“I’m sorry, it was just an accident” This is something that many of us say almost every day, but being involved in an accident is a situation we don’t like to think about (Never mind planning for it).
Even though accidents bring up feelings of stress and worry, planning for them is vital. That’s because those feelings of stress and worry become even worse, when you don’t know how you will pay the hospital bills that come with handling an emergency.
That’s why Info Hub is breaking down Accident Cover: An affordable insurance plan that gives you access private healthcare, in case of a medical emergency. We would love to help you have a better understanding of what Accident Cover is, the people it can benefit the most, and more.
What is the purpose of an Accident Cover policy?
People usually ask: What is Accident Insurance? Usually known as Accident Cover, the most basic understanding is given away by the name: It is an insurance policy that gives you financial cover when an accident happens.
What’s helpful is understanding what is meant by “accident”. For many service providers, “accident” refers to any event that forces you to go to a casualty ward. In essence, Accident Cover gives you protection for medical emergencies that happen on or off the road. We’ll go into more detail about which types of accidents are commonly included or excluded in a standard plan, which is another interesting factor.
Does health insurance cover accidents? Thinking about it this way might be natural, but there are major differences between Accident Cover and Health Insurance. Also known as Medical Insurance, Health Insurance focuses on covering your normal, day-to-day medical bills. Medical Insurance won’t cover the cost of ambulance services for example, but it will cover visits to a private Doctor, medicine and more.
That’s why looking at it with the lens of accident insurance vs health insurance, is a good idea. Plans give you cover for different medical situations, so it’s important to know what type of healthcare you want access to.
Who is Accident Cover suitable for?
Many service providers would say “If you’re old enough to take up a policy, then it’s suitable for you!” Although you can understand why they say that, it’s also true that anyone can be involved in an accident.
But yes, you could argue that some people do need it more than others. Getting Accident Cover makes sense, if your job has you spending hours on the road. Or maybe you blow off steam by playing sports with your friends or doing some handy work around the house. These are just a few of the many situations where a medical emergency could happen, so having access to the benefits that Accident Cover offers could be crucial.
A popular trend is seeing people get different types of accident and health insurance, by combining Medical Insurance with Accident Cover. This is a great way of giving yourself a more complete plan, since you’re covered for daily medical needs and emergencies.
You may also want to think about any loved ones that could need cover. Your active kids may hurt themselves on the playground. Or maybe the general health of a family member leaves them at a higher risk of a heart attack or stroke. These are unexpected and scary situations to find yourself in, but Accident Cover is designed to help you deal with the aftermath.
Which type of accidents are covered?
An easier way to think about which medical emergencies are covered, is by thinking about which accidents are not covered. For many service providers, the list of exclusions starts with accidents that happen because of substance abuse and ends with accidents from nuclear weapons. But, this doesn’t mean Accident Cover isn’t worth its monthly premium. Outside of road accidents, some service providers give you the option of being covered when you’re going through a serious medical issue. This includes a heart attack or stroke, dehydration, a fit or seizure and many more.
Another important thing to remember is that even with accidents that are covered, there are limits. You could find a plan that will give you up to R1.5million per year for in-hospital treatment, while another plan has up to R2.5million per year for the same treatment. Or some providers may not approve your claim, if you took more than 3 months to start the process. Information like this is available in the policy docs, which is why most of the articles at Info Hub stress the importance of going through them. They’re rarely an entertaining read, but you can trust them to give you an understanding of what you’re covered for in a way that many people won’t match.
When is the best time to get Accident Cover?
That can be a difficult question to answer, especially when you think about where you are and what’s happening around you. Prices of things are rising, there are people to take care of, and so many more things we need to think about as we pursue success.
Indeed, budget can play a crucial role in deciding the best time to get a plan. Some plans are available at less than R150 per month, which is more affordable than a comprehensive medical aid plan for example.
If you can’t decide between health insurance vs accident insurance, seeing a winner becomes easier after some research is done. Sources like Info Hub, online price calculators and forums are just a few ways you can learn more in your own time and space. Your thinking may change depending on how many people you want to add, which extra benefits you want and more. It’s much easier to pick what you want, when you know what you need.
But do you know when the worst time to get Accident Cover is? After you’re involved in one. Planning for the unexpected is perhaps even more important after you have experienced it, but that sense of “why didn’t I get this sooner?” can be difficult to deal with. The best-case scenario we hope for everyone is that nothing terrible happens, and you stay healthy and happy. But if a medical emergency happens, having cover in place can be life changing.
That’s all for this article! There are many things to think about when it comes to Accident Cover, but it does have the power to protect you from medical emergencies. If you would like to learn more about Accident Cover, check out our most popular articles below.
Not all Accident Cover plans are the same and benefits as well as limitations may vary. Descriptions of benefits given are meant to be for general educational purposes only and you must ensure that you seek the advice of a broker to ensure any product choice you make suits your individual needs