Almost everyone can see the logic of bringing a highly deductible health insurance plan to protect themselves from unexpected expenses. Yet a high deductible can make some people a little nervous. Even a short trip to the emergency room to get points can cost several hundred dollars. If you break your leg while skiing, the cost could quickly amount to thousands of dollars.
Fortunately for people with these concerns, additional economic accident plans are available which can reduce the deductible to just $ 100.
Although any kind of medical expense can undermine you, most chronic diseases provide clues long before they become serious. If you are overweight, if you have digestive problems or if you have difficulty climbing a flight of stairs, you are aware of having health problems long before your doctor or insurance company knows. But nothing sneaks you faster than an accident.
How accident plans work
An accident plan will not pay a penny if you get sick, but if you have an accident and go to the doctor, the emergency medical clinic, the hospital emergency room or even if you are hospitalized, they will cover 100% up to the limit set after a $ 100 deductible.
Some insurance companies offer these as options with their plans, or you can purchase an accident plan separately. These autonomous accident plans will pay up to $ 5,000 or $ 10,000. And they are very reasonably priced, ranging from $ 32 a month for the $ 5,000 plan for an individual to $ 42 for a $ 10,000 plan for a family.
How accident plans with HSA work
Having an accident plan can be a great way to buffer the risk of a highly deductible health insurance plan. Let’s say you have a $ 5,000 deductible on your HSA plan and therefore pay 100%. If so, you might consider adding a $ 5,000 accident plan to your coverage. If you were to have an accident that led to a $ 800 first aid bill, you would only be liable for $ 100.
If you were to have a very serious accident that required hospitalization, your accident plan would pay $ 5,000 after paying the first $ 100. This would cover the deductible on the HSA plan, which would, therefore, pay 100%. Your exposure would be only $ 100.
Another money-saving strategy you might consider is to increase the deductible on your HSA (which will reduce your premium) and add an accident plan.