If you suffer an injury, it can lead to high treatment costs. As an example, the average cost to heal a broken leg can be around $17,000, and the average cost to treat an ACL tear with reconstruction surgery can be much higher. You may not have enough in your savings or emergency fund to cover all the costs associated with your injury. An accident insurance policy can provide you with financial assistance to help with your medical expenses and any other expenses you need help with. Here's what you should know about what accident insurance is, who qualifies for it, and the benefits of having it.
What is accident insurance and who qualifies for it?
Accident insurance is supplemental insurance that helps when you experience a covered event. You're able to claim the benefits even if the injury doesn't keep you out of work. If your health insurance doesn't cover all your medical care, you can use the benefit to help with your medical expenses. Accident insurance helps with common injuries such as dislocations, eye injuries, and burns. It's important to review each provider's policy to see if the injuries you're concerned about are covered. There are typically limitations and exclusions.
While insurance companies will have different qualification criteria, in general, most people over 18 can apply for accident insurance. In some cases, you may not need to answer any medical questions or have a medical exam. If you desire to have dependents covered under your policy, many policies will cover them up until their late 20s.
Helps with multiple injuries
Accident insurance can help with a variety of different injuries. Some common injuries that may be covered include fractures and lacerations. Most policies have limitations and exclusions. The amount of benefit you receive will usually depend on how severe your injury is. Additionally, your plan may offer a benefit if you choose to get a covered health screening test.
When you suffer an injury that's covered under your policy, and your claim is approved, the benefit is paid directly to you, unless otherwise assigned. You're able to use the money to help with any medical expenses that aren't covered under your health insurance. You can also use it to help pay for non‐medical costs like your rent or travel costs.
The cost of an accident insurance policy is often affordable. Since prices will vary by state and insurer, you should get quotes from multiple insurance companies to find an option that's affordable for you. You can choose to opt out of additional non‐insurance services to help keep your premium cost low. The amount of your premium will also be determined by the amount of coverage you're desiring. Given the likelihood of eligibility and the benefits, an accident insurance policy might be worth considering to help keep you financially prepared if you ever suffer an injury.
Broken Leg Diagnosis & Treatment, Mayo Clinic, July 01, 2022.
Coverage is underwritten by Aflac. In New York, coverage is underwritten by Aflac New York.
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This is a brief product overview only. Coverage may not be available in all states. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
In Arkansas, Policies A35100AR‐A35200AR, & A35B24AR. In Idaho, Policies A35100ID‐A35200ID, & A35B24ID. In New York, Policies NY35100‐NY35400, NY35B24, & NYB35OF. In Oklahoma, Policies A35100OK‐A35200OK, & A35B24OK. In Oregon, Policies A35100OR‐A35400OR, A35B24OR, & A35BOFOR. In Pennsylvania, Policies A35100PA‐A35200PA, & A35B24PA. In Texas, Policies A35100TX‐A35200TX, & A35B24TX. In Virginia, Policies A35100VA‐A35400VA, A35B24VA, & A35BOFVA.
Z2200717 Exp. 9/23
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Original Source: Aflac: Am I Eligible for Accident Insurance?