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Accident Insurance
Cash benefits to supplement your major medical insurance policy
Pay your mortgage, major medical premiums or deductible, or help cover other expenses that don’t stop, even when you experience an accidental injury.
Cash benefits to supplement your major medical insurance policy
Pay your mortgage, major medical premiums or deductible, or help cover other expenses that don’t stop, even when you experience an accidental injury.
What Does Personal Accident Insurance Cover?
These policies typically pay a fixed amount when you experience a covered accident. Some policies may also provide a monthly disability income benefit.
The following lists include common coverages and exclusions, however, you must read any policy you’re considering carefully since this is not an exhaustive list.[4]
What Accident Policies May Cover
- Sprains, dislocations and fractures
- Concussions
- Lacerations, burns
- Eye injuries
- Torn knee cartilage
- Ruptured discs
- Hospitalization, confinement and inpatient rehab
- Ambulance, urgent care + ER services
What Accident Policies May Not Cover
- Self-inflicted injury or sickness
- Injuries related to pre-existing conditions
- Procedures that are not medically necessary
- Experimental or investigational procedures
- Procedures not prescribed by a doctor
- Injuries resulting from war or active duty military service
- Injuries sustained at work, while under the influence of drugs or alcohol or while participating in a high-risk activity like bungee jumping
Pros and Cons of Accidental Injury Coverage
- You’re in control – You choose how to use your cash benefits to spend any way you need while you recover
- Keep your doctor – You may be able to use any provider or facility with no network limitations.
- Enroll year-round – There is no official open enrollment period.
- A plan for every budget – Different levels of coverage may be offered at different price points to meet individual needs.
- Affordable monthly premiums – Because policies are so limited in what they cover, it’s relatively affordable to maintain this supplemental coverage.
- No waiting period
- Limited coverage + many exclusions – These plans are only meant to cover healthcare services related to accidental injuries that occur under specific circumstances.
- Premiums are based on age and health – The younger and healthier you are the lower your monthly premium.
- Not ACA-qualifying major medical coverage – Accidental injury coverage is a form of supplemental insurance. If you need a range of healthcare services you need an ACA-qualifying major medical policy instead.
Combine With Other Insurance Plans for More Coverage
Combine an accident policy with other supplemental health insurance products for more coverage. Hospital indemnity insurance, dental, vision, and critical illness insurance can complement your supplemental accident insurance.
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Speak to a licensed health insurance agent during business hours for help understanding your options and enrolling in coverage.