It’s a misconception that a traditional healthcare plan is enough to cover an accident. However, this isn’t always the case. Even the best healthcare plan can leave a policyholder with unexpected costs and medical debt. These unexpected costs and medical debt are especially true with a high deductible plan or limited network.
The costs include an ambulance ride to the ER, medical procedures, medication, and post-discharge follow-up care such as rehab, crutches, or anything a person needs to recover. Additionally, there are everyday expenses such as transportation and food. Costs add up quickly with all of this in mind. Allow Malden Solutions to walk you through why you may need accident insurance.
Accident Insurance Defined
Accident insurance is a supplemental plan that gives you a one-time lump sum payment for designated accidents at your discretion. You can use it along with a traditional health insurance plan. The payouts from accident insurance come in a check made to the individual versus a healthcare provider.
Receiving payouts involves filing a claim that, on average, takes ten days to process. The policyholder can spend the money on:
- Out-of-network care
- Daily living expenses
Now that you know what accident insurance is, here are a few reasons you may need it.
Invincibility is Not Realistic
Hopeful thinking leads people to believe they will never get into an accident. However, they are more common than you might think. Ohio State University reported that 6 million people in the United States each year break a bone, while CNBC reported that 42,915 people passed from a motor vehicle crash in 2021. Additionally, the CDC reported that emergency rooms in the U.S. accounted for 35 million injury-related visits.
It’s best to consider accident insurance because the concept of “It will never happen to me” isn’t realistic. Also, when you have a family with young children, it’s best to get accident insurance that can cover the entire family—preteens and teens who participate in sports experience sports-related injuries. According to Stanford Medicine, one-third of child-related injuries come from sports.
Accidents Lead to Time Off Work
Working fewer hours makes it difficult to be financially secure. A severe accident could lead to the time taken off work for physical therapy or follow-up care. A person also might be unable to work because of broken bones or inability to drive. However, accident insurance can provide extra financial security during an income loss.
If You’re Working, You’re Guaranteed Coverage
With or without a preexisting condition or if you change jobs, you’ll still be eligible for accident insurance. This benefit is helpful if a prior medical condition has put you at risk for falls or other accidents. Another benefit is portability, meaning if you change your job, you can keep your plan as long as you meet particular criteria, which vary by policy.
There aren’t any questionnaires or biometric exams involved.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.