Accident Insurance Policies
Having just a traditional medical plan can often fall short. Accident insurance is what helps to supplement your normal medical coverage in case the need arises for extra protection. The benefits of this kind of coverage are usually extended to medical expenses that are incurred following an accident in which any out-of-pocket costs remaining from after the existing medical coverage plan benefits are exhausted are covered.
Accident coverage is available to any individual who already has the usual medical insurance coverage. Those who might find it hard to afford the out-of-pocket expenses are perfect candidates for supplemental accident coverage. The benefit amounts of such a plan should include coverage for deductibles, co-pays, childcare, extra medical exams, transportation and for other needs that could crop up if an accident occurs.
An accident protection plan can be tailored to various coverage amounts and may be applied to any medical costs incurred. It is important to note that most often these expenses are covered only if they are incurred within a 90-day term of the injury occurrence. The benefit amount is first applied to one’s coinsurance and deductible amounts and these payments are tendered directly to the health care provider. These extra benefits are covered under an extra premium. There are also plans that provide cash benefits directly to the policy holder.
The kinds of coverage available under such a plan are there to help with payment for initial and follow-up care, surgery, and any transportation and lodging needs. Personal accident insurance can cover a single individual or multiple family members. And there are special plans for groups such as firefighters, hobbyists and athletic and sport enthusiasts that allow coverage at more affordable rates.
With some forms of accident insurance, a lump sum cash payment is provided if the claim is approved. This gives the policy holder flexibility in choosing how their benefits are paid out. However, in plans where compensation for care is issued directly to the providers, the claimant is more likely enabled to enjoy lower out-of-pocket costs. The amount of the benefit stays consistent regardless of the number of filed claims. Many of these kinds of policies also have no mandated waiting period.
There are many folks out there that would be adversely affected financially by co-pays and additional expenses that all can add up substantially after an accident. Keeping these out- of-pocket expenses to a minimum with an accident policy makes one’s challenges less overwhelming in the aftermath of an accident. These policies can cover a wide range of medical expenses and help to contain or eliminate debt derived from medical services usage.
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