Accident Supplement Coverage
Accidents happen when you least expect them - at home, at work, while playing or while traveling. In 2004, 33.2 million people – about 1 out of 9 – sought medical attention for an injury. (National Safety Council, 2005-2006 Edition).
Accident supplements help fill the gaps left by traditional health insurance coverage. Benefits from the accident policies help supplement primary insurance deductibles, coinsurance and other out-of-pocket expenses as a result of an injury.
Most traditional major medical plans have a deductible and coinsurance. Your total risk for an accident could be very high even with a low deductible. For example, $1000 deductible are common for many consumers' health insurance plans, however, the coinsurance limit could be as high as $10,000. This means in the case of an expensive accident, the consumer could be liable for $11,000. Our health insurance brokers can help assist in determining you maximum out of pocket (deductible plus coinsurance limit).
The accident coverage covers up to a $15,000 limit per person per year after a $100 copay. This means you would only need to pay the copay if your total out of pocket is below $15,000. It is that simple.
But I have group cover through my employer! Even if you have a plan through your employer, an accident plan is still a great idea. More and more group health insurance plan are increasing the deductibles and copays for their employees to maintain a sustainable premium. Many group health insurance plans have an out of pocket of at least $4000 (deductible + coinsurance) The average premium for an accident rider is $32 or about $384 annually. If you have one claim in 10 years, the plan basically pays for itself!
Sport related injuries, On- or Off-the-job injuries are covered
The critical illness rider pays a lump sum benefit upon initial diagnosis of a covered heart attack, stroke or invasive cancer. Once you're paid benefits for a critical illness, the rider will terminate - along with the premium you were paying for that portion of the policy.