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Supplemental Accident Insurance
Sure you are healthy, but what about the unexpected?
For Colorado families with children or for those who are active in sports or outdoor activities, odds are any medical expenses will be as a result of an accident.
• The deductible can be as low as $100-$275 per accident.
• Premiums are low, low, low!
• Covers you for accidents such as sport injuries, skiing, mountain climbing, slip and fall on the ice, bike, motorcycle or car accident, dog bites, spider or snake bites, etc.
• No network - You can see any doctor, any hospital.
• Used in combination with a high deductible medical plan, you can save money while minimizing your risk by having extra coverage for accidents with a low deductible.
The Combo Strategy
We have discovered a very cost effective way to target the best coverage for the young, healthy invincibles.
First, buy a regular medical insurance plan, but keep it inexpensive by choosing a high deductible. Then, purchase a separate plan, good only for injuries as a result of an accidents, which has a low deductible of $100 that is also inexpensive.
The combination gives you a one-two punch that plays the best odds for the young and healthy—immediate coverage for accidents, but protection from financial ruin in case of a serious illness.
What's really cool about this combo strategy is that the money the accident supplement is paying under the accident portion is also being credited toward the deductible on your primary insurance policy! You could literally end up paying only $100 on a $30,000 bill, depending on how the plans are set up!
• These plans will not cover illnesses—only accidental injuries.
• This is only a supplement. Coverage caps at $2500 to $25,000, depending on plan chosen. You'll need regular insurance to pick up after that.
• Look for exclusions. professional sports and car racing, rodeos, or diving under the influence are examples of activities that might be specifically excluded from coverage.
• More paperwork. Most accident plans are reimbursement plans. This means you have to fill out a claim form and submit copies of the medical bills and in some cases the explanation of benefits with all the proper coding.
• Deadlines. Treatment must be within 7 days of the accident. Claims must be submitted within 60 days of the accident.
What is an accident?
What is covered by an accident plan? Here are just a few examples: car or bicycle accident; skiing; mountain climbing; sport injuries; slip and fall on an icy sidewalk; stitches; broken bones; dog bites, snake bites, and many more. But don’t expect to file a claim if you pull a hamstring playing basketball. The definition of an accident is strictly an “unexpected external force causing an injury.” Yes, that pulled muscle is definitely an injury; it’s just not an accident. (However, if you suffer a concussion when you collide with your opponent during a jump shot, you’ve got yourself an accident.)
This plan does not coordinate with other insurance. That means you will be reimbursed for expenses regardless of what any other insurance pays!
- Limit of 2 accidents per person/year
- All plans have a $250 deductible
- Benefit amounts range from $2500 to $10,000
TIP: For plans with Values of America, it won’t do you any good to buy an accidental benefit that is greater than your deductible and coinsurance. This accidental supplement plan coordinates with your other coverage and will only reimburse for what came out of your pocket. No double dipping!