Is Accident Insurance Worth It? 4 Reasons You Might Need It
You likely have medical, dental, and vision insurance, along with a flexible spending account. But if you were to sustain an accidental injury, would you be financially covered?
Even the best health insurance may leave you with unexpected costs after an accident. Accidents can happen at any time, and they often come with unforeseen expenses—hospital stays, medical treatments, and even transportation costs. Accident insurance helps alleviate the financial burden of an injury, allowing you to focus on recovery. Keep reading to find out how accident insurance can help cover hospital stays, surgeries, and more.
Do I Need Accident Insurance?
Let's say you fall from a ladder while changing a light bulb. This single event could lead to numerous costs, including ambulance fees, hospital stays, surgeries, follow-up care, medications, and more. An average trip to the emergency room costs around $1,139. Additionally, you might need transportation or food delivery if you’re unable to drive after the accident.
With accident insurance, you receive a lump sum payment that you can use however you need—whether for deductibles, coinsurance, transportation, or even groceries.
Still not sure if accident insurance is worth it? Here are four more reasons to consider:
1. Accidents Happen More Often Than You Think
While we hope accidents won’t happen, they are more common than we realize. U.S. emergency rooms treat around 38 million visits annually for unintentional injuries. Additionally, children are particularly prone to accidents, with over 775,000 kids under 14 treated in ERs each year for sports-related injuries. For this reason, it's a good idea to consider accident insurance for your whole family.
2. Accidents Can Put Anyone Out of Work
Injuries may require you to take time off work for recovery, physical therapy, or follow-up care. In some cases, you may be unable to work at all, making it difficult to cover medical bills and other expenses. Accident insurance can provide cash to cover income loss during your recovery, helping you manage the financial strain.
3. Coverage Doesn’t Depend on Preexisting Conditions or Job Changes
As long as you're actively working, accident insurance coverage is typically guaranteed. You won’t need to take health exams or answer medical questions to get coverage. Many accident insurance policies are portable, which means if you change jobs, you can still maintain your coverage. Check with your employer’s benefits administrator for more details.
4. Accident Insurance Covers More Than Just Injuries
In addition to covering medical expenses, many accident insurance plans offer ancillary benefits for conditions like limb loss, paralysis, blindness, or accidental death. These benefits can reduce the financial impact of serious accidents for both you and your loved ones.
How to Get Accident Insurance Through Your Employer
Many employers offer accident insurance as part of their benefits packages, which makes signing up easy. If this is an option for you, it’s worth considering during open enrollment. Here's how to take advantage:
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Convenience: Purchasing accident insurance through your employer means you don’t have to shop around for the best plan.
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Payroll Deductions: Some employers offer automatic payroll deductions, so you don’t need to worry about making monthly payments.
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Open Enrollment: Open enrollment is the perfect time to sign up for accident insurance. Reach out to your benefits administrator or spouse's administrator to learn about available plans and how to enroll.
Protecting yourself and your family with accident insurance could be a smart and cost-effective decision.