Accident Health Insurance

Obtaining an accident health insurance policy can offer you the financial resources you need to support yourself and your family after an accident or unfortunate injury.

Accident Health Insurance Basics

Accident health insurance is a type of insurance coverage that pays benefits for loss of income resulting from sickness, accidental injury, or accidental death. Most accident health insurance policies are riders on a basic health or life insurance policy, meaning they are added into a major policy, but this type of coverage can also be purchased singularly.

Purchasing an accident health insurance policy may be a wise investment. The coverage is typically inexpensive and can be very beneficial to you or your family should you be involved in an accident. The amount of benefits that you receive depends on the terms of your specific policy.

What It Covers

Simply put, accident health insurance covers accidents. Medical plans do not cover all, or even most of the expenses, that you may incur as a result of an accident. This is when supplemental insurance pays off. Most policies will cover additional expenses, such as:

• Loss of income due to time off work
• Uncovered medical expenses, deductibles, and/or co-pays
• Non-medical costs, such as transportation expenses, living expenses, and domestic assistance

Accident insurance may also cover ambulance bills, hospital stays, and other similar expenses. In some cases, benefits are paid for the loss of a limb or death. And, unlike most accident or disability insurances offered through employers, this kind of coverage protects you even if you are injured outside of the workplace.

Who Should Have Accident Health Insurance

Almost everyone is a good candidate for accident insurance. Policies typically offer individual or family coverage. For those who do not have and cannot afford regular health insurance, accident health insurance is a low-cost alternative. It also makes a wise supplement for those who already have health insurance. As mentioned earlier, health insurance may not cover all of the expenses incurred from an accident or injury.

Many employers also encourage their employees to purchase accident health insurance. Workman’s comp benefits may only pay so much. An accident health insurance policy will protect you further, ensuring that you have the financial resources you need to support yourself and your family.

This type of coverage may also be valuable if you have a high-risk job or if you participate in high-risk activities and sports, such as skiing, bungee jumping, or sky diving. Make sure your policy does not exclude particular activities you enjoy.

Types of Insurance

Insurance companies offer a wide variety of accident health plans. Most feature flexible designs that allow you to choose coverage that meets your needs. Here are some of the most common types of benefits:

• Accidental Injuries Benefits: Coverage for injuries and losses resulting from an accident.
• Disability or Dismemberment Benefits: These benefits are paid for injuries resulting in a permanent disability, such as dismemberment, loss of hearing or eyesight, and paralyzing fractures.
• Hospital Care Benefits: Coverage to help pay hospital bills and related expenses associated with a covered accident. Costs may include hospital confinement, emergency room treatment, and ambulance or transfer charges.
• Accidental Death Benefits: These benefits will help your family (or beneficiary) carry on in the event of your death. In most cases, such benefits will only be paid if the death was accidental. Death from natural causes is typically not included in the coverage.

The coverage that comes with an accident health insurance policy varies widely. The best plans are those that can be customized to meet your individual needs.

Obtaining a Policy

Insurance companies offer different types of policies and prices vary widely. Before settling on a plan, it is important to shop around to get the best deal possible. Speak to your employer to find out if you receive discounts on supplemental policies purchased through your work benefits program. You may also want to speak with your regular insurance agent or broker. They may be able to offer you multi-policy discounts that will save you a great deal of money.

If you do not have any luck with those avenues, you may want to contact one of these companies. Each offers accident health policies:

• AIG
• Aflac
• Allstate
• CIGNA
• Colonial Life
• Conseco
• Hoovers
• Travel Guard

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