If you or any of your family have an accident, you will have to pay your deductible and coinsurance for your major medical health insurance. . . bottom line, you will be money out-of-pocket. The typical combination of deductible and coinsurance is $5,500.
In a sense, you are self-insuring the first $5,500 on your health insurance policy. If you have a lower deductible, then the amount you self-insure is less, but you would have to pay more per month in premiums to attain this lower level of risk.
I would suggest that you look carefully at your deductible. Perhaps you could raise it to higher level, thereby saving on your monthly premium. With the money that you will save on your health insurance, purchase an inexpensive accident plan.
NACHP has a plan that only costs $25 for an individual and $30/month for an entire family. It covers each of the members of the family for up to $5,000 of medical expenses related to an accident. There is a $100 deductible, so you could have $4,900 paid by the insurance company. This is money that you can use to pay for the deductible and coinsurance on your major medical plan.
This is how it works: You get the medical treatment done under your major medical plan. (You will incur the costs of the deductible and coinsurance.) Then, make out a claim form to the accident insurance carrier. They will pay you up to $4,900, depending on the accident, and reimburse you for your out-of-pocket expenses.
By the way, for a little more money, you can protect yourself and your family in the case that it is not an accident. If you need to be hospitalized, they will pay Room and Board expenses up to $500 per day up to 31 days. In the event that you are in intensive care, they will pay Room and Board expenses of up to $1,000 per day, in lieu of the Hospital Room and Board.
If you are looking to reduce the "surprise" big expenses out of your life, look into rounding out your health insurance with the accident plan or the accident and hospital indemnity plans combined. They can help you sleep better at night.
Richard Day has years of experience finding the exact plan that will fit his client's needs. He advises his clients on "risk" and how to minimize it with the least expense. For more information concerning the reduction of risk by adding supplemental plans Take a look at the benefits you receive. If you would like comparison quotes on Blue Cross and Blue Shield of North Carolina, visit: http://RichDayHealthPlans.com/Compare.html
