Be it a broken bone or laceration, infected bee sting or major trauma, any injury large or small can greatly hurt your body as well as your finances. Fortunately, accident insurance policies can help you minimize the financial hardships of these unfortunate events. These policies give you the power to better manage the range of medical and out-of-pocket costs that have the potential to ruin your budget after an accident from emergency room treatments to physical therapy and everything in between. They are a supplemental insurance policy that complements your coverage by helping you pay for expenses that your major medical insurance may not such as deductibles, copays, childcare, transportation, and more.
This type of insurance can be taken out by you personally or may be offered by your employer as a workplace benefit. Regardless of whether you or your employer takes out the policy, the benefit is paid directly to you after an accident no matter what other coverage you may have. Since you receive the money directly in one lump sum, you have complete control over how to use the funds including using them to help pay monthly bills that don’t stop just because you may be out of work while recovering. In addition, these plans allow you to go to any hospital or doctor you choose. Since there are no network restrictions, you can relax knowing that your injury will be treated by your favorite caregiver.
There are many different types of accident insurance policies including accidental death and dismemberment, travel that includes only accidents from airplane crashes, student, catastrophic, and blanket that covers such areas as sporting events. Some carriers even offer an accident only disability that pays the benefit weekly or monthly instead of one lump sum.
These supplemental insurance policies are ideal if you’re looking to protect yourself or your employees from the financial hardship that can often accompany an injury. They offer peace of mind since they help pay for unexpected or even uncovered medical costs related to any accident whether at home or on the job, on the road or abroad.