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What is Accident Insurance?

When a surprise injury occurs, the cost of treatment and recovery can be shocking and often not factored into one’s budget. Accident insurance is a type of supplemental insurance policy that offers a cash payout to help you cover expenses as you recover. Aflac offers a variety of supplemental insurance plans, including accident insurance, to support the various costs that can accompany different health experiences. This article will outline what accident insurance is and how it can benefit you.

What is accident insurance and how does it work?

Accident insurance is a supplemental insurance plan that helps cover the costs that arise after an accidental injury. Accident insurance is meant to be purchased in addition to your primary policy. It helps pay the bills that your major medical insurance doesn’t completely cover.

How Accident Insurance Works

Like most kinds of insurance, you’ll need to pay regularly scheduled premiums to access accident insurance benefits. You can purchase personal accident insurance on your own, or your employer may offer it through group accident insurance.

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Accident Insurance Coverage

When a surprise injury happens, you may be able to rely on your major medical insurance plan for some support. However, you may still be expected to pay major fees out-of-pocket. Depending on your primary health insurance plan, there may be more or fewer out-of-pocket costs. Having accident insurance means you aren’t expected to pick up the remaining costs on your own. Supplemental accident insurance works with your existing plan to minimize out-of-pocket expenses.1

Accident Insurance Costs

Accident insurance costs depend on the company you choose to work with. However, Aflac’s supplemental accident insurance is known for its affordable coverage. Aflac’s plans are generally designed to fit into most budgets easily. Yet, it may be beneficial to chat with an agent about your financial needs before making a decision on accident insurance.

Accident insurance vs. other supplemental insurance plans

With various supplemental insurance plans available, like accident insurance, it can be challenging to decide which options are the most helpful for your specific needs. Let’s review how accident insurance compares to a few other supplemental plans and how they might impact you:

  • Accident insurance vs. Critical Illness insurance: Unlike accident insurance, Critical illness insurance works with your primary health insurance plan to help cover the costs that accompany a catastrophic health event, like a heart attack, stroke or coma.2
  • Accident insurance vs. Short-Term Disability insurance: On the other hand, short-term disability insurance aims to provide support when you experience a sickness or injury that temporarily puts you out of work.3
  • Accident insurance vs. Hospital indemnity insurance: Hospital indemnity insurance is a type of supplemental plan that helps offset the expensive fees that can add up while staying in a hospital. From ambulance rides to MRIs, hospital insurance helps make your visit more financially manageable.4

Get affordable accident insurance

Accident insurance can help you cover expenses when you suffer an unexpected injury. Now that you better understand what accident insurance is, you may decide it can significantly benefit you. You also may have found that one of the options above is better for your unique circumstances. If accident insurance is right for you, Aflac is here to help. Chat with an agent today to learn more about your coverage options.

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