The recent passing of the controversial health reform bill is creating quite a bit of confusion among insurance professionals and consumers alike. No one is quite sure what all the changes will be, but most industry experts agree rates will rise for most families and supplemental plans will be in high demand as Americans look for rate relief from rising premiums. An accident/injury plan can work in conjunction with your health plan to pay for injuries suffered due to an accident. If you or a family member is injured, you could be responsible for thousands of dollars in medical expenses from plan deductibles, co-pays and annual out of pocket limits before your medical insurance benefits kick in.
A common strategy when considering an accident plan, is to increase your health plan deductible, thereby lowering your overall premium, then purchase an accident plan to fill the gaps. Many plans cost less than $50 per month to cover the entire family at the $10,000 limit and carry a deductible of just $100. The money paid out from the accident plan can then be used to pay the higher deductible and other costs not covered by your health plan that you are responsible for. Also, the accident plan limit applies per accident, so the policy would honor your claim if you or your family experienced multiple accidental injuries during the policy term. Considering there is a 4 times greater chance of medical expenses arising from an injury than an illness, these plans could save you thousands of dollars. An accident plan could be especially beneficial to active families with children involved in sports activities.
Of course, these supplemental plans only cover accidental injuries and an illness other than one caused by accidental means would be subject to the full deductible of your health plan.
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