Have you ever heard of accident medical insurance? It may not be the first thing you think of when it comes to “medical insurance,” but the role it can play is life-changing. If you’ve checked out the average health insurance deductible, out-of-pocket maximum, co-pays, co-insurance and more for the year, you’ll quickly realize that a single accident is pretty likely to land the average American family in debt.
The silver plan deductible for 2022 is $4,236 for just an individual. However, many people mistakenly believe that their deductible is all they need to worry about. In fact, out-of-pocket maximums are even higher as the limit for 2022 plans is $8,700 for individual plans and $17,400 for family plans. In addition to all of that, there are over 30,000,000 Americans without health insurance at all. Add to that the fact that 60% of Americans can’t afford a $1,000 emergency.
This is where accident medical insurance comes in. Accident medical insurance helps protect you from those high hospital bills following a covered accident, like a broken bone, concussion or burn. Imagine knowing that you won’t be dragging yourself or your family into debt after an accident.
Emergency Room Visits
The average cost of an emergency room visit is $1,389. In the US, 22% of people say they’ve avoided getting medical care because of the cost.
There are countless instances of someone having an accident and waking up in the hospital—and then getting a bill for hundreds or thousands of dollars for their ambulance ride. Many Americans choose to drive themselves in an emergency to avoid the costs, even if it’s unsafe to do so.
This is probably one of the most stressful times in a person’s life. Their long term health is at risk and they should be focused on healing. However, many people are aware of stories like the $629 Band-Aid that can make any hospital stay hit your max deductible or out-of-pocket maximum faster than you can blink. The average cost of a hospital stay is $3,949 per day.
If you’ve managed to avoid the expensive hospital stay after an accident, there are still expensive outpatient services that you’ll need to consider. And the cost of them is going up every year. For example, a rotator cuff tear is common in a car accident. If you’re lucky, they’re able to repair it as an outpatient procedure with no hospital time. The cost? $7,000 on average, all of which would need to be covered in your deductible before regular health insurance covers any of it!
In the process of treating or recovering from an accident, it’s common to need access to medical equipment along the way. You may not think of it, but your medical provider certainly charges for it: IV equipment, ventilators, laboratory equipment, surgical devices. The costs vary widely and can easily reach into the 5-digit range.
Even a few days’ worth of prescription medications to help with pain or to prevent an infection after an accident can really add up. Doctors often don’t even know the costs of what they’re prescribing once you actually arrive at the pharmacy. Most pain relief prescriptions following an accident cost $6 per pill.
Broken bones, fractured skulls and cracked ribs are all common results of accidents. Yet again, you can see just how varied the costs can be, since a bill for an x-ray can vary from $100 to $1,000 depending on where you go.
CT scans are also used to help find fractured bones, but they look at your internal organs as well. They can also cost anywhere between $270 and $5,000.
It’s not uncommon to need an MRI after a head injury, especially following a car accident or a fall. The costs are about as variable as a CT scan, too, averaging over $2,600.
Helping You Live Your Life
How sad is it to think of all the ways we live our lives trying to prevent even the slightest chance of an injury? In the US, the cost of medical care stops people from engaging in hobbies, getting active and letting kids be kids. Accident medical insurance offers peace of mind so that you don’t have to face this alone.
If an accident leads to medical expenses your health insurance won’t cover, accident insurance can be a financial cushion should the unexpected happen. The average cost for the basic treatment of a broken arm is about $2,500. A concussion? $18,454. When you calculate in your deductibles and out-of-pocket maximums, you may be on the hook for far more than you can afford. This is exactly what accident medical insurance was created to protect you from, directly paying toward deductibles and accident medical bills before any other insurance would help. Check out the infographic below to see how accident medical insurance can help.