Accident Insurance Policies
Employers do what they can to attract the best employees. They often compete with each other to see who can offer the best workplace benefits. A benefit called accident insurance is becoming more popular. Accident insurance is an alternative to a traditional healthcare insurance policy. It costs less to maintain, and provides coverage to the employee and their covered family members for non-catastrophic injuries.
It is important to note that accident insurance typically covers injuries, such as broken teeth, concussions, lacerations, a broken body limbs. It is not the same as health insurance. Health insurance pays for long-term illnesses, such as cancer treatments. Accident insurance is for injuries that happen without notice.
If you receive treatment for a broken leg or arm, you have to pay the medical bills for treatment you received. Accident insurance provides the financial means to pay those expenses, and you also avoiding many out-of-pocket costs.
An accident policy might also provide for utility bills, car payments and rent during your recovery. These policies sometimes pay a cash benefit directly to the policyholder. That way, the policyholder can use the money as they see fit.
This type of policy generally does not have a deductible. There is no waiting period for when the plan becomes effective, and the policyholder can immediately use benefits. It is also beneficial there is no network of doctors or hospitals the policyholder is required to use. The policyholder can receive treatment anywhere.