You can’t plan for accidents — but you can budget for them. Here’s how supplemental accident insurance works and how to decide if it’s a fit for you.
From weekend bike rides to a kid’s soccer game, injuries can happen when you least expect them. Supplemental accident insurance is designed to help. It can help you pay for out-of-pocket costs in case of an unexpected injury. Learn what accident insurance is, who it may help most and how it can help cover gaps in traditional health insurance.
The gap between health insurance and reality
Many people think, “I have health insurance, so I’m covered.” However, coverage does not always mean low cost.
Health insurance plan costs typically include:¹
- Monthly premium — What you pay each month to keep your coverage
- Deductible — What you pay out of pocket before insurance starts to pay
- Copays and coinsurance — Your share of costs, even after meeting your deductible
After an injury, these costs can add up quickly.
Ambulance rides are a common example. Even with insurance, a single ride can be costly. If the ambulance is out of network, the bill may be higher than expected.
How accident insurance can help
Supplemental accident insurance works differently from traditional health insurance. Instead of paying doctors or hospitals, many plans pay a benefit after a covered accident.²
This gives you flexibility to use the money where you need it most, such as:
- Deductibles or copays
- Rent or mortgage payments
- Groceries or utility bills
- Childcare during recovery
It’s important to note that accident insurance is meant to supplement your main health insurance plan, not replace it. (There is a monthly premium for supplemental insurance that is not included in what you’d pay for your primary health insurance.)
You may not be able to plan for accidents, but you can budget for them. Call a licensed insurance agent at 844-306-8319 to learn how accident insurance can help cover unexpected costs.
Who can benefit most from accident coverage?
Many people can benefit from help paying for out-of-pocket expenses, but some groups may find accident insurance especially helpful.
Active adults
If you hike, bike, ski or play sports often, your risk of injury may be higher.
Families with kids in sports
Accidents happen, and costs for services like an ambulance ride, imaging or follow-up care can add up quickly.
Freelancers and gig workers
If an injury keeps you from working, a cash benefit may help cover everyday expenses while you recover.
People with high-deductible health plans (HDHPs)
Accident insurance can help pay out-of-pocket costs early, before your deductible is met.
7 questions to ask before you buy accident insurance
If you’re thinking about accident insurance, these questions can help you review your options.
1. Which injuries are covered?
Many plans include:³
- Fractures
- Burns
- Dislocations
- Concussions
2. Who receives the payment?
Many plans pay you, so you decide how the money is used.² You may also be able to assign your benefits to pay a hospital or healthcare provider directly.
3. Am I covered everywhere?
Some policies cover accidents both on and off the job, including during sports.
4. Are there waiting periods?
This can vary from plan to plan, so it’s important to check.²
5. How does this work with my current plan?
Supplemental accident insurance can help cover costs your health insurance plan doesn’t fully pay.
6. Can I cover family members?
Some plans allow you to add a spouse or children.
7. What is required to file a claim?
You usually need documents like medical bills or diagnosis forms.
Accidents happen. Call a licensed insurance agent at 844-306-8319 to learn how supplemental accident insurance can help.
Accident insurance vs. health insurance
These two types of coverage serve different roles.
Health insurance
- Pays doctors and hospitals
- Includes deductibles, copays and coinsurance
- May limit out-of-network coverage
Accident insurance
- Pays benefits directly to you. Benefits will be paid directly to a hospital or other provider if you assign your benefits.
- Typically has no deductible or network restrictions
- Can be used for medical or everyday expenses
These plans are designed to work together to help you cover out-of-pocket expenses.
Why do I need accident insurance if I already have a health plan?
Many health plans won’t cover all of the costs related to an accident.
Health insurance is designed to pay medical providers. But accident insurance is meant to help you pay out-of-pocket costs.
After an injury, you may still face:
- A deductible
- Unexpected out-of-network charges, such as ambulance bills
- Lost income from missed work
Accident insurance doesn’t prevent injuries, but it may help reduce the financial stress that can follow.
Need help choosing a plan? Call 844-306-8319 to discuss your options with a licensed insurance agent.
For informational purposes only. This information is compiled by HealthMarkets Insurance Agency and does not diagnose problems or recommend specific treatment. Services and medical technologies referenced herein may not be covered under your plan. Please consult directly with your primary care physician if you need medical advice.
