All About Accident Insurance

Health insurance is designed to help you pay for medical care that, for the…Read More

Health insurance is designed to help you pay for medical care that, for the most part, you see coming. You know you’ll need regular doctor’s appointments for check-ups, flu shots, and illness. But what about the situations you never expect? For all the surprise bumps and bruises on life’s path, you may need to invest in accident insurance.

Accidents happen

Let’s say you’re out on a morning run, and you take a tumble down rocky terrain. Maybe you sprain your knee, or fracture your elbow—or maybe both! You head to the emergency room, thinking your health insurance will cover the whole visit.

But you forgot about your deductible. If you have a high-deductible healthcare plan—a common type of plan designed to offer low monthly premiums in exchange for high out-of-pocket costs—you may be on the hook for thousands of dollars at one time. And if the service or procedure requires coinsurance, rather than a copay, you may be responsible for 20 percent or more of your hospital bill. If that bill shoots sky high, your coinsurance payment will, too.

And what if you need surgery on that elbow? The bills may really begin to rack up. According to consumer advocacy site debt.org, hospital costs per stay averaged $15,734 in 2011. If your surgery is significant and you stay in the hospital for a day or so, your wallet may be in trouble.

Also, you may have been taken to an out-of-network hospital, so your care might be costlier than it would be in-network. Many consumers don’t realize that even in-network hospitals can contract with out-of-network physicians. If your surgeon isn’t a part of your healthcare network, you could be responsible for a much greater percentage of his or her bill than you thought you were.

Even your ambulance ride could cut into your bank account significantly. According to the Centers for Disease Control and Prevention (CDC), approximately 20 million emergency room patients arrived by ambulance in 2012. Ambulance rides can cost hundreds of dollars, depending on your insurance plan, especially if you need medical supplies like IV drugs during the trip.

Supplemental accident insurance*  from HealthMarkets can help

HealthMarkets Insurance Agency offers access to supplemental accident insurance plans that can help mitigate high healthcare costs associated with qualified accidents or injuries. These can help you cover the expenses you incur from accidents, whether you’ve simply taken a fall or sustained a critical, life-threatening injury. They pay you a lump sum cash benefit of up to $60,000**, depending on the plan. Some plans also pay a direct daily benefit.

And the best part is that you can use the money for anything you need, from paying your deductible at the hospital to paying the rent while you’re recovering. Benefits are paid directly to you, not to your doctor or the hospital. It’s your money, and you know best how to use it.

These plans have low premiums, some as low as $1.50/month!**  You can select a plan triggered by various kinds of qualified expenses, such as:

  • Hospital confinement for injuries
  • Emergency treatment at an ER or urgent care center
  • Periods of disability
  • Follow up treatment or physical therapy
  • Major diagnostic exams

Contact HealthMarkets today

Don’t get yourself up a creek without a paddle…or rolling down a hill without a supplemental plan! Give HealthMarkets a call today to speak with one of our knowledgeable licensed agents. We can dive into your current health insurance policy with you to help you find the gaps in your coverage that might make a supplemental accident plan a good idea. Give us a call at (800) 642-0607, or just find an agent near you!

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References

Disclaimers:

*The supplemental plans referenced in this article are underwritten and administered by The Chesapeake Life Insurance Company. North Richland Hills, TX. Insurance product availability may vary by state. For a complete list of exclusions and limitations, please refer to the policy or contact a licensed agent.

**Critical Accident Direct (CH-26123-IP 04/11) – For a complete listing of benefits, definitions, exclusions and limitations, please refer to the Policy. Product availability varies by state. Premium amount used for female with a $10,000 benefit level. Premiums may vary by state.

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