Health insurance and accident insurance have become hot topics recently because coverage and prices have changed dramatically. Having health insurance does not guarantee automatic financial protection for a number of reasons:
- Higher rates have led to higher deductibles
- Health insurance often does not equal accident coverage
- Emergency care can cost a great deal more than expected
Higher Rates have led to Higher Deductibles
As medical insurance legislation has changed, many companies have adjusted their medical insurance policies to reflect increased deductibles and co-payments. Individual policies, too, have done the same thing. All this is to reduce premium costs, but it leaves the beneficiaries of the policies vulnerable financially to the costs of accidents and catastrophic illnesses.
Health Insurance Coverage may not Cover Accidents
Most people assume that accidents will be covered by their health insurance, but this is not necessarily so. Some of the medical costs will be covered, but the needs that occur because of an accident must be paid for immediately. Often you’re unable to work and that leaves daily bills. Groceries, house payments, therapy, and other expenses remain even though no income is reaching your bank account.
Emergency Care Can Cost More than Expected
Incidental costs related to accidents are often more than is planned. Perhaps you’ll need to fly to a different hospital for emergency treatment or require additional physical therapy.
To ask questions about full insurance coverage for accidents, call a Fortegra™ agent for information about additional coverage.