I have a High Deductible Health Plan (HDHP) with an HSA through my employer, which I max out annually, covering myself, my wife, and our two kids.
My employer also offers accident insurance, but I never signed up, thinking the HSA is sufficient and we wouldn’t get our money’s worth from the accident insurance.
We are a young, healthy family, rarely having significant medical emergencies beyond the occasional illness.
I am curious about other’s opinions:
Do you think accident insurance is worth it?
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Is it an accident plan that pays a predetermined sum to be used as needed if you or a child falls and fractures an arm?
Then, sure. Children are often harmed. require stitches or trip over their bike, among other haphazard events. Do you engage in any active hobbies like biking or skiing? Do you like to play basketball or softball? During a pickup game, you stumble and injure your knee. You now require at least X-rays.
Save that HSA cash. These insurance are inexpensive, and your annual payments are covered by one good occurrence. We utilised ours when my spouse made a stupid decision and needed to visit the emergency room to have a metal splinter extracted from his eye. $300 was given to us.
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Splinter of metal in his eye? Gosh! It sounds very unpleasant! I hope he heals well.
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Yes, it was little, but made of stainless steel, which rusts easily. The lesson from the tale is that we need $300 to help with the expenses. paid the annual premiums.
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I currently work in the supplemental area and have not enrolled in accident coverage, nor have my coworkers. Your employer decides what perks you will receive. Some policies pay $100 if you visit the ER for an injury, while others pay $50. It does not cover everything that people think it does—it only covers one fracture even if there are several fractures. It is a fixed amount that can be paid out regardless of the expenses incurred.
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Yes, accident insurance is worth it, it protects any damaged that occurs on someone of even the car.