Utah Accident Insurance
What is supplemental accident insurance and how does it help?
Accident insurance is pretty self-explanatory in that it supplements your health insurance plan and if you are injured in any way, it will cover your injuries. So, let's say that you have a $1,500 deductible on your health insurance and you slip and fall down the stairs. Normally you would be out of pocket for the $1,500 before your health plan kicks in and starts to pay. With the accident plan, because it is separate coverage, when the injury is incurred the accident insurance will begin to pay on the first dollar of expense.
So how does this help you? Well, a study was done that stated that over 80% of the reasons that people have to meet their deductible is because of injuries. So if the accident plan covers the injuries, you could be able to raise your deductible on your regular health insurance because you are covered for a large majority of the reasons why you would meet your deductible. The in turn will lower your premiums, but you will not be sacrificing coverage or benefits. In essence, you will be getting the best of both worlds. Lower premiums and better coverage.
There is also the fact that you can get paid to be injured. Let's say you have a $5,000 deductible Utah HSA plan and a $15,000 accident plan, but you get injured skiing at Snowbird and incur $14,000 worth of medical and surgical expense. Because HSA plans don't kick in with the insurance until you meet the deductible, there will be no medical coverage until the $5,000 is covered. That $5,000 will be covered by the accident plan and then after the $5,000 is covered, the HSA starts to pay 100% of the expenses. But the accident plan (being a completely separate plan) continues to pay you directly. So, since your medical bills were $14,000, and because the accident plan had $15,000 worth of coverage, $5,000 was paid to the doctors and $9,000 was paid to you. Usually that helps with the loss of time at work.
So as you can see, this is just one of many options that can help you drive down your health insurance costs. Please contact us for more information on how to use the accident coverage to your advantage or on the numerous other ways to drive down your costs.