Accident Insurance

Understanding Accident Insurance

Getting accident insurance plans that are voluntary or supplementary is a sure way of ensuring that all your unexpected costs in the event of an accident are taken care of. Many companies are adopting these packages to help protect their employees by supplementing vital protections such as medical and disability insurance policies.

The significance of the insurance policy

As an employer taking up the accident insurance package on group-based rates for all your employees is cheaper. You can keep the workforce that you want by protecting it with this policy against life’s risks. Regardless of whether the supplemental health insurance is offered on a group rates basis or a voluntary basis, where the employee pays 100% of the package’s cost, it’s a viable protection.

Most employees are not willing to cater for extra costs that are not covered by the standard insurance coverages such as disability and medical insurance policies. Therefore, as much as an employer can make an effort to have his or her employees covered by this supplemental health insurance, you should also take a personal initiative to purchase the voluntary policy for your protection.

Health insurance can pay for the medical care that you get after an accident, but the increasing copays and deductibles can end up leaving you with big debts. For instance, the cost of repairing an ACL is approximated at around $25,000 to $50,000 depending on your state and health care facility. Your out-of-pocket expenses, when nursing an injury, can be around $1,000 to $3,000. This doesn’t include the other miscellaneous costs for undergoing physical therapy, buying knee braces, crutches, or prescribed medication.

About 16% of work-related injuries may result in weeks of time lost at work. This insurance plan is a way of complementing what the disability plans fall short of replacing, especially for people who are out of work. Imagine yourself dealing with an injury that comes with added costs and you’re momentairly out of work. It can be extremely strenuous to manage your bills and support your family without the funds from this supplementary health insurance plan.