In the United States, the average annual cost of healthcare for an individual is $14,570, according to the Centers for Medicare & Medicaid Services (CMS). While most employers are required by law to offer health insurance to their workforce, there are still out-of-pocket costs, like your deductible, that your insurance requires you to pay before they will start pitching in.
If you happen to have a high-deductible plan, a trip to the emergency room may exceed $1,000—an unexpected expense that nearly half of Americans surveyed by Bankrate say they could not afford without putting it on a credit card, borrowing money, or taking out a loan. This is why purchasing an accident insurance policy may be a viable alternative.
What is accident insurance?
Accident insurance helps you pay for costs related to covered accidents, like a fall or a car crash, by providing a lump sum after you’ve submitted a claim.
What does accident insurance cover?
Typically, accident insurance policies will cover costs related to:
- Accidental death
- Disability
- Hospitalization
- Injuries
- Medical treatments
- Medications
- Out-of-pocket expenses
Do I need accident insurance?
Accidents are unpredictable. That’s why you need to weigh your risks. If you lead an active lifestyle, you may be at greater risk of a serious accident occurring. These considerations are important to weigh when deciding whether accident insurance is right for you.
If you’re looking for a comprehensive evaluation to decide whether to purchase a policy, get in touch with our advisors. We’ll examine your risks for free and ensure you fully understand your options before making a decision.
