No one is perfect. We all do our best. We all tie our shoes the same way. And we all live our lives to the best of our abilities. However, as the old saying goes “life happens,” often holds true in many situations. We all have plans, goals and dreams, but still yet, things happen in life, and we must address them. One thing that often “happens” in life is an accident. You don’t see it coming and you can’t always prepare for it. The accident just happens. This is when you’ll be glad you have accident insurance. There are many exact instances where accident insurance can offer great benefits to those involved. For example, you or a loved one could be in a brutal car accident. While barely holding on for dear life, the paramedics ambulance you straight to the intensive care unit in hopes of saving your life. You have broken bones, internal bleeding, a concussion and many other ailments. While ER doctors work around the clock to save your life, the bills add up. You live, but remain in the intensive care unit for a significant amount of time. Once you’re out of the hospital, you face an uphill battle. Therapy, medical exams and more are required if you’re to regain your health fully. And nothing is free. While your major medical healthcare insurance has picked up a majority of the costs, you are left with a pile of bills. Even after a majority of a six-figure hospital bill has been paid by insurance, you could still be on the hook for tens of thousands of dollars. You also may find yourself in a position where you can no longer provide for your family or yourself.
Why Accident Insurance
The tale above is exactly why you must have accident insurance. You never know when an accident could occur. And when one does, medical bills will begin to add up rapidly. You’ll find you have numerous bills and expenses that you’ve never even thought of. Many major medical health care plans include some form of accident coverage. However, there are many plans that do not. If your health insurance does not provide accident coverage, it’s imperative that you look into accident plans sooner than later.
What Exactly Does Accident Insurance Cover
Accident insurance plans vary in coverage. In essence, accident coverage is there to provide the financial help you need, in your greatest times of need – after an accident. A majority of plans cover emergency room visits, hospital stays, medical costs and more. Many plans cover the cost of rent, utilities, car payments and more – if you’re unable to continue providing for your family. Some plans also cover lodging costs and transportation costs related to all medical expenses.
The In’s & Out’s Of Accident Coverage
Most policies offer payouts to families if the accident resulted in the death of a loved one. However, the coverage does not cover acts of negligence, acts of God or accidents occurring due to a natural disaster. Depending on your plan, there may be a limit or cap put on the total payout after an accident. As well, there may be restrictions placed upon accidents that have been deemed “too risky” by adjusters. These plans typically start around $15 to $25 per month and go up from there. Pricing will vary greatly depending on the exact details of the policy and payouts. One important factor to consider with accident insurance is the type of activities you and your family engage in on a regular basis. If you often travel or participate in sporting events, you’ll want to look into accident coverage plans that cover these activities and adventures. There’s no point in paying for a plan that doesn’t cover the activities you do the most.
No Health Coverage
You can purchase accident insurance as a standalone plan, or you can package the coverage with an existing insurance policy. Some individuals purchase accident insurance without having health insurance due to the fact that they would have access to medical treatment in the case of an emergency. While this is not recommended for various reasons, this is something to consider for individuals struggling to pay regular health insurance premiums.
Shopping For Accident Coverage
Whether you tag accident insurance onto an existing policy or purchase a standalone plan, you’ll want to do your research. While insurance claims can be notorious for being slow to be paid, you’ll want to make sure you find an accident insurance plan that pays claims quickly and smoothly. You don’t want your bills to be stacked too high before the claim check comes in. You will also want to make sure the claim check is paid directly to you. Most accident coverage includes this stipulation, but it’s something to pay attention to. When looking for different companies and premiums, make sure to find out exactly what types of accidents are covered and which ones are not.
Accident Insurance & You
Just like every form of insurance, you’re essentially placing a bet when purchasing accident insurance coverage. You’re paying an insurance company a monthly premium. Your hope is that an accident will never occur. In similar fashion, the insurance company is writing you a policy and hoping they will never have to pay out any claim money. And while both parties are hoping an accident won’t occur, the fact of the matter is that they do. When this happens, you’ll be better off if you opted for accident coverage than if you didn’t. While gambling can be fun, you’re best hedging your bets when it comes to medical expenses, accidents and the like. Accident insurance is the easiest way to do so.