Accident Insurance

According to the National Safety Council, 55.4 million people experienced nonfatal injuries in 2020. The total economic cost for these injuries was $1.16 trillion, equaling more than $20,900 per person. If you have ever dealt with health insurance after an injury, you know you will be responsible for some of the costs. This is where personal accident insurance can help.

Personal accident insurance is coverage for the costs that primary insurance policies do not cover. It is sometimes referred to as supplemental insurance because it is best used as an add-on for existing policies.

What Does Accident Insurance Cover?

Personal accident insurance supplements your primary health insurance policy—it is essential to distinguish that it does not provide the same coverage as your health policy; it covers many of the costs you are responsible for.

Some of the expenses accident insurance covers are:

  • Ambulance rates: You might be responsible for a portion of the costs of an ambulance ride. Ambulance rides can cost thousands of dollars depending on the treatment provided during the ride.
  • Intensive care costs: If your plan requires you to pay a portion of intensive care costs, consider that the lowest total cost of an ICU visit for COVID-19 was in Maryland, which averaged $131,965. Even 5% of that cost can be more than most people have available.
  • Diagnostic test and exam fees: Some fees may only be partially covered by your plan. Some specialized CT scans can cost as much as $20,000.
  • Therapy charges: You may need many therapy sessions. Most plans require a copay, so if your copay is $40 and you need 20 sessions or more, you will have a significant dent made in your bank account when it is over.

The expenses you personally incur for using your health care plan are what is covered by a personal accident insurance plan. As you can see, you can run up medical expenses very quickly.
One of the key benefits of accident insurance is that you will not need to see a networked doctor to receive payment—accident insurance covers the additional costs no matter which doctor you see.

Accident Insurance Costs

Similar to other insurance plans, accident insurance costs depend on where you live, how old you are, and many other factors. Some of these policies cost as little as $6 per month for a basic family plan to about $30 per month for a family for plans with more extensive benefits.

Do I Need Accident Insurance?

Accident insurance may not be a necessary expense for everyone. For example, if you have the means to pay for your additional medical expenses, or your health insurance plan is comprehensive and inclusive enough that you will not need financial assistance, you may not need it.

However, most people can use the assistance. Many people choose health insurance coverage with high deductibles to keep their monthly payments low, and some have no choice but to use high-deductible health plans. The low cost of accident insurance makes it worth it—if you pay less than $100 per year for an accident insurance plan, you could incur much more than that in medical expenses without the plan.

When you are shopping, make sure you pay attention to the ages these policies cover because they may not cover minor children or older adults. For instance, one insurance policy may only cover ages 18 to 60, while another might have a range of 18 to 65 years.

Get In Touch to Learn More About Your Insurance Options

If you have any questions about whether or not you need accident insurance, I can help. As an accident insurance agent, I can help you understand your options and find the right coverage for your needs.  Contact me today to discuss your insurance options.