An Accident Plan is designed to pay cash directly to you for services that occur due to accidental injury.
This is a supplement to health insurance and is not a substitute for Major Medical coverage.
A standard dictionary definition of “accident” is “an undesirable or unfortunate happening that occurs unintentionally and usually results in harm, injury, damage, or loss.
An accident happens when you do not expect it. That means the loss, damage or injury is also unexpected. Though the consequences of accidents are unforeseen, you can plan for them to some extent.
Insurance planners like BeneTrend Partners will tell you that everyone should have an accident policy because, unlike life insurance, age does not factor into the equation. Everyone, young or old, is susceptible to an accident. An accident plan pays you when you get hurt, and that money is yours to spend as you see fit.
An accident plan can cost less than $20 per month for an individual, and there are no health exams required. The rate is guaranteed. After all, the healthiest people you know can have accidents just like anyone else.
Rates are guaranteed from age 18 to 75. You can buy a plan anytime up to age 75 and keep it beyond that age as long as it has already been purchased. In those later years it provides a nice layer to your existing Medicare coverage. But you might want to have something to cover those falls and spills at a younger age.
The difference in accident plans is in the payout. You can pay a little bit more per month and get considerably more money when you need it.
What kinds of accidents can be covered under accident insurance? Here are a few real-life examples.
A dog owner was hit in the eye by her pet boxer and was reimbursed for an ophthalmologist visit.
A softball player fielded a line drive and wound up with a sprained thumb.
A homeowner cutting grass near a tree walked into a branch and was sent to the eye doctor.
An exercise enthusiast using a chair as a stepper of sorts fell and broke an elbow.
An employee borrowed her boss’s car and was in a five-car pileup that was not her fault. In each of these scenarios, all medical costs were covered.
In all cases, the member received cash directly paid to them.
An accident plan is important for parents whose children are involved in sports – or for themselves if they are recreational athletes. In a car accident, it will pay you for injuries on top of whatever the other driver’s insurance covers. Should you die in an accident of any kind, there is a death benefit that would go to a beneficiary.
Own a business? Consider offering an accident plan option for you and your employees as an added benefit to employment.
Business owners may do this at no additional cost to the business as an add-on to existing health insurance. Or they can choose to add it to their benefits package and provide it to employees. Most employers take the first option, and let employees opt in to their own coverage. Typically three participating employees are needed to do a group accident policy.
Unless you walk around all day in bubble wrap, an accident plan is a no-brainer. Reach out to the professionals at BeneTrend Partners and discover how you can set up yourself and your family to be protected in case of the unexpected.
