Causes of accidents can vary from car accidents, falling objects, trips and falls, and bruises. Accidents in all forms can happen at any time.
The expenses that come with accidents also increase over time and might become a burden for some people. It is difficult to rely purely on medical insurance to cover healthcare needs in case of accidents.
You should start supplementing your insurance with more coverage to be valuable, or even better, get voluntary accident insurance.
Voluntary Accident insurance can aid you in coping should the unexpected happen.
We will walk you through voluntary accident insurance basics, which can guide you in choosing one for yourself.
Voluntary Accident Insurance
Voluntary accident insurance is the coverage where employers offer voluntary benefits that employees pay through payroll deduction. It is a type of insurance policy that provides accident supplementation.
Employees agree to pay premiums by deducting the amount they need from their monthly salary. Just like in other insurance policies, group rates are cheaper compared to individual plans.
This policy is also known as accident expense or accidental death insurance. You or your beneficiaries can receive cash in case of injuries and death that are under the policy.
In general, it accounts for lodging emergency treatment, supplies, hospital stays, and medical exams in case of accidents.
Comparing it to workers’ compensation insurance only accounts for accidents in the workplace; voluntary accident insurance can account for accidents not occurring in the workplace.
Voluntary accident insurance gives more protection to employees for them to address their needs. This policy includes out-of-pocket costs connected to the medical insurance plan.
It complements other insurance policies as well. Voluntary accident insurance goes hand in hand with health insurance and disability insurance.
In cases of medical expenses exceeding health insurance coverage, accident insurance can be your financial backup. This policy can enable you to get benefits with injuries not keeping you from work.
Although there are fewer benefits compared to disability insurance, its advantage is that you get to pay lower premiums.
How Does Voluntary Accident Insurance Work?
The client or his beneficiaries give certain cash benefits for injuries from an accident that is part of the policy.
You can utilize the money from the benefits for deductibles, copays, or personal use. Accidents that occurred on or off the job are part of the coverage.
Your voluntary accident insurance can help when unexpected accidents require you to pay for the ambulance, medical costs, treatment plans, surgery, and insufficient health insurance.
There is no more need to play straight out of your pocket. File a claim to the insurance company and wait for approval to get cash in a matter of days.
Here are the advantages to having a voluntary accident insurance policy:
- Protection within days of applying for the policy
- Aids in overall expenses
- Cash benefits received directly
Coverage of Voluntary Accident Insurance
With the increasing cost of healthcare, even little accidents pose a burden to many families. Good thing that voluntary accident insurance brings great coverage for those who have it.
It is essential to know the coverage of voluntary accident insurance to use it when you need it.
Here is a list of coverage under voluntary accident insurance:
- Specific injury care
- Surgical care
- Preventive care
- Emergency
- Supportive care
- Accidental death
- Hospital care
Specific injury care
This coverage accounts for injuries to the eyes and ears, dental emergencies, poisoning, concussions, and burns.
Surgical care
Surgical care coverage includes outpatient and major surgeries, anesthesia expenses and ruptured discs, and hernias.
Preventive care
Preventive care coverage provides wellness benefits that give cashback for routine blood work and immunizations.
Emergency
This coverage includes the costs for hospital exams and procedures like X-rays. It also accounts for hospital treatment, ambulance, and ER visits.
Supportive care
Under this coverage, you have protection for the expenses of transportation and lodging, physical therapy, follow-up, and prescription medicines.
Accidental death
This coverage directly pays the cash benefit to your beneficiaries in case your death results from an accident.
Hospital care
This coverage accounts for the costs of hospital admission and stays in intensive care or rehabilitation unit.
Greater injuries correspond to the greater cash benefit amounts. Similarly, less injurious incidents equate to the fewer cash benefit amount.
Serious conditions may even include the use of supportive devices and medical supplies like prostheses and crutches.
Deaths from accidents usually have the greatest cash benefit amount that is sent to the beneficiaries.
Unidentified injuries in the policy will not equate to a cash benefit. Death from suicide, accidents from self-inflicted injuries, and illegal activities are also not part of the coverage.
Who Can Use Voluntary Accident Insurance?
Eligibility for Voluntary Accident Insurance varies depending on the insurance policy provider.
In most cases, anyone who would like to apply should be at least 18 years old. You can choose to select a coverage that can either be for individuals or families if you want your partners and children to be part of it.
As we’ve mentioned previously, in case of death, your beneficiaries will receive the cash benefit.
Here is a list of those who most likely need Voluntary Accident Insurance:
- People with lifestyles that are always active
- Families with small children
- Persons with present health insurance
- People with a limited budget for medical expenses
- People looking for complementary policies or supplementation to life insurance
- People looking for complementary policies or supplementation to disability insurance
Having an increased deductible for your health insurance can greatly impact your lifestyle, home, and family.
Consider getting an accident insurance policy if you notice that your health insurance requires you to pay for higher deductibles and copays. You will observe that you can also offset your medical expenses by getting a voluntary accident insurance policy.
Benefits of Having Voluntary Accident Insurance
There are many benefits of having voluntary accident insurance. If you are still contemplating whether or not you should get Voluntary Accident Insurance, maybe these benefits can convince you to do so.
- You Will Receive Cash Benefits
- No More Out-Of-Pocket Expenses
- You Get Beneficial Protection that Can Reach Beneficiaries
You Will Receive Cash Benefits
If you experience an accident, having voluntary accident insurance enables you to receive a cash benefit. The distribution of cash benefits uses a benefits schedule.
You can use the money at your liberty. Some would prefer to use it to pay for costs that exceed a typical health insurance coverage.
No More Out-Of-Pocket Expenses
Anyone can encounter an accident that can happen at any time. Despite having medical coverage, out-of-pocket expenses can pile up quickly.
Another benefit of having voluntary accident insurance is that you relieve yourself from the unnecessary burden of paying out-of-pocket expenses. Forget about the piled expenses of medical care, ambulance services, and treatment costs that must be paid upfront.
With voluntary accident insurance, you have to file a claim indicating the details of the expenses you need to pay, and you can get the cash benefit in a matter of days.
The amount distributed depends on the plan you applied for and the severity of the injury.
You Get Beneficial Protection that Can Reach Beneficiaries
Voluntary accident insurance gives payment in case of accidental death. It also comes with dismemberment benefits for a loss caused by accidental injury or death.
You get to decide what to do with the money that you will receive. The coverage spans from your first covered accident up until your future covered accidents.
Select the coverage that suits you and your family the best. The cost of monthly premiums varies depending on the coverage level you select.
No one wants to ask for an accident to occur, but in case it does happen, voluntary accident insurance can be of great help.
To learn more about voluntary accident insurance, ask your insurance provider for more information.
If you know someone interested in voluntary accident insurance, it would be a great idea to send them this article. You can also help us out by sharing this article on Facebook and Twitter.
Liked this post? Read more on other insurance topics. Make sure to check out these other great content:
- What Is The Difference Between Term And Whole Life Insurance
- How To Use A Life Insurance Policy To Be Debt-Free: A Long Term Solution
- Should You Get Life Insurance? A Breakdown Of What It Is
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