Personal Accident Insurance
What is Personal Accident Insurance?
Personal Accident Insurance
Personal accident insurance is the coverage you want to have for yourself or kids to protect your assets from unforeseen events that are disabling and prevent you from making an income. Sounds like disability insurance, but, long before a disability policy can come into force you’ll need to cover the bills for the accident that prevents you from making a living.
A personal accident policy is the one to purchase for yourself and family and own apart from any benefits provided by your employer. Why? Because employer provided coverage will not be as benefit generous nor is it portable if you leave that job for any reason.
Personal accident plans can be purchased for up to $10,000 per person. That is a higher level than what employers offer.
With the higher levels of coverage offered, deductibles and coinsurance holes in policies are handled nicely. This makes it easier to have a high deductible health insurance plan knowing that you won’t have to cover the deductible, and perhaps the coinsurance, if you have an accident plan in place.
It’s basically a no-brainer if you are a family with kids.
With the ever increasing rates for health insurance, many families are forced to go to the higher level deductibles in the 5,000 to 10,000 range.
Always remember to consider coinsurance, which is the shared portion of the bill after the deductible has been met.
It isn’t uncommon to see coinsurance out of pocket costs as high as $15,000 per family member these days. A policy can have a $2,500 deductible and then out of pocket of $15,000. That is $17,500 total out of pocket in a worse case scenario that lands one in the hospital. It is easy to reach this level of expense in the emergency room too.
Personal accident coverage is available from $2,500 to $10,000 for individual and family plans.
Upgrades available to personal accident insurance plans are temporary and long term disability and accidental death and dismemberment. These upgrades will provide comprehensive accident coverage and more when most needed.
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Personal Accident Insurance Plans
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