Accident Health Insurance – Plan For the Emergency Room

Accident health insurance supplements are being used to cover upfront injury related expenses for the ER. Plans can be used to compliment an existing health insurance strategy or just as a personal injury plan to pay for any unexpected ER visits or surgeries.

Many Americans are worried about insuring the everyday mishaps like substantial injuries and trauma center coverage. Of course, insuring things like Cancer and Heart Attacks are important, but for younger adults and especially kids, trauma center visits are far more prevalent. Unfortunately, an excursion to the trauma center isn’t cheap and the healing process from a serious substantial injury can be exhausting. Damaged body parts often should be surgically corrected and the post operation Physical Therapy sessions feel like a Sylvester Stallone Rocky Movie. I’m not going to lie, the Rocky Four soundtrack sought me health insurance for China through my Physical Therapy workouts post ACL Knee surgery.

Health insurance for the self-utilized is especially complicated when it comes to trauma center visits. To qualify for a Major Medical PPO plan one must go through underwriting and medically qualify. Assuming you get approved, you’ll have to select a deductible and plan style. The most cost compelling PPO policies in the individual health insurance market are the HDHP (High Deductible Health Plan) plans. Deductible is the out of pocket expense the insured has before the health insurance strategy picks up the bill. PPO stands for Preferred Provider Organization and is the kind of health insurance that lets you choose any doctor. Choosing any doctor isn’t necessarily true, theirs a great deal of gray area with “being in network or out of network” with Ppo’s.

Deductible options for individuals in the PPO market are $1,500, $2,500, $3,500, and $5,000. Typical family deductible options are $3,000, $5,000, $7,000, and $10,000. You’ll want to choose a co-insurance of 100%. Co-insurance is the shared expense between you and the insurance company after the deductible. Most individuals are familiar with 80/20 % co-insurance. 100% co-insurance is popular because you won’t have to understand Calculus to figure out any future hospital bills. Insurance plan picks up 100% of the bills after deductible with this option. On a side note, it’s really smart to set up a Health Savings Account. HSA’s have some respectable tax advantages and you can set up an account equivalent to the deductible amount. So a $10,000 HDHP can have a $10,000 health savings account attached to it. The yearly max contribution to the health savings account is determined by your HDHP deductible. Ask your CPA about health savings accounts if your self-utilized.

Higher deductible health insurance plans have lower month to month premiums. Nonetheless, with that high deductible comes risk of having to owe that deductible amount if you use the health insurance. A $5,000 dollar deductible hospital bill is one split bone away. Guess how a ton of Americans wind up paying that HDHP $5,000 deductible? You guessed it, in the trauma center from an accidental substantial injury.