Accidents requiring medical attention are more common than you may think. In fact, one in five Americans visit the ER each year1. And these can be more expensive than you may think, even if you have medical insurance.
When you consider out-of-pocket medical expenses such as copays, deductibles, and medicine — in addition to out-of-pocket non-medical expenses such as lost wages, transportation — the cost of a broken leg can be as much as $16,0002.
Accident insurance can help you meet that financial challenge.
What accident insurance is, and isn’t
Accident insurance is not medical insurance or disability insurance. Rather, it can be used to supplement those coverages.
Even with comprehensive medical insurance, an accidental injury could have a negative impact on your finances. Accident insurance pays a benefit (either in a lump sum or per treatment, depending on the policy) that you can use for any purpose including to help you pay some of the co-pays, co-insurance or other out-of-pocket medical expenses. You could also use the benefit to help out-of-pocket non-medical expenses such as transportation or help at home.
Personal accident insurance
Personal accident insurance offers a lump-sum payment to handle costs resulting from an injury that your primary health insurance provider may not cover.
Group accident insurance
Group accident insurance complements existing medical coverage, bridging any gaps that may form due to out-of-pocket costs. Employees have their needs met, while employers incur no additional benefit expenses.
Is accident insurance worth it?
While it does offer added protection to your existing benefits, accident insurance can be expensive. A more affordable option may be to purchase accident insurance through your employer, union, or professional association, many of which may offer critical illness insurance as an optional benefit at more affordable rates.