Let’s face it, accidents happen. Besides lasting physical harm and pain, an injury can burden your financial life, especially if it significantly impacts your work performance or if the treatment comes with expensive medical bills. Accident insurance can offer you financial protection and mentally assist you in your recovery. Understanding accident insurance can help you determine if it’s right for you. Here’s how it works.
What Does Accident Insurance Cover?
When the policyholder has accident insurance, they pay a premium to unlock coverage that can pay for treatment and replenish lost wages. Although every policy varies, they usually include an outline of payout amounts related to specific injuries. Always ensure you read the fine print, ask questions, and fully understand what is covered before signing up for coverage.
Moreover, accident insurance covers a wide range of injuries, concussions, lacerations, etc., emergency transport, emergency room or urgent care visits, surgery, therapy service, and medical devices. Pay-out amounts are generally higher for more severe injuries. Again, every accident insurance varies and has its terms and conditions. Examine for any exclusions when you’re searching for the right policy. For instance, you may have to pay out of pocket if you injure yourself while at work or performing a risky activity like flying in a private plane with an unlicensed pilot.
Is It Worth Getting Accident Insurance?
Signing up for accident insurance coverage depends on your unique situation. Those who have a health policy with a high deductible (you would have to pay out of pocket before coverage arrives) may find low-cost accident insurance is worth it. Receiving a cash payout after a covered injury can help alleviate the financial burden of meeting that deductible.
Furthermore, each insurance provider has its own eligibility rules, so if accident insurance is being provided as an employee benefit, your employer determines your eligibility. Otherwise, you can choose to purchase accident insurance on your own. Also, some insurers may reduce your accident insurance benefits as you become older.
What is the Cost of Accident Insurance?
The cost of insurance policies varies. Higher premiums usually mean more coverage and lower deductibles. The amount you’ll ultimately pay for accident insurance depends on your level of coverage and age. Overall, insurance policies range anywhere from $5 to $50 monthly.
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