How to Help Budget for Unexpected Injuries


Unexpected Injuries

Do you know anyone who's suffered an injury lately? Chances are, you do. When it comes to accidental injuries, about a third of them happen in the home, and tend to happen more often to children and older adults.

Falls are the leading cause of home injuries and death in the United States, and millions of people age 65 and older are treated in emergency rooms for fall-related injuries every year. If you or a loved one has ever fallen, you know how fast it can happen — and the familiar backdrop for some falls: poor lighting, an unseen spill on a floor, ice on a parking lot surface.

Minor Mishaps = Big Bills

accident
noun ac·ci·dent

A sudden event (such as a crash) that is not planned or intended and that causes damage or injury.

— Merriam-Webster

Falls and other accidents that cause injuries can happen to anyone, anytime, at any age. And it doesn't take a life threatening accident to impact your finances: ER visits are expensive, and both health care costs and deductibles are rising.

  • The average emergency room visit in this country costs over $2,000.
  • In 2016, the median in-network deductible across all plan types for employer-based group coverage was $1,425 for employee-only coverage and $2,900 for family coverage.
  • 29 percent of all U.S. workers are now in high deductible plans — up from 20 percent two years ago.
  • And deductibles for all tiers of the Affordable Care Act rose in 2017. The most commonly purchased — the Silver Plan — was expected to see deductibles increase to $3,572 for individuals and $7,474 for families.

Are You One of the 63 Percent?

A recent study showed 63 percent of Americans don't have enough savings to cover a $1,000 ER visit. If you're in that boat (and even if you're not), you might consider looking into accident insurance. It can help cover the cost of deductibles, co-payments and other accident-related expenses.

When shopping for accident coverage, look for an insurance policy that:

  • Provides coverage for common, everyday accidents to help with X-rays, casts, stitches and other routine treatments
  • Pays cash benefits to you or your doctor
  • Has no deductibles
  • Helps pay for emergency room and urgent care visits
  • Helps cover the cost of a hospital stay

Accidents can hurt your body — and your budget. Accident insurance can help with the bills even a minor accident brings.