How Supplemental Accident Insurance Can Protect You from Drowning in Debt

We’ve all been hit by an unexpected medical expense at some point. And you might know first hand that a major accident can easily set you back thousands of dollars. Even the best insurance policies can leave you with a lot of out-of-pocket co-pays and expenses you didn’t plan for. Supplemental accident policies are designed to fill in these gaps.

How does supplemental accident insurance work?

Accident insurance is insurance you can purchase in addition to your regular medical insurance. They’re specifically designed to help people deal with unexpected expenses, co-pays, and fees that often come along with accidents. Once a beneficiary seeks medical treatment for an accident, they usually receive a cash payout that can be used however they need to. This might include things like living expenses, travel costs, or meals, in addition to actual medical expenses.

What do supplemental accident policies cover?

Because you can use your payout from one of these policies however you need to, you don’t need to worry about finding out if it will cover certain conditions. You will usually get a payout based on any accident you seek medical assistance for. Falling off a ladder, getting hurt in a car accident, or breaking your leg are all examples of incidents these policies would cover. These policies usually cover both workplace and non-workplace injuries; however, most companies have their policies that would cover those expenses for you.

What is not covered by a supplemental accident policy?

While every insurance provider is different, most offer pretty standard restrictions regarding coverage. One thing none of them cover is an intentionally self-inflicted injury. A good example of this would be suicide, but it’s certainly not limited to something that extreme. Your insurance company could also deny your claim if their investigation leads them to believe you intentionally hurt yourself in some other way to get your insurance money.

Of course, some personal injury lawyers specialize in fighting these cases if you feel the conclusion was wrong. Most accident policies also don’t cover injuries sustained while participating in reckless behavior. They assume people who expose themselves to danger are aware of the possible outcome. The same thing goes for someone who gets hurt while committing a crime. Additionally, an injury resulting from a disease or illness will possibly not be covered. This is especially true if the condition was pre-existing and the injury is a common side effect of that condition.

Benefits of purchasing supplemental accident insurance

Like most other supplemental health insurance plans, accident insurance picks up where your regular coverage leaves off. They are also usually extremely affordable, making them an attractive option for many people. Another benefit is that the payouts are quick. You will usually have money in your pocket within a week of a qualified accident. There is also no deductible on these policies and you can purchase them outside of open enrollment. For people without insurance coverage, this could be a good option for making sure they’re covered if anything major happens.

How will supplemental accident insurance keep me from going broke?

Most people are caught completely off-guard by the medical bills that can pile up after an accident. Even the best medical policies can leave a pretty big gap with deductibles and extra fees. Probably the biggest example of this is a major car accident. According to the National Safety Council, the average cost to a car crash victim with a disabling injury is just under $100,000.

This amount counts for lost wages, out-of-pocket expenses, and other unexpected costs. It’s easy to see how an incident like this could bankrupt almost anyone. But a supplemental policy could significantly ease that financial burden, giving the accident victim the time needed to recuperate.

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