Accident insurance
Accidents happen all the time. Once you reach 65 yrs old, you have a 60% chance of spending the night in a hospital due to a fall. The circumstances are nearly endless, but the outcome is often the same — medical care and costs that weren’t anticipated.
Accident coverage is independent of health insurance and pays separately from the health plan. We offer both guaranteed Issue and underwritten options with premiums starting as low as $7 a month for $4,000 in coverage.
Who should be interested?
Accident insurance coverage may be a good fit for retirees with high-deductible health plans who want to mitigate their out-of-pocket exposure due to an accident. These retirees can savor the advantages of a lower premium health policy and have peace of mind — knowing that if an accident should happen, their financial burden would be eased.
Accident insurance policies can take two forms: 1) a preset payout amount dependent on the type, severity and magnitude of the injury, or 2) a reimbursement of the total expense associated with the accident, up to a fixed amount. In either case, the lump-sum payment can be used to pay for whatever the policyholder chooses, but is often used for health plan deductibles, copays and recovery costs such as physical therapy.
Among injuries typically covered are dislocations, lacerations, fractures, concussions, eye and dental injuries, burns and even accidental death and dismemberment.
Definition of “Accident”: Accident insurance helps you pay for the medical and out-of-pocket costs that you may incur after an accidental injury. This includes emergency treatment, hospital stays, and medical exams, and other expenses you may face, such as transportation and lodging needs.
Popular Plans & Examples:
Accident and CI bundle example: $23 monthly premium
$12,500 lump-sum cash benefit for a covered injury
$2,000 one-time lump-sum intensive care hospital confinement benefit for a covered injury
$1,000 one-time lump-sum hospital confinement benefit for a covered injury
$300 daily cash benefit for hospital confinement
$500 in monthly disability
$25k death benefit
Accident Only plan example: $28 monthly premium
Guarantee issue acceptance
Reimbursement amounts for:
Doctor visits = $100
Diagnostic exam = $1,000
Hospital confinement = $10,000
Emergency treatment (per injury) = $1,000
and more…
Let’s say you are in a bicycle accident and are taken to the Emergency Room. The accident results in surgery. You have a high-deductible plan with a $2,300 deductible. The cost of the accident is $6,400. Your accident policy will provide you a check in the amount of $6,400.
DISCLAIMER: This information is not a complete description of benefits. Contact the plan for more information. Available issuing companies will vary by state.
