“Be prepared” is good advice for camping, but also for your finances. Mike was prepared for a long weekend in the mountains, but unfortunately, he took a fall during a hike and broke his leg, leading to several medical treatments and related expenses.
Nobody expects an accident to happen, but you can be prepared for the financial impact. Fortunately, Mike was enrolled in group accident insurance through his employer, and it helped relieve some of the financial pressure he faced after the injury.
Accident insurance can provide a financial cushion if an injury results in medical costs that your major medical insurance doesn’t cover.
What is accident insurance?
Accident insurance is a supplemental health insurance product that helps pay out-of-pocket costs associated with accidental injuries. Key features:
- It pays benefits when you experience a covered accidental injury.
- The benefits are not restricted to medical expenses. You can use the money for anything you need.
Once Mike filed a claim and received his accident benefits, he was free to use them on whatever he needed during his recovery, including outstanding medical costs, transportation to physical therapy sessions, child care or anything else he needed.
How do you get accident insurance?
Many employers offer this optional coverage as part of their benefits package to help employees cover expenses after an accident. Plans are generally voluntary, and the premium is deducted from your paycheck. It’s important to note that these policies vary by the providing insurer and are often customized for each employer, so make sure you understand what’s included in your coverage before you opt in.
Personal accident insurance policies are also available, and you can shop around to find the coverage that fits your needs. However, keep in mind that group insurance coverage through your employer is generally less expensive and can be paid for through convenient payroll deduction.
Why do you need it?
The unexpected costs of unexpected events—on top of your everyday expenses—can put a strain on your finances. Accident insurance can provide a financial cushion if an injury results in medical costs that your primary health insurance doesn’t cover, and it can help pay for other expenses while you get back on your feet.
If you’re concerned about the impact an accident and its related costs could have on your budget, accident insurance may be a good choice for you and your family. To learn more about this coverage and other voluntary insurance benefits that may be available through your employer, talk to your human resources department.