Reduce Your Deductible Health Insurance for Accidents to $100

Almost everyone can see the rationale for carrying a high deductible health insurance plan to protect against big unexpected costs. A high cutoff, though, can make some people a little nervous. Even a short trip to the emergency room to get stitches can cost several hundred dollars. If you break your leg while skiing, the cost can quickly reach thousands of dollars.

Fortunately, for people with these concerns, inexpensive supplemental accident plans are available that can reduce your deductible to just $100.

While any medical expenses may sneak up on you, most chronic diseases give clues long before they get serious. If you’re overweight, have digestive problems, or have trouble climbing a flight of stairs, you’re aware that you have health problems long before your doctor or insurance company knows. But nothing gets you faster than an accident.

How Do Accident Plans Work? An accident plan won’t pay a penny if you get sick, but it will cover 100 if you have an accident and you go to the doctor, emergency medicine clinic, hospital emergency room, or even if you are hospitalized. % up to the set limit after a $100 deduction.

Some insurance companies offer these as options with their plans, or you can purchase an accident plan separately. These standalone accident plans will pay up to $5,000 or $10,000. And they’re very reasonably priced, from $32 a month for a $5,000 plan for one person to $42 a month for a $10,000 plan for a family.

How Accident Plans Can Work with Your HSA Having an accident plan can be a great way to buffer the risk that comes with a high deductible health insurance plan. Let’s say you can take a $5,000 deductible on your HSA plan and then pay 100%. In that case, you may want to consider adding a $5,000 accident plan to your coverage. If you have an accident that results in an emergency bill of $800, you are only liable for $100.

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If you were to have a major accident that required hospitalization, your accident plan would pay $5,000 after you paid the first $100. This will cover your deductible in your HSA plan and then pay 100%. Your exposure will be only $100.

Another money-saving strategy you may want to consider is to raise the deductible on your HSA (which will lower your premium) and add a crash plan.

About Lily Hammond

I have been working as an insurance consultant in my own insurance agency since 1998. Because I've been doing this for so long, I know every detail and I'm here to help you. You can find my e-mail address and work phone on the contact page.

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