One of the biggest benefits to having a high deductible health plan (HDHP) is that you get access to a Health Savings Account (HSA). Over time, these tax-advantaged savings can grow into hundreds of thousands of dollars for retirement. Having Accident insurance is a great complement to an HSA plan.
There is no way of getting around the fact that high deductible plans can leave you vulnerable to out of pocket costs. Whether you slip on a patch of ice or burn yourself in the kitchen, even minor accidents can cost you. And when you have a high deductible, your insurance might not cover any of it.
Nobody should go broke because they had a minor accident. With Accident Insurance, all you have to pay out-of-pocket is $100, even for a trip to the emergency room.
The Problem with High Deductible Health Plans
More Americans than ever are living month to month when it comes to their expenses. Healthcare has become particularly burdensome for so many of us, through no fault of our own. For many, the only answer has been to seek an insurance plan that has the lowest possible premium.
But here’s the problem: Even a single emergency room visit can cost someone thousands. If your plan has a high deductible, then you could be on the hook for the entire bill. By adding a supplemental Accident insurance plan to your coverage, this number comes down to an even $100. After you pay that, your plan puts cash directly in your pocket to pay for the expenses.
And even better, you can use your HSA funds to pay the deductible.
How Accident Insurance Can Help
Accident insurance plans are designed to pay for expenses incurred because of an accident. Concussions, fractures, stitches, burns, and all the other not-so-fun “whoopsies” that can happen on a daily basis are covered.
The benefit level is based on your preference. Plans are available with $2,500, $5,000, $7,500, and $10,000 coverage levels. Each plan has a different monthly cost, but they all set the deductible for an accident at $100.
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Accident Insurance FAQ – Frequently Asked Questions
Q: What is covered by accident insurance?
Accident insurance can include coverage for emergency treatment, hospital stays, medical exams, and even things like transportation and lodging related to your treatment.
Q: Is accident insurance the same as health insurance?
Accident insurance is a form of supplementary coverage that works alongside a health plan. It is not the same as marketplace health insurance, as each accident plan has a specific cap on how much can be paid out.
Q: What is considered an accidental injury?
There are many examples of accidental injury, including:
- Insect or Animal Bites
- Trips / Falls
- Sports accidents
Q: Is accident insurance worth it?
Accident insurance is a valuable addition to a high deductible health plan because it pays a guaranteed cash amount if you experience an accident. Essentially, it brings your out-of-pocket liability down to just $100 if an accident happens.
Q: Do I need accident insurance if I have health insurance?
Accident plans are designed to complement and strengthen traditional health insurance coverage. They are not designed to replace a more comprehensive health plan, whether that’s traditional insurance or an alternative like healthcare cost sharing.
Sign Up! Or Schedule a Free Accident Insurance Consultation
HSA Insurance Plans are a necessity in today’s reality. The insurance marketplace has very little available for people who don’t qualify for a subsidy. Or people who are simply having trouble getting through this ongoing economic turmoil.
Accident Plans can take the risk out of having a high deductible plan. Your Personal Benefits Manger can help you determine what level of accidental coverage you need.
Click here to schedule your free consultation, or reach us anytime at 800-913-0172.
Or, get signed up today – it will only take about 5 minutes!
Whitney Kline is a Personal Benefits Manager (PBM) for HSA for America. As a PBM, she helps individuals and small businesses find money-saving alternatives to traditional health insurance – including HSA plans, health sharing programs, DPC memberships, and other innovative solutions.