Although accidental injuries aren’t necessarily something one can plan for, accident insurance can help people avoid the financial pain unexpected mishaps often leave behind long after recovery. In 2019, more than 48 million people in the United States sought medical attention for injuries – that’s about one in seven people. While health insurance coverage pays for costs associated with medical treatment, it can still leave people facing difficult financial circumstances, which could include:
- Loss of income. Depending on the type of work you do, an unexpected injury could sideline you from doing your job, which could mean lost wages.
- Inability to pay bills. If income isn’t coming in as a result of your injury, it might become difficult to pay your bills and everyday living expenses. You might also have new expenses because of your injury, such as adaptive equipment you need.
- Unanticipated medical costs. Depending on your health insurance coverage, you might be facing cost sharing expenses (such as deductibles, copays and coinsurance) that you’re unable to afford.
While some might be able to rely on savings to cover the gaps and unexpected expenses of a surprise medical bill, many can’t. According to this recent study:
- About 43% of U.S. households have no savings.
- More than 42 million households have some type of unpaid medical bills.
- More than two-thirds of bankruptcies are the result of medical bills.
- Nearly 52% of all debt on credit reports is medical debt.
Accident insurance provides peace of mind To protect your financial future, accident insurance is a smart move that can guard against the unthinkable. It works in addition to your major medical coverage to help pay for out-of-pocket expenses, helping you avoid falling into debt and potential financial ruin. Purchasing policies for yourself and members of your family can be surprisingly affordable with a low monthly premium. And while hopefully it’s a benefit you never need to use, having it available provides security, allowing you to pursue all the activities your family enjoys without worry – from bike rides to kids’ sports, ski trips or other athletic pursuits. Whether you’re an individual looking for coverage for yourself and your loved ones or you’re an employer looking to expand coverage options for your employees, we’ve got you covered. Learn more about all the specialty benefits we offer, including accident insurance from Dearborn Group, underwritten by Dearborn Life Insurance Company, here. Because while you can’t predict the future, having accident insurance is one way to help you protect it. Watch this video to learn more: [video width="1920" height="1080" mp4="https://www.mibluesperspectives.com/wp-content/uploads/2021/04/ANC_Accident_Insurance_v10.mp4"][/video] Dearborn Group insurance products issued by Dearborn Life Insurance Company, 701 E. 22nd St. Suite 300, Lombard, IL 60148. Dearborn Life Insurance Company is a separate company, not owned by Blue Cross Blue Shield of Michigan, and does not provide Blue Cross Blue Shield of Michigan products or services. Dearborn Life Insurance Company is a provider of ancillary insurance products and is financially responsible for the products it issues. Blue Cross Blue Shield of Michigan and Blue Care Network are nonprofit corporations and independent licensees of the Blue Cross and Blue Shield Association. Related:
- Do Your Employees Need Long-Term Disability Insurance?
- What Millennials Need to Know About Health Insurance Coverage
- Specialty Benefits and Planning for the Unexpected
Photo credit: Getty Images