The 411 on Accident Insurance
As the name implies, this coverage is designed to protect those who experience that which can occur at any time, any place and with no warning, namely accidents… Accidents will inevitably affect each and every one of us at one point or another, regardless of income level and other factors. Taking a fall after stepping out of a bath or experiencing a dog attack are just two instances of potentially fatal incidents that can occur with no person being at fault. These are the kinds of events that good accident insurance will cover.
It is not uncommon for employers to add accident coverage as a workplace benefit to assist employees in getting more coverage than a typical health insurance plan. Many kinds of accidental injuries are not easily tracked to a particular origin or responsible individual, so frequently the injured party must pay out-of-pocket for any costs that fall outside of coverage provided by a standard plan.
Costs Covered by Accident Insurance
Despite how confident one might be in the assumption that his or her existing health plan will already cover most of medical expenses, the fact is this existing coverage can fall far short in covering the complete costs of any accident. Added insurance specifically for losses attributed to accidents can compensate for that which falls into the gaps left behind by a standard plan, including the following:
• Purchases of wheelchairs, crutches and other items to assist with one’s mobility
• Policy co-payments and deductibles
• Treatment and physical therapy regimens
• Groceries and other needed household goods
The precise items covered by accident insurance will be dependent upon the policy particulars as well as the insurance company. In many instances, this policy type will add significant added protection above and beyond that of usual policies that are often included in a standard workplace benefits package.
Flexibility in Policy Choices
These insurance plans are surprisingly flexible and can include a myriad of payout limits, deductibles and premium costs. Each plan can be crafted to meet the needs of the individual policyholder, including protection for family members in which a breadwinner’s death presents serious financial challenges. Some policies will be offered only covering work-related accidents, while other options will include more wide ranging examples.