Accident insurance

Accident insurance, also referred to as supplemental accident insurance or personal accident insurance, is a type of insurance policy designed to provide financial protection in the event of an injury or death resulting from a covered accident. 

Here's how it generally works:

- Complements health insurance: Accident insurance is not a replacement for traditional health insurance but rather works alongside it. Health insurance                                               

  typically covers medical. treatments and illnesses, while accident insurance focuses on the financial costs associated with accidental injuries.

- Cash benefits: Accident insurance pays out cash benefits directly to the insured (or beneficiaries in case of death) if a covered accident occurs,

- Flexibility of use: These cash benefits can be used in various ways, such as paying for out-of-pocket medical expenses (copayments, deductibles),

  transportation, lost wages, childcare, or even daily living expenses.

- Coverage for various accidents: Accident insurance policies typically cover a range of accidents, including those that occur at home, or during sports                                                                                                                                    

   or other recreational activities. However, the specific coverage can vary depending on the insurance company and policy.

-  Payouts based on severity and treatment: The amount of the payout is usually based on the nature of the accident, the severity of the injury, and the                                                                                                                                          

    treatments received. Benefits can be paid out as a lump sum or over a specific period, 

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Types of coverage: Accident insurance can be purchased individually or as part of a group plan, and

can include options like accidental death and dismemberment (AD&D) coverage. 

Why Accident Insurance?

In essence, accident insurance provides an additional layer of financial protection to help manage the unforeseen                                      

costs that can arise after an accident, supplementing the coverage offered by a standard health insurance plan. 

So, what does accident insurance actually cover?

Here is a broad list of what’s covered by an accident insurance policy, along with a few specific types of injuries that may be covered within each category:

Emergency care – hospital treatment, ambulance, X-rays, exams or ER visit

Specific injury care – burns, concussion, emergency dental work, ear or eye injury or poisoning

Supportive care – follow-up treatment, physical therapy, prescription meds, supplies, or even transportation and lodging

Hospital care – hospital admission/confinement, intensive care or rehab unit

Surgical care – major surgery, ruptured disc, hernia, outpatient surgery or anesthesia

Accidental death – benefit is paid directly to your beneficiaries if your death is a result of an accident

Preventive care – some policies offer a wellness benefit that pays you cash back for routine blood work, immunizations and more