February 2022 Maximixe your HSA e-Newsletter  Vol. 18, Issue 4

Winter Sports Lovers: Low-Cost Accident Plans Can Lower Your Risk of Injury to Just $100

Whether it’s skiing, snowboarding, or snowmobiling, there is a unique thrill that comes from riding fresh snow. But as any winter sports aficionado can tell you, with this thrill also comes a unique risk. And of course it does: Even the amateur skier is reaching speeds of 30 MPH without really realizing it.

Skiing injuries aren’t just more common, they’re also more expensive. Consider an ACL tear, which many physicians agree is the most common skiing injury. A full ACL reconstruction could be as much as $50,000. If you have insurance, you’ll be immediately responsible for your full deductible. (How many thousands of dollars is that again?)

Accident Insurance Plans eliminate this financial risk. For a monthly premium as low as $25 per month, you can bring your out-of-pocket liability down to just $100. And they’re not just for skiing injuries either, but can pay for a wide range of life’s little accidents.

Here’s what you need to know:

Accident Plans – The Basics

  • The average trip to the emergency room can be tens of thousands of dollars, if not more. Even if you have health insurance, a small accident could mean that you have to pay your full deductible.
  • Accident Plans are not just for skiers and snowboarders; They are also a low-cost way to mitigate your family’s out-of-pocket risk all year round.
  • Accident Insurance is a standalone supplementary plan that is designed to pay for your pre-deductible costs in the case of an accident. All you have to pay is a $100 deductible.
  • The most popular accident plan comes with coverage levels of $2,500, $5,000, $7,500, or $10,000, so you can choose the coverage level that matches your regular deductible.
  • If you use your accident plan to pay for an injury, that amount does count towards your family’s regular deductible.
  • Individual accident plans range from about $25 to $50 per month. Family accident plans are between $40 and $80, depending on your level of coverage.

Be Honest: Do I Really Need an Accident Plan?

If you and your family already have a health insurance plan, then you do have some financial protection in the case of an injury.

But consider this: If you are in a high deductible family health insurance plan, you might have to pay as much as $14,000 before your insurance plan kicks in. Whether it’s a broken toe from soccer practice or a bad fall on some black ice, you will have to pay 100% of the cost of these accidents until your deductible is met. If you have that kind of cash lying around and you wouldn’t mind parting with it, then you might not need an accident plan. But for the rest of us …

I’m not trying to be all doom and gloom, and as a company, we strive to give our clients a thoughtful and realistic outlook on their health risks so they can make the best decisions for themselves. But the truth is, accidents do happen, and they can be expensive. Planning for your family’s financial future means, to at least some extent, expecting the unexpected. For the cost, accident plans are a pretty good way to lower your overall risk without throwing your monthly budget out of balance.

When I Sign Up for Accident Insurance?

Because Accident Plans are supplemental, non-ACA insurance plans, there is no need to wait until the end of the year for Open Enrollment. You can sign up for accident insurance at any time, and your policy will go into effect in a matter of days.

You can sign up here, or give your Personal Benefits Manager a call to get your questions answered. 

Click here to schedule an appointment, or call 800-913-0172 to get started.    

To your health and wealth,

Wiley Long Signature

Wiley P. Long, III
President - HSA for America

Wiley Long Portrait

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Wiley Long HSA for America President

Wiley Long is President of HSA for America. He believes that consumers should have choice and price transparency, so they can make the best healthcare decisions for their needs. Read more about Wiley on his Bio page.

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