Accident Insurance Policies
A sudden accident can be devastating to a family’s budget. Accident plans eliminate the stress associated with costly medical expenses that come with a major accident. Accident coverage provides financial protection for any injury or treatment in the event of accident.
What is accident coverage?
Accident coverage covers individuals and families for hospitalization, outpatient recovery and emergency room visits. This form of protection curbs out-of-pocket costs that could be a strain on a budget. Any medical expenses can be covered with a budget with this type of plan.
How does it work?
Accident coverage has no waiting period and pays the benefit amount directly to the individual. The number of claims filed never affects the benefit amount. Coverage is portable and can be taken with the individual from job to job.
What does it cover?
The plan covers any medical or out-of-pocket expenses following an accident. Costs like transportation, medical evaluations and temporary lodging are covered with the plan. The policyholder uses the cash benefits at their own discretion. Other incidents not covered completely under a typical major medical plan like ambulance transport or intensive care confinement are covered.
What are the types of accident insurance programs available?
The insurance covers the employee from the moment of departure from his home or workplace and is valid until the moment of his return to his home or workplace. Household members can be covered under a personal accident plan for household for individuals up to age 70. Organizations like sports groups and other professional entities have accident coverage option available that cover any incident when members are travel.
What are the benefits of having this type of coverage?
The main advantage is that this type of plan can be used at the individual’s discretion for any out-of-pocket expenses. Policyholders can use the coverage for intensive care, hospitalization and other ambulatory expenses.
How does accident insurance work?
Accident protection pays out a lump sum cash benefit to the injured party. If the person obtains coverage, they have the option of utilizing the benefits completely on their own terms. Medical expenses like co-pays and deductibles are commonly handled with this type of coverage. When confronted with the dilemma of how to handle costly medical expenses when an accident occurs, exhausting one’s life savings should always be the last resort. Accident coverage prevents unexpected medical costs when major accidents occur.