Best Accident Health Insurance • Benzinga – Benzinga

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Accident insurance is health insurance that pays your medical bills if you get in an accident. Many employer-based insurance plans are switching to higher deductible policies to lower their premiums. The cost gets passed onto you as the policyholder, and accident insurance can help.

The Best Accident Insurance

Like what you see? The next step is finding the best accident insurance policy for you. That means finding the best company. Let Benzinga get you started with the following list of top insurers.

Combined Insurance Company of America

Headquartered in Chicago, Illinois, the Combined Insurance Company of America is a provider of life insurance as well as popular supplemental policies like critical care coverage and accident insurance. The company’s Accident Protector program provides cash benefits to you directly in case of accidents like burns, falls and poisonings. The proceeds from a Combined Insurance accident policy can be used to pay for medical and even non-medical expenses.

Accident plans include:

Daily hospital benefits including intensive careAmbulance reimbursement benefit (in addition to hospital benefits)Recovery benefitsRecovery benefits following outpatient surgery or fracture

Accident insurance pays benefits directly to you. Payouts begin the first day of your accident and are made a minimum of 10 days after hospitalization.

American International Group (AIG)

American International Group (AIG) is one of the largest and most well-known insurance companies in the world. As well as health and life insurance, the company sells supplemental policies like accident insurance.

AIG treatment/benefits payouts, for example, in the matter of a hip injury look like:

AmbulanceUp to $500Emergency room treatmentUp to $500Surgery treatment for hipUp to $1,500Follow-up visit with PCPUp to $500Rehab treatment (up to 6 days)Up to $100 a day

Total payout: Up to $3,500. Remember, payouts go directly to the policyholder, not the medical provider. In this example, if you don’t need a follow-up visit with your PCP or even rehab, you keep the $650.

Liberty Mutual

The Liberty Mutual Group is a global insurer and the third-largest property and casualty (P&C) insurer in the U.S. As well as P&C, homeowners and automobile insurance, the company offers accident insurance. Personal accident insurance covers:

Deductibles, copays and coinsuranceAssistance and recovery costs including day care and grocery deliveryPhysical therapy payments

Additional coverage options include:

Hospital immunity benefits: hospital admission fees, stays and medical testsEmergency benefits: ambulance and emergency careAdditional benefits: outpatient therapy, lodging and more

Cash benefits are paid directly to you, the policyholder. Cash is paid separately from any other health insurance benefits, and you can use the money for anything you want.

Guardian Life Insurance

The Guardian Life Insurance Company of America is one of the largest mutual life insurance companies in the world. Besides life insurance, the company sells supplemental policies like accident insurance. Both group and personal accident insurance are available.

Money from cash payouts can be used to pay medical bills, child care or anything you like, including your mortgage payment. The company’s Rainy Day Fund allows for additional services even when the policyholder exceeds their maximum number of treatments or visits. Funds begin at $500. Options like Automatic Increase give policyholders 5% more benefits each year for 5 years. 

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Buddy Technologies

Buddy Technology offers the first and only on-demand accident insurance in the world. With Buddy Technology’s insurance for adventures, athletes and outdoor enthusiasts are now covered anywhere from a day to a year.

Founded in Richmond, Virginia, the company’s mission is to make sure all active outdoor activities are protected by insurance. Signing up is as easy as visiting the company website and clicking on the plan of your choosing. Just like that, you’re protected. Benefits require no coordination with traditional health insurance.

Accident Insurance: Great Supplement

Whether you’re looking to purchase an accident insurance policy all on its own or as a supplement to your already existing health insurance, accident insurance is an affordable way to add coverage or fill in the gaps. For those who have existing health insurance, the money they gain through accident insurance can be used to pay the deductible, copays or coinsurance. Let Benzinga help you find the best accident insurance for you.

What is Accident Insurance?

Accident insurance, also known as accident expense, is supplemental insurance. It covers you only in case of an accident. Because it focuses on just one thing, premiums are much cheaper than a standard health insurance policy.

Accident insurance is health insurance with an added twist: it’s a life insurance policy, too. Accident insurance pays your medical bills if you get in an accident, but if you die, your beneficiaries get the money — just like a life insurance policy. Proceeds from accident insurance can be used to cover:

Emergency treatmentHospital staysMedical examsSuppliesLodgingFinal expenses

Even better, you can use the benefits any way you want. Benefits are paid directly to you, not your medical provider, so you can do whatever you decide what you do with the money. You can pay your medical bills or pay your mortgage. You can use the money on childcare or to help pay for your kids’ college. 

Why Have Accident Insurance?

Whether you have health insurance or not, accident insurance can be a good idea. For people who have health insurance already, accident insurance serves as a great supplement. Standard health insurance rarely if ever pays 100% of your medical costs. For those who have health insurance, accident insurance is a great way to fill the gap, especially with out-of-pocket expenses.

For those who cannot afford standard health insurance — or maybe because they’re young and in good health, don’t feel they need it — accident insurance is an affordable option. It serves as a catastrophic policy, meaning you only need it in times of trouble. Most accident insurance policies cost as little as $6 to $20 per month. The deductibles are not as high as with a standard health insurance policy. 

Advantages of accident insurance:

The money gets paid directly to you.You choose how you spend the money.It provides added protection for child athletes.Premiums are cheap with low deductibles.

How Does Accident Insurance Work?

Accident insurance payouts vary according to severity of injury. Let’s say for example you get in an accident and are burned. If you incur second-degree burns on less than 10% of your body, the payout is only going to be around $200. For third-degree burns, you might get $1,000. For third-degree burns over a third of your body or more, you might get $5,000.

You could get $600 for a broken rib that requires surgery but as much as $7,500 for a fractured femur. For qualified hospital admissions, you might get $800 and up to $100 for an emergency room visit. When injuries are more serious, that’s when you could be awarded tens of thousands of dollars. The more severe the accident, the higher the payout.

What Does Accident Insurance Cover?

Accident insurance covers almost anything that happens as a result of an accident. That can mean:

Broken bonesBurnsLacerationsEye injuriesComa and paralysis

For serious accidents where coma or paralysis are involved, payouts can be as high as $50,000 or $60,000. If you die, the payout to your beneficiaries could even go as high as $350,000. 

To qualify for payment, your accident must be identified specifically by your insurance company. Accidents from suicide or suicide attempts and accidents that arise from illegal activities such as drunken driving aren’t covered. If you’re actively pursuing an illegal activity that causes the accident, your claim will be denied.

Frequently Asked Questions

Is it a good idea to buy accident insurance?

1

Is it a good idea to buy accident insurance?

asked 2022-02-16

Philip Loyd, Licensed Insurance Agent

1

If you’re young and in good health, you may not feel the need for a standard health insurance policy. They’re expensive, and many young people today opt to go without coverage at all. They don’t have to. For just a few dollars a month, a young person in good health can rest assured if something were to happen to them, they’ll be covered. For those with coverage already, it gives them peace of mind knowing that if they too are in an accident, they won’t have to worry about meeting those high deductibles, copays or coinsurance.

Answer Link

answered 2022-02-16

Benzinga

What’s considered an accidental injury?

1

What’s considered an accidental injury?

asked 2022-02-16

Philip Loyd, Licensed Insurance Agent

1

Merriam Webster defines an accident as an injury occurring as the unforeseen and chance result of a voluntary act. In the real world, accidents happen all the time, like burns, scaldings, falls and poisonings. In 2015, there were more than 30 million accidental injuries resulting in emergency room visits. — nearly 150,000 of those led to death. Accidental falls, motor vehicle accidents and poisonings top the list.

Answer Link

answered 2022-02-16

Benzinga