What Does Accident Insurance Cover?

What Does Accident Insurance Cover?

Accident insurance typically pays a fixed amount when you experience a covered accident. The insurance can help pay for medical services like hospitalization, ambulance, urgent care and ER services, and inpatient rehab.

Accidental injuries that are commonly covered include:

  • Sprains, dislocations and fractures
  • Concussions
  • Lacerations, burns
  • Eye injuries
  • Torn knee cartilage
  • Ruptured discs

Accident insurance typically does not cover:

  • Self-inflicted injury or sickness
  • Injuries related to pre-existing conditions
  • Procedures that are not medically necessary
  • Procedures not prescribed by a doctor

How Much Does Accident Insurance Cost?

Your monthly premium for accident insurance depends how much coverage you purchase.

Accident insurance may cost anywhere from $15 to $50 or more per month depending on the benefits you select.

Remember, accident plans do not cover pre-existing injuries or costs related to illnesses.

Is Accident Insurance Worth it?

If you have major medical insurance, do you really need supplemental accident insurance?

Only you know what your major medical out-of-pocket costs are, what your financial situation is, and can decide if an accident insurance plan is worth the additional monthly premium.

Remember, many common injuries can cost thousands of dollars out-of-pocket even with major medical health insurance, easily maxing out your deductible.

Major medical deductibles cost around $1,500 for an employer’s individual group health plan (2018) and $5,977 for an unsubsidized bronze plan (2019). What is your major medical annual deductible?

Remember, after your deductible is paid, you are still responsible for a portion of your covered medical expenses (coinsurance). And you are responsible for 100% of the costs of any non-covered medical treatment you require.

Now ask yourself if you have enough funds on-hand to pay your entire deductible if you experience a single, high-dollar medical event like a serious accident.

  • Do you have a few thousand dollars in savings set aside?
  • Do you have access to a high limit, no interest credit card you could use to pay for out-of-pocket costs?
  • Can you rely on family or friends to help?

If you have a high deductible and you do not have additional savings or support should you need to pay it, then an individual accident plan may be a good option for you.


Get in touch! We love talking to employers about adding even more value to your benefit package! Email worksite@ktbenefits.com or call 484-321-5752.