What Is Accident Insurance, and Is It Right for You?

Have you ever noticed a black cat wandering around ahead of you and promptly turned around and walked the other way? Do you avoid stepping on cracks on the sidewalk, opening umbrellas indoors, or walking under ladders? Are you quick to throw salt over your shoulder should even a few morsels spill onto the table?

Or, on the other hand, do you think all of those old superstitions are a load of hooey? That they’re a bunch of bogus ideas and traditions with no actual effect on reality?

Whether you personally tend to believe in them or not (no judgments here!), superstitions are fascinating. They speak to mankind’s need to always look ahead to the future, to imagine the worst possible outcome of any given situation and plan for a way—any way—to avoid it.

Because, the thing is, areful you are about avoiding danger, accidents can and do happen. It’s important to be prepared for the worst, even as you hope for the best.

For many people, adding accident coverage benefits to an existing insurance plan is a great place to start getting themselves and those close to them prepared if a major incident happens.

What Is Accident Insurance?

Accident insurance is designed to help pay for the out-of-pocket medical expenses that can add up after an unforeseen accident, including deductibles and coinsurance payments.

Accident insurance is intended to fill in coverage gaps, and is not intended to be your primary form of health insurance. Accident insurance plans are not a replacement for qualified health insurance, and do not meet the minimum essential coverage and benefit requirements of the Affordable Care Act (ACA).

How Does Accident Insurance Work?

In the wake of a major injury or illness, you’ll find yourself responsible for a wide range of out-of-pocket costs, including deductibles and coinsurance, as well as the day-to-day life expenses that can be harder to deal with after an accident.

Accident insurance can help offset the many financial burdens that may occur following a covered injury or illness. And though coverage, benefits, and dollar limits will vary from plan to plan, most accident insurance plans work in one of two ways.

Some plans will simply pay a portion of your out-of-pocket costs when you file a claim for a covered medical event.

More often, accident plans will pay you directly, in the form of cash reimbursements for specific covered injuries. This money can be spent how you see fit, and may be put not only toward your medical bills, but also housing payments, utilities, or other living expenses.

What Does Accident Insurance Cover?

Covered incidents will vary from plan to plan; most accident insurance benefits plans will cover a wide range of medical circumstances, including the costs incurred from major burns, dislocations, lacerations, bone fractures, and other severe bodily injuries.

Before signing up for accident insurance, it’s important that you understand what will and will not be covered under your plan. It’s also important to realize that there are certain things that will not be covered by accident insurance, including prescription drugs and maternity benefits.

When Can I Get Accident Insurance?

You can start the process of adding accident insurance to your healthcare portfolio at any time; you do not need to wait for open enrollment.

Most people can get approved for accident insurance within just a week.

You can keep your plan for as long as you make payments and cancel at any time in most cases.

Further Reading: Critical Illness Insurance

Like accident insurance, critical illness insurance is designed to cover the expenses that your standard medical insurance cannot, and is a great way to supplement your income, protect your assets, and pay for treatment in the event of a major medical calamity, such as cancer, heart attack or stroke.

Interested in learning more? We’ve got all the information you need about critical illness insurance available here.

Ready to Find Out More About Accident Insurance?

If you’re curious about finding an accident insurance plan for yourself, your family, or your employees, reaching out to Enrollment Specialists is a great first step—and it’s completely free to get the ball rolling by talking with Matt Peebles today!

The best way to understand the costs and benefits of accident insurance is to sit down with your consultant Matt; as your consultant, Matt will walk you through all of your options for coverage and help you decide on the best plan for your unique needs.

Even better? Matt will be your partner for the entire life of your plan. Whenever you have questions or concerns about any aspect of your coverage at any point down the road, he’ll be your point of contact and your advocate.

Whether you blame fortunes on black cats or not, it’s important to consider: Is it better to take action now, before a major incident strikes… or wait until it may be too late?

Looking for help with these important questions? Remember that, with Enrollment Specialists, you’ve got a guy! Our experienced consultant Matt Peebles is always here and ready to tackle your most pressing insurance questions. Drop us a line today to discuss your options and see if accident insurance may be the right fit for you!

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