Accident Insurance
Am I Accident Prone? No Way!
Some of us just can’t sidestep injury. Others of us have been lucky and have never been injured. Today, we’ll introduce the Accident Policy so you’ll be better informed and can make an educated decision on whether you may need this coverage.
The Accident policy is a voluntary coverage that you can purchase during open enrollment. But why would you consider it? Here are a few reasons you may want to participate:
1) It provides additional coverage that may not be covered by your major medical plan.
2) It is a great way to supplement your major medical coverage, especially if you have deductibles.
3) It doesn’t require any medical underwriting, so it is easy to be approved.
4) Accident policies are typically very inexpensive.
5) Maybe you or your children participate in sports or other activities that can lead to injury.
6) The premium on this plan can be tax sheltered.
7) Claim amounts are paid directly to you instead of the provider
What kind of coverage does the Accident Policy provide? It will pay for most any injury you can think of. Things like emergency room visits, hospitalization, broken bones, torn rotator cuffs or ligaments, burns, etc. are typically covered. The key here is that there must be an event…an accident that causes the injury. When might an accident plan not cover you? There are usually exclusions for self-inflicted injury, injuries that occur while under the influence or while committing a crime.
When your next open enrollment comes around, make sure you ask your benefit consultant about this plan. Get the details of the offer and make an educated decision.