22 Jan Accidents Happen – There is insurance for that
“Hey! Watch your….head” Ouch!
“Careful…the floor is ….wet…” Oops!
Accidents happen all the time even when we are in the best of health and on top of our game. Nationally, accidents account for 45 million emergency room visits per year.
Hopefully most of us have a health insurance policy that covers at least a portion of our emergency room, doctor, and hospital bills. Yet there are still costs you will have to pay out of pocket: deductibles, co-pays, and out of network expenses. Even a minor accident like a sprained ankle or pulled back muscle can require transportation help, child care, meals ordered in, parking fees at for doctors’ appointments, lost time from work and pay and other unexpected out of pocket non-medical expenses!
Supplemental accident plans are the most used of all the voluntary benefit plans offered today.
What are supplemental accident plans? They are supplemental plans that pay policyholders cash benefits when an accident requires a trip to the ER, chiropractor, dentist, doctor, physical therapist or any other health care provider. And larger benefits are often paid if one has to actually be admitted to the hospital.
Supplemental plans are designed to address specific medical issues. There are accident plans, cancer plans, critical illness plans, hospitalization plans, sickness plans, and short term disability plans. Often an insurance company will also offer a variety of plan options with relatively easy application procedures. Supplemental plans are offered by a number of insurance companies and are generally very affordable — $3 to 10 per week for an individual will purchase most plans offered today for persons of any age.
Accident plans offered by various insurance plans can differ widely, so be sure to carefully read the list of benefits before picking a policy. Some plans only pay benefits if you seek care in an ER or a hospital. Others may pay for chiropractor, urgent care, doctor, and dentist services. Also, many accident plans offer wellness plans so check into that as the net cost of the plan is reduced when you use wellness benefits!
These plans will not pay for a first class trip to Europe but the cash payments can keep you financially afloat while you focus on treatment and recovery.
After a 30 year career as an employee benefits leader at ARCO/BP, Cynthia Bengtson now helps small and mid-size companies and non-profits provide a financial safety net for their employees at no cost to the organization by offering voluntary supplemental plans to their employees. Cynthia also works with plans available to individuals and their families to help them financially plan for medical events. For more information, contact Cynthia at Cynthia.Bengtson@Combined.com or 818.606.5809.