If you already have health insurance, do you also need to consider buying a supplemental accident policy?
Health insurance won’t cover everything, and most accident victims can benefit from extra cash to make up for lost income and additional expenses.
An affordable accident policy can give you peace of mind and the extra money when you need time to heal.
How Can You Benefit From an Accident Policy?
Accidents can seriously damage finances for a variety of reasons. For instance:
- According to the Kaiser Family Foundation, average group health insurance policies had deductibles of almost $2,000 for individuals and over $3,700 for families. Non-group policies often have deductibles twice that high. The policyholder must spend the deductible amount on covered expenses before their policy starts to pay its share.
- Most medical policies require or encourage members to seek care from network providers. They also impose limits on the type of healthcare services they cover. Also, few plans will cover any covered service at 100 percent until the patient meets their annual out-of-pocket limit, which each year continues to climb on so many plans.
- After an accident, people may lose income because they need to stay home to recover and keep healthcare appointments during work hours. Accident victims also often need to pay for additional services during recovery, like childcare and transportation.
How Does Accident Supplemental Coverage Work?
In exchange for a small premium, the insurance company will make lump sum cash payments directly to the insured to use however they need to. For instance, cash payments can provide deductible protection to compensate for high out-of-pocket medical bills. In other cases, policy beneficiaries may use their money to pay the electric bill, buy groceries, or stash in their emergency funds.
Accidental coverage policies generally can cost even a few dollars a month, so they offer an affordable supplement to health insurance. They make good economic sense for the entire family. Even though kids might not lose income from a job, parents often need to take time off to care for children and transport them to medical appointments. Also, children’s health insurance will have deductibles and copays, like their parent’s plan.
How to Find Accident Supplemental Coverage in Ohio
Like other health insurance, accidental coverage can vary between companies and plans. Insurers don’t standardize this type of coverage either, so figuring out which program would provide the best benefits can present a challenge.
At Siegfried Insurance, we’ve enjoyed plenty of experience helping our fellow Ohio residents sort through various accident policies to find the best option for their unique needs and budget. We also work with clients to find the best Life, Health, and Medicare insurance plans.
Contact us today to tell us about yourself and your family, and we’ll explain how we can help you!