Accident Insurance Policies
Accident insurance supplements existing medical coverage. The plan benefits are usually applied to medical expenses incurred after an accident has happened. Any out of pocket expenses left over after the original medical coverage plan benefits are used can be covered with the accident protection plan.
Who It Is For
Accident coverage is for anyone who already has medical insurance. Anyone who may find it difficult to afford high out of pocket costs should consider an accident coverage plan. Plan benefit amounts should factor in deductibles, copays, childcare, medical exams, transportation and other needs that may arise if an accident happens.
How It Works
The accident protection plan can be for any amount. It can be applied toward any medical costs. Expenses are only covered if they are incurred within 90 days of the injury happening. The benefit amount is initially applied to coinsurance and deductibles. Payments are made directly to the health care provider. The benefits are covered under an additional premium. There are plans that send cash benefits directly to the applicant.
Different Types Of Coverage In Existence
The types of coverage provided are for initial care, surgery, follow-up care, transportation and lodging. Personal accident plans can cover a person or multiple members in a family. There are special group plans for firefighters, hobbyists and sports enthusiasts that can cover members for a more affordable rate.
With some types of accident insurance plans, a cash payment is paid out if the claim is approved. This gives the recipient latitude to how their benefits are paid. In plans that require payments be issued to providers for care, the claimant can be assured that their out of pocket costs will be minimized. The benefit amount remains consistent regardless of how many claims are filed. Many of these plans have no mandatory waiting period.
Some people would be financially affected by co-pays and additional expenses incurred after an accident. Minimizing out of pocket costs with an accident policy makes it possible to cover medical-related expenses stemming from an emergency room visit. These plans can cover a range of medical costs to eliminate medical debt.
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