So, here’s the deal, I’ve got a high deductible health plan (HDHP) with a health savings account (HSA) through work, which I make sure to max out every year for me, my wife, and our two kids. Now, my employer also offers accident insurance, but I’ve never opted for it. I always thought the HSA was enough, and let’s be real, we’re a pretty healthy bunch. We might get sick a few times a year, but major medical emergencies? Rare. So, I’m curious, what’s your take on accident insurance? Do you reckon it’s worth the investment?
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A few years back, I fractured a bone, and the payout I received was greater than what I initially had to cover myself.
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Is it one of those plans where if you or your kid takes a tumble and breaks an arm, they pay out a fixed amount that you can use as needed?
If so, then absolutely. Kids seem to have a knack for getting into scrapes, whether it’s needing stitches or taking a spill off their bike or some other random mishap. And if you’re into skiing, biking, or any other active stuff, or even just playing sports like softball or basketball, accidents can happen. Imagine you’re playing a casual game and land awkwardly, hurting your knee. Suddenly, you’re looking at X-rays or even more medical attention.
It’s all about safeguarding that HSA money. These kinds of plans are usually pretty affordable, and just one significant event can cover your premiums for the whole year. We had one ourselves when my husband did something dumb and ended up needing to rush to the ER to get a metal shard removed from his eye. Ended up costing us just $300.
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Yikes, a metal shard in his eye? Ouch! I hope he recovered alright from that ordeal.
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Yeah, it was tiny, but made of stainless steel that started rusting pretty fast. Bottom line: that $300 helped us foot the bills. It covered our premiums for the entire year.
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Right now, I’m in the supplemental field, and neither I nor my coworkers sign up for the accident coverage. What you get really depends on what your employer offers. Some policies might pay out $100 if you end up at the ER due to an injury, while others might offer just $50. And here’s the kicker: it doesn’t cover as much as people often think it does. For instance, even if you have multiple fractures, it’ll only cover a maximum of one. It’s a fixed amount that gets paid out regardless of how much you actually spend on expenses.
Yeah, it is worth it because it enables you to be prepared for the unforeseen
If you do not engage in activities like spelunking that could put your body at risk then I also do not see the need for it