Introduction
Nowadays the number of accidents is increasing because of various factors including the excessive use of mobile phones during work, overspeeding, carelessness, heroism, and many more. But the worst thing is the injury that might eat up all your savings and blank your bank account with hospital bills. In the US the normal surgery for cracking bone will cost you thousands of dollars and brain-related surgeries are far more expensive.
Those who are suffering from such issues are always thinking it will be better if we have accident expense insurance. So, what is accident medical insurance, and is it worth it? All your questions will be answered in this article. Accident Medical Expense Insurance
What is Accident Medical Expense Insurance?
Accidental medical insurance is also known as death medical insurance which will cover all the expenses of your hospital bill caused due to any kind of accident. Also, in case the victim is dead then the claim is given to the beneficiaries after the death. Accident insurance covers a lot of things, below mentioned are a few of them:
Emergency treatment: In case your condition is critical and you need the treatment urgently then all the additional and off-hours expenses are covered under your accidental insurance.
Hospital stays: Sometimes you have to be admitted to the emergency ward or ICU of the hospital due to critical situations, here your hospital stay expenses are covered by your insurance policy.
Medical exams: All the medical exams and checkups including X-Ray, CT-Scan, MRI, Ultrasound, Ultrasonography, and many more will be covered within your policy.
Supplies: The expenses of medication will also be covered in your insurance policy, there is no need to worry about expensive pills or injections.
Lodging: All your meals and diet are also included in your insurance policy.
Final expenses: After getting discharged, the final bill will also be covered under your insurance. In case of death, the claim will be given to the beneficiaries.
Actually, accidental insurance is a type of product sold by rance companies that will cover your incidental expenses. Both you and your family can claim the money in the form of cash as per your insurance policy. You can use that money for any purpose, including filling your bills, paying rent, tuition fees, childcare, or mortgage, or can even spend it on a vacation. In case the victim dies the cash equivalent to the insurance policy is given directly to the beneficiaries.
Does Accident insurance cover health insurance?
Yes, your accident insurance will cover all your media expenses that your health insurance does not. Also, you will get financial aid in case of any uncertainty. Along with the health expenses, the accident insurance will also cover the disability insurance and you can claim several benefits whether your injuries are serious and keep you out of your work or not. Every month till you are disabled, you get the amount in your bank account. But all these benefits can be claimed after the waiting period is over.
Now, what does accident insurance work? Well! You will get a certain amount of cash depending on your premiums and insurance policy. Now it is on you whether you use that time to pay off your bills or use them to spend an international vacation. The procedure is simple, suppose you get a fracture in your elbow while playing and have to stay in the hospital but be discharged after 2 days with a bill. In this situation, your health insurance doesn’t cover the bill if you have not fulfilled your deductible for the year.
But if you have accident expense insurance, you simply need to submit a certain claim to the company for your expenses and you will get the cash within 10 working days. You can use this as financial aid for your expenses or spend a vacation with your family.
What are the benefits of having an accident insurance policy?
If we see the advantages of an accident insurance policy and compare them with other health insurance, it stands much better than them all. Here are some of the abundant edits and advantages of accident medical expense insurance:
- It will help you by covering all your out-of-pocket expenses
- All the benefits and claims are given directly to you.
- HSA-friendly (health saving account)
- It does not include any kind of deductible, co-insurance, and co-pay.
- You will get the claim immediately after receiving your application.
- It is guaranteed renewable
- Accident Medical Expense Insurance
What is not covered in accidental insurance?
You are friendly with the expenses covered in your accident insurance, but do you know there are a few things that are not covered in your accident insurance? Here are some of them:
Suicides: None of the insurance across the world covers the case of suicide. If the victim committed suicide whether dead or injured, then the claim is not given to him or his beneficiaries.
Illegal activities: If you die from any of the illegal activities, you get injured or hospitalized then the insurance company is not liable to give any kind of claim to you and your beneficiaries. This includes rough driving, crossing the road at a red light, and not following all traffic rules.
Drink and drive: If you are drunk and hit a few people then your insurance does not cover their treatment expenses, you need to give them from your pocket.
Who needs an Accident Insurance policy?
Now, you just have a question in your mind, do I need accident insurance or not? Well! We mentioned some kinds of people who need such a policy:
- Family with small children
- In case you are not eligible for life insurance due to medical reasons.
- Family with an active lifestyle
- If you are looking for an affordable alternative to life insurance.
- Anyone with a current health insurance
- If you are unfit for disability insurance.
- Accident Medical Expense Insurance
Conclusion
No one wants that an accident happens to them but if it happens it will eat up all their savings and desolate their bank balance. So, keep your accident insurance as your financial aid and support your family in case of your death.
