Accident insurance is a complementary product to health insurance and pays a lump sum if you incur injuries as a result of an accident.
For example, this may include injuries such as a burn, concussion, dislocation or a laceration to name a few. In many scenarios, you can claim the benefits from these injuries even if they do not keep you from working.
In the simplest form, it operates in the same manner as health insurance or dental insurance where you pay a monthly premium for coverage. Many plans do have a deductible so the more you pay in a premium amount, the lower the deductible.
Anyone can have an accident at any time, so adding an insurance plan to the mix can be worthwhile for many individuals.
While many situations are covered such as eye injuries, fractures, and the aforementioned items, accident insurance doesn’t cover some areas.
Areas such as suicide, self-inflicted injuries, or injuries that happen while under the influence of drugs, alcohol, or considered reckless may not be covered. At the same time, if you have an accident prior to purchasing an insurance plan, they will not be covered.
No matter your age, accident insurance plans are always a solid option to add and complement an existing health plan.
The number one reason to have accident insurance is to save money in case something unexpected happens. It helps you keep medical costs down if an unforeseen circumstance happens in your life.
If you have to stay in a hospital or if you receive emergency medical treatment after an accident, these medical costs are covered to some degree under accident insurance.