Accident Insurance Plans
An accident insurance plan provides you with a lump-sum payment after an accident to use as you wish. It is designed to help with out-of-pocket expenses such as deductibles, copays, transportation to medical centers, childcare and more.
Accident insurance could cover things like treatment for injuries, medical services (ambulance, emergency care, etc.), hospitalization, and sometimes additional benefits like supplements for lodging.
Accident insurance may be a good option for you if:
- You don’t expect to go to the doctor much, if at all. Since they provide a lump sum payout that may or may not cover the cost of service, accident insurance plans may be good option for individuals who don’t get sick or plan to go to the doctor often, but want to have some level of coverage in the case of an accident.
- It’s outside Open Enrollment and you don’t qualify for Special Enrollment. An accident insurance plan can help bridge the gap between coverage when you can’t enroll in a traditional plan, in the case that you do experience an accident. It can be an effective way to minimize unforeseen medical expenses.
- You don’t qualify for a government subsidy. Accident insurance doesn’t meet minimum ACA requirements, so you won’t get any government help paying your plan premiums or out-of-pocket costs with this type of plan. If you’re eligible for government assistance, be sure to calculate that amount into your costs for both types of plans and weigh your options.