Coverage for Wellness
vs Just Sickness
Accident Medical Coverage
Even though it almost always makes financial sense to choose a high deductible, many healthy people don't because they fear an accident.
Anyone can have an accident costing them thousands of dollars. In addition to your annual deductible, most insurance policies require that you also pay thousands in coinsurance and other expenses (like dental or chiropractic).
Everyone who has health insurance should have Accident Medical Coverage that pays their annual deductible, coinsurance, and other medical expenses not paid by their health insurance if they have an accident.
Typical Savings with Accident Medical Coverage
| Policy | Cost per month | Cost per year | $500 Annual Deductible | $500 | $6,000 |
| $2,500 Annual Deductible | -$260 | -$3,120 |
| $2,500-Benefit Accident Policy | -$28 | -$336 |
| Net Savings | $212/month | $2,544/year |
Accident Medical Coverage provides up to $10,000 per person per accident for chiropractic care and dental care.
Cost of Accident Medical Coverage
| Coverage per Accident | $1,000 | $2,500 | $5,000 | $7,500 | $10,000 | Individual (monthly) | $10 | $14 | $18 | $20 | $22 |
| Family (monthly) | $20 | $28 | $36 | $40 | $44 |
$$$ Tip
- For the same reasons that you should contribute to your HSA before your IRA or 401(k), you should avoid withdrawing money from your HSA whenever possible. HSA savings grow tax-free and can be withdrawn tax-free, unlike any other savings vehicle. Accident Coverage is the best way to protect your HSA savings, and first-dollar coverage for accidents is allowed for HSAs by the U.S. Treasury.
Every American should have an HSA, and everyone with an HSA needs Accident Coverage to protect their savings from medical bills for accidents.