Accident Insurance - Can You Afford an Oops Moment?

Jennifer thinks she has the hang of roller-skating until she trips over her son’s trailing skate laces and ends up in the ER with a broken wrist. With a $1,500 deductible and expenses like the ER visit, X-rays and a cast, her out-of-pocket costs add up quickly.

Her story turns out well, though, because she purchased accident insurance through her company during open enrollment a couple of years ago. Accident insurance pays policy-specified amounts she can use if she experiences a policy-specified type of accident.

Accident insurance helps when the unexpected trips you up.

The 2014 UBA Health Plan Survey found that the median single out-of-pocket maximum increased $500 to $3,500 from the year before. For families, it went up $1,000 to $8,000. That’s a big difference! Accidents can come out of the blue at any time—wouldn’t it be nice if you didn’t have to worry so much about how to pay for them?

Accident insurance, often offered by employers, was designed to help with the cost of an injury. Some policies offer the ability to add a spouse and/or children to your policy for just a few dollars more, making the policy even more helpful to your family.

(Accident insurance should not be confused with accidental death insurance which offers financial relief in the event of certain types of accidental deaths.)

Injuries and services that may qualify you for benefits.

Policies differ greatly between insurers and employers, so be sure to read carefully to know what you’re getting. A schedule of benefits—a list of specific amounts paid for given treatments and situations— for example, if you needed:

• Ambulance transportation
• Visit to the ER
• Bone-setting
• Initial hospitalization
• Medical appliances, like crutches
• Follow-up treatment
• Physical therapy
• Prostheses

Don’t fall into a financial hardship.

Accident insurance can help keep a bad day in the ER from becoming a bad year or two of medical bills. You can’t predict an oops moment, but you can use insurance products, like an accident policy, to help be prepared financially when one happens.

Ask about accident insurance at your workplace today or learn more about accident insurance and other types of voluntary benefits offered by Colonial Life.

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