RichDayHealthPlans Blog

Accident health insurance is insurance that can be used in case you or someone in your family is involved in an accident and will need extensive medical attention including transplants, long hospital stay, or emergency surgery. Accident insurance can bought along with regular major medical health insurance.

Certainly, your major medical insurance WILL cover the accident, but what about your deductible, coinsurance on your major medical plan? You will still have to pay that money. Additionally you probably won’t be paid while you are not working. Many businesses stop paying you when you aren’t working.

In fact, if you were to choose a deductible on your health insurance one level higher, you will probably be able to pay for the accident insurance with the savings. Here is an example: Let’s say your major medical plan has a $2,500 deductible which costs $430. If you were to increase your deductible to, say $3,500, you would save $30 or more. Take this $30 to $50 savings and buy an accident policy for the entire family. (Most of the time people are hospitalized as the result of an accident.)

Protecting oneself and one’s family is important; not only before an accident, but also after an accident. Being able to provide the medical attention that might be needed and the comfort of a full recovery without the burden of bills piling up is essential for peace of mind which will contribute to a faster recovery. This Statistical Brief #19 discusses the common injuries that result in hospitalization.  

If you are among the many who cannot afford major medical insurance, you should certainly consider an accident plan. They are relatively inexpensive, — in the range of $30 to $50 per month, and they could save you from financial disaster. Don’t mistakenly think that if you cannot buy the Cadillac of insurance, you shouldn’t buy a Ford. The Ford is valuable too.

Certain types of accident insurance can also include long-term illness and disability. In case a person can no longer work, this insurance will ensure that bills can still be paid on time. Accident insurance, sometimes called supplemental insurance, can also pay for additional medical costs not covered by another policy. This can help by offsetting high hospital bills, ambulance costs and other medical costs.

Asking questions is essential to understanding whether or not additional coverage will be needed. Check existing policies to see what kinds of disability coverage are offered and make sure that supplemental insurance may be purchased. Then ask questions about additional coverage like how much would be needed and the cost per month. Weigh all options before signing any contracts.

Accident insurance is worth considering.   Here are a couple of links that you may find helpful. 24-Hour Accident Plan or 24-Hour Limited Benefit Plan