements for how the benefits are spent, so you can use the money however you see fit. In most cases, the benefits pay for things like deductibles, co-pays, transportation, and other services related to the accident.
If you want an accident insurance policy, check with your employer. Group accident coverage is sometimes offered as an employee benefit. In this scenario, premiums are deducted from your pay and are less than what you’d pay on your own. You’ll also have the option of adding your dependents to the policy.
When you are injured in an accident, then you would file a claim for your benefits. If the injured person is not the policyholder, then the policyholder will receive benefits on behalf of that person. An example is when a child is included on a parent’s policy. Parents often find this coverage helpful, especially if their child plays a sport that puts them at risk for injury.
Insurance companies offer plans with various coverage and benefit options. Some policies also offer additional benefits, such as accidental death, dismemberment, and paralysis. No matter your situation, financial assistance is always appreciated following an accident. And accident insurance plans are a cost-effective way to protect your savings or avoid going into debt because of medical expenses.