Accident Insurance You’ve probably heard that most personal injuries from accidents occur in the home. Actually, accidental injuries can happen any time and anywhere to any member of your family – while attending classes at school, skiing at your favorite resort, playing a touch football game or just relaxing at home. Being able to predict when an accident will occur would help you avoid injury but since that isn’t possible being prepared to handle the emergency is the next best thing.
A good example of an unplanned accident for me was a broken right shoulder I incurred several years ago because I had on a pair of high heels and tripped. Silly accident. What a mess with time off of work, Dr’s bills (ahh that deductible) and co-pays. The accident was definitely unplanned and very unwelcome. If I had purchased accident insurance I would have received a payout within 5 to 10 days (depending on my chosen coverage) of $5,000, $10,000 or $15,000 dollars. My accident would have been covered, deductible covered, and very little out of pocket.
Let’s look at an example of the power of combining an accident policy with major medical. Many people today are insured through high deductible plans such as a Health Savings Account. The typical deductible for an individual is $5,000 with 100% coverage after the deductible is met. Using my broken shoulder as an example we can take a look at what “might” have happened if I had the right insurance back then…
I went to the emergency room immediately, and saw my own Doctor the next day. Most accident policies stipulate that you contact your physician and go in to see them within 48 to 72 hours. If I had picked a policy that paid out $15,000 per accident I would have received a check (it comes to you) for $15,000.00 I could have used that money to pay off my HSA deductible. My medical insurance would have then covered me at 100%. All of my Dr’s visits and physical therapy would have been covered. I would have had very little to no out of pocket costs. Plus being self-employed I could have used the rest of the money to live on while being out of work. Definitely a different scenario than what actually happened! Now let’s take a look at another potential life changer.
Critical illness is typically defined as cancer, heart attack and strokes. Critical illness insurance will pay you a tax-free lump sum on diagnosis of cancer, heart attack, stroke, brain tumor and other specified illnesses. The average payout is $25,000 and up – a huge financial help at such a difficult time. Definitely not a stand alone product, but added to a major medical policy it could provide great relief to you and to your family.
Critical illness impacts all of us. As individuals and as family members. A regular trip to a Dr’s office might cost a $30.00 co-pay. Once your deductible has been met. But if you are diagnosed with an illness the bills can really start to pile-up. Trips to a specialist are going to cost way more than $30.00. Treatment, chemo, rehab etc. can literally bankrupt most people. Critical illness policies do not take any of the pain away. They will not insure that you will never get sick. But what they can do is give you the extra cash you need to help pay those medical bills so you and your family can keep up some semblance of “normal” life.
Both critical illness and accident insurance offer policies under $100.00 per month combined. Most of my clients are now asking about them before I even get a chance to bring them up.
I can run quotes for you based on your individual or family needs. Just ask!
Or you can go to: http://jglass.virtualinsurance.net/ to get a quote yourself through Colorado Bankers. This is just one of the companies I am aligned with for Critical Illness. Almost all of the companies will vary in price for both Accident and Critical Illness.