Is accident insurance right for you?

Are you a weekend warrior or avid do-it-yourselfer? Or are you the parent of active children—perhaps involved in organized sports? If you answered yes to these questions, chances are you are no stranger to the occasional injury. Unexpected out-of-pocket costs can add up if you take a trip to the emergency room or your doctor’s office to be treated for an injury. Accident insurance can help supplement your health insurance and provide you with additional financial protection.

Here’s a scenario that demonstrates how accident insurance provides extra protection:

The accident

While playing in an away game for his high school basketball team, Junior collides with another player and hits the ground hard. It appears that his foot may be broken. Wanting to take all the necessary precautions, Junior’s parents call an ambulance to bring him to the closest hospital.

The diagnosis

After X-rays and a doctor’s examination, the family finds out that Junior’s foot is broken in two places, and he will need surgery to repair it. His parents—wanting to be close to Junior during his overnight hospital stay—get a room at the nearest hotel instead of driving two hours home.

The recovery

Junior’s surgery goes well, but he will need to begin physical therapy in a few weeks to regain the strength he once had in his foot. For the next few months, Junior’s parents will be driving him to the hospital to ensure that he gets the physical therapy he needs to recover.

The unexpected costs

Since the family has a high deductible health plan (HDHP), Junior’s accident has proven to be expensive, with costs for the treatment of his injuries adding up—the ambulance ride, emergency room visit, x-rays, surgery, and a hospital stay. After paying the $5,000 deductible, his HDHP helps cover some medical costs. However, his parents did not anticipate the extra money spent on a hotel room, eating out, and gas while Junior was in the hospital.

How accident insurance could help

Accident insurance pays cash benefits directly to you for injuries resulting from an accident and the treatment of those injuries. If Junior had been covered by accident insurance—depending on the policy's benefits—his family could have received cash benefits for family lodging and transportation, the ambulance ride, the emergency room visit, diagnosis, crutches, follow-up appointments with the doctor, and physical therapy visits. His parents could use this money however they see fit—to help pay for everyday expenses (e.g., hotel room, gas, or eating out) or to help cover out-of-pocket medical costs (e.g., co-pays or deductibles).

So if this scenario sounds familiar or if you think it could happen to you, consider accident insurance to provide some extra financial protection.

SLPC 26503 04/15 (exp. 04/17)

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