Accident insurance is a supplemental plan that gives you a one-time lump sum payment for accidents at your discretion.
It’s a misunderstanding that a traditional health plan is sufficient to cover an accident. However, that’s not always the case. Even the best healthcare insurance can leave a policyholder with unexpected costs and medical debt. The prices include medical procedures, an ambulance ride to the ER, post-discharge follow-up care, and medication. In addition, there are daily expenses like food and transportation. Allow Malden Solutions to explain why you might need accident insurance in your life.
Defining Accident Insurance
Accident insurance is a supplemental plan that gives you a one-time lump sum payment for accidents at your discretion. Additionally, you may use it along with a traditional health insurance policy. Also, the payouts from accident insurance are available in a check made to the person versus a healthcare provider.
Moreover, receiving payouts involves filing a claim that takes ten days, on average, to process. The policyholder may spend the money on deductibles, out-of-network care, coinsurance, and daily living expenses. Now, here are several reasons why you may need accident insurance.
You Never Know
Helpful thinking leads individuals to believe they will never experience an accident. However, did you know they are more prevalent than you may think? So, it’s ideal to consider accident coverage because the concept of “it will never happen to me” isn’t actually realistic. When you also have a family with young children, it’s best to obtain accident insurance that can cover the whole family.
Accidents Result in Time Off Work
Working fewer hours makes it challenging to be financially secure. Moreover, a severe accident can result in time taken off work for follow-up care or physical therapy. Also, a person might be unable to work due to inability to drive or broken bones. However, accident insurance can provide additional financial security during an income loss.
You’ll still qualify for accident insurance whether you change jobs or you have or don’t have a preexisting condition. This benefit is helpful if a previous medical condition has put you at risk for other accidents or falls. Another advantage is that you can still keep your existing plan if you change your job, as long as you meet particular criteria. Remember, this varies by policy.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.