Accident insurance

What is accident insurance?

Accidents happen all of the time and the out-of-pocket costs that may accompany a resulting injury—like fracturing your wrist or dislocating your shoulder—can add up quickly. Accident insurance pays you a benefit if you're hurt as a result of a covered accident. This extra money can help protect you from the financial impact of injury.

How does it work?

Typically, if you experience a covered accident, you will receive a cash benefit according to a benefit schedule. The cost of the insurance is determined by the benefit amounts available with your plan, and the amount you receive depends on your injury. You may use this money however you wish—for example, to meet high deductibles, or to pay for prescriptions and other out-of-pocket expenses that might not be covered by health insurance.

Understanding what’s covered

Accident insurance pays cash benefits for injuries, such as fractures and dislocations, and it may also pay benefits for the care of those injuries, such as benefits paid for ambulance rides, emergency room visits, and office visits. Some plans may also pay accidental death and dismemberment benefits.

While coverage will vary from plan to plan, here’s an example of what you might receive a benefit for:

Injuries Care Loss
Fractured hip Ambulance ride
(ground or air)
Accidental death
Fractured rib Emergency room visit Accidental dismemberment
Dislocated shoulder Hospital confinement Loss of sight

 

What if I or another person in my family has multiple accidents?

Generally, accident plans pay benefits per covered accident. This means that you and your family are typically covered for multiple covered accidents, even if they occur around the same time. To be certain however, you should ask whether your plan has:

  • A limit on the number of times you can receive benefits for a specific injury or treatment
  • A maximum benefit amount payable per accident, and
  • An annual or lifetime maximum on the total benefits paid.

Accident insurance provides coverage either 24x7 or only during off-the-job hours. Check with your benefits administrator to see if your employer is offering accident insurance. If so, see your plan details for more information on covered benefits, plan maximums, exclusions, and limitations.

Slips and falls can catch you off guard—the expenses that come with them don’t have to.

SLPC 25122 07/15 (exp. 07/17)

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