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All You Need To Know About Accident Insurance

We can never be too careful no matter how on guard we are with our surroundings. There are just some things we cannot control and that’s when accidents happen. Often, it happens when you least expect it. You could slip on the floor, fall from the stairs, and so on. These things can happen to anyone at any time. What’s more painful is the cost of paying for this in the hospital. Depending on the injury, medical expenses due to accidents can be minimal or exorbitant. Financial crises brought by huge medical bills are one of the biggest financial problems faced by Americans today. This is where accident insurance comes in. So what is it and how does it work?


What Is Accident Insurance?

Accident insurance works as your safety net in cases of injury and the resulting unexpected loss of income. Your financial commitments such as utility bills, mortgage, and daily living expenses do not stop when accidents happen. Your bills don’t freeze while you’re indisposed. So on top of your medical bills, you need to have enough funds to continue paying for your on-going expenses. Most of the time, your savings won’t cut it. Your accident policy will cover your medical and non-medical needs. This will be a huge relief in an otherwise stressful time for you and your family.

Accidental insurance is actually a supplemental to your main healthcare plan. This will support you to pay for your out-of-pocket medical and non-medical expenses resulting from an injury. You will receive lump-sum cash benefits credited to you directly. That means you decide how you’re going to spread out the cash among the expenses related to your accident. You can spend it on childcare, treatment, medication, transportation, rent, and even groceries. Should your health care plan pay for all of your medical expenses, you will still receive the benefits.

What Does Accident Insurance Cover?

The among you receive from your accident insurance will greatly depend on the diagnosis and severity of your injuries. Of course, it also depends on the kind of coverage you selected. If the accident is covered by your plan, then all the procedures and treatments you were given will be paid for. From the emergency room visit to any out-of-pocket expenses, your plan should be able to pay for those. Did you know that your dependent can actually benefit from the accident insurance? Yes, if the plan has a child organized sports benefit. This means your kid has protection when he gets hurt playing his favorite game. In fact, the payout may be increased by 20 percent to help cover the expenses.


What Isn’t Covered by Individual Accident Insurance?

Some policies exclude some high-risk recreational activities or sports in their coverage. Some of the examples include skiing, scuba diving, and bungee jumping. Do note that no two accident insurance is the same. While one policy may accept to cover an incident, the other may not. Each accidental plan has a set of different coverage. However, here are general activities, which may not be shouldered by your policy:

● Resulting injuries from sickness or disease
● Resulting injuries from dangerous or reckless activities
● Injuries that occur under the influence of certain alcohol or drugs
● Self-inflicted injury or suicide
● Injuries incurred while committing a crime
● Injuries incurred before you bought your accident insurance plan

While it’s true that accidents can happen to anyone, there are some people who are more susceptible than others. For example, seniors and active adults are more prone to accidents and can benefit from this kind of insurance. Anyone who drives a car for that matter should also be well-protected. Having this kind of fallback in cases of emergency will help you recover faster financially compared to having to use up all your savings or worse, take on a personal loan to pay for the out-of-pocket expenses.

Based on materials from the Guardian Direct

Photo Credits:
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Photo by Daniela Santos on Unsplash
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