Fortunately
for people with these concerns, inexpensive accident plans
are available which can reduce your deductible to just
$100.
Unexpected
Medical Expenses
Though
any type of medical expense can sneak up on you, most chronic
illnesses provide clues long before they get serious. If
you're overweight, if you have digestive issues, or if you
have a difficult time climbing a flight of stairs, you're
aware that you have health concerns long before your doctor
or insurance company knows. But nothing sneaks up on you
faster than an accident.
Snowboarding...
I
now live in Colorado, and am fortunate to be able to take
advantage of some of the many great outdoor activities available
out here. Last weekend we took my 3-year old son skiing
for the first time. (Well, he wore the skis and I pushed
him around on them some. I'm not sure you'd really call
it skiing...)
Wiley
IV, on skis for the first time
But
the first time I ever tried snowboarding was in 1999,
when I was still living in warm and sunny Atlanta, Georgia.
I only had three days on the slopes, so I figured if I
was going to get this snowboarding thing down, I'd have
to go all out. The first day I must have fallen 200 times,
and by the end of the day I felt like I'd been in a boxing
ring with Mike Tyson all day.
Day
two was a little better, and I was beginning to get the
hang of it. And by day three, I was cruising down the
mountain like I'd been doing it for years. Or so I thought.
One
of the key skills in snowboarding is to keep the board
tilted somewhat onto its uphill edge. If the downhill
edge of the board catches, you go tumbling. And that's
exactly what happened as I was confidently cruising down
a fast straightaway. I must have flipped over 5 times,
and tumbled 50 feet. When I finally stopped I realized
I could barely lift my arm.
Gotta
Meet that Deductible
I
wish I could tell you I had an accident policy at the time, but I didn't. But
I did have a high-deductible health insurance plan. After a few days my shoulder
started feeling a little better. I didn't feel like paying several hundred or
thousand dollars for x-rays and physical therapy, so I didn't bother getting
it looked at, figuring it would heal on its own.
Well
it did heal, kind of. But I did not have full mobility, and eventually went
to the doctor. The doctor said he could do surgery, but with no guarantees,
and that physical therapy early on would have really helped. If my only exposure
had been $100 at the time, you can bet I would have gotten it looked at right
when the accident happened.
How
Accident Plans Work
Now
I carry an accident policy. An accident plan won't pay a penny if you get sick,
but if you have an accident and go to the doctor, emergency medical clinic,
hospital emergency room, or even if you're admitted to the hospital, they'll
cover 100% up to the set limit after a $100 deductible.
Some
insurance companies offer these as options with their plans, or you can purchase
an accident plan separately. We currently offer three stand-alone accident plans
that pay up to $2,000, $5,000, or $10,000. And they are very reasonably priced,
ranging from $12/month for the $2,000 plan for an individual, to $34.95 for
a $10,000 plan for a family. (See our Accident
Insurance page for complete details.)
How
Accident Plans can Work with Your HSA
Having
an accident plan can be a great way to buffer the risk that comes with a high-deductible
health insurance plan. Let's say you have a $5,000 deductible on your HSA
plan, and it then pays 100%. In that case, you may want to consider adding
a $5,000 accident plan to your coverage. If you were to have an accident that
led to an emergency room bill of $800, you would only be responsible for $100.
If
you were to have a very major accident that required hospitalization, your accident
plan would pay $5,000 after you paid the first $100. This would cover your deductible
on your HSA plan, which would then pay 100%. Your exposure would only be $100.
Another
money-saving strategy you may want to consider is raising the deductible on
your HSA (which will lower your premium), and adding an accident plan. I myself
currently carry an $8,000 deductible HSA plan, along with a supplemental accident
plan.
By
the way, we have now added a "How
to" Guide page to our website, where we explain step-by-step how
to choose an HSA
qualified plan and how to apply. If you are considering an HSA or switching
to a different insurance plan, you may want to check it out.
