Fortunately, my family is in relatively good health. Each year, we maintain our routine visits and screenings and require only a handful of doctors visits for the occasional cold or virus. Preventive services are covered by our health plan and we have a reasonable copayment for all other visits. We can certainly manage these occasional costs.
It’s preparing for the unexpected that concerns us the most; a fall from a bike or playground equipment, a slip in the tub. In an emergency, we are responsible for 20% of the cost of services, after a $100 copayment. But, our maximum out of pocket obligation is $2,500 per family member per year and we are sure to meet that amount after a visit to the ER.
We do have a savings account as a safety net, but have set goals for its use. So, we took a closer look at the Accident Insurance my employer offers on a voluntary basis. And when we realized how it worked and how inexpensive the premium was, we enrolled at the earliest opportunity.
Group Accident Insurance pays a cash benefit for injuries, emergency services and hospitalizations. This cash is paid to you and is completely separate from any of your medical insurance benefits. Coverage under these plans include, but are not limited to:
- Fractures Up to $5,000
- Dislocations Up to $4,000
- Burns Up to $7,500
- Concussions $100
- Emergency Dental Work $150
- Eye Injury $200
- Ambulance $200
- Emergency Room $100
- Medical Imaging $100
- Hospital Admission $1,250
- Intensive Care $300
Please note: benefit amounts vary per employer group plan.
So, if we get a call from daycare that our son collided with another child, dislocated his collarbone and may need some stitches. Our only focus will for be his care and well being – as it should be.
This year, take a closer look at the voluntary benefits offered by your employer. You may find a program that enhances your current medical program and provides you the right coverage to secure your family’s financial needs.