No one can predict if and when they will be involved in an accident. Luckily, there are insurance policies that can help individuals and their families who are injured in an accident recover from their injuries and live their lives through recovery. An accident insurance policy is a special form of insurance that will pay listed insureds a specified amount of money that is determined based on the severity of the insured’s injuries. The following information will educate you about specialty accident cover so that you can decide if this is the right type of plan for you.
How Does Accident Cover Relate to Employer Sponsored Workplace Benefits?
Accident cover is designed to help individuals gain access to medical treatment when they are involved in an accident. The insurance will typically cover many different risks that can lead to injury, but will specifically exclude injuries caused by negligent acts, acts of God, risky hobbies restricted under the plan, and natural disaster. These plans are ideal for individuals who do not carry health insurance or for individuals with high deductible health plans. They are considered supplemental to an employer-sponsored insurance policy, and will provide additional benefits separate from traditional health plans.
How Does Accident Coverage Work?
As a specialty insurance policy, accident cover can be purchased individually. Once you purchase an accident plan and list your family members, you will pay premiums each month. Policyholders must agree to the terms and conditions of the policy and pay to keep the coverage current. While individuals hope never to have to file a claim, the policy does provide peace of mind if they are injured in an accident. The plan will also pay for permanent disability benefits or death to listed beneficiaries.
Types of Coverage Provided
The typical supplemental plan will provide funds, up to a stated limit, to pay for medical and out-of-pocket costs after an accidental injury. Some policies will provide coverage for hospital stays, emergency visits, transportation and lodging. Other policies have specific riders that will provide a lump sum payment to the injured party when they are permanently disabled or to their family members when they are deceased. Coverage options and limits vary based on the company providing coverage.
Benefits of Buying Accident Coverage
Accidents can happen to the best of the best, and preparing for the unexpected is key. Something as minor as a broken arm or an allergic reaction to a bug bite can dramatically affect your ability earn an income and pay for treatment. While you never hope you have an accident, having accident insurance will help you supplement your medical insurance or pay for treatment so money troubles do not prolong your ability to recover.