The Perfect Accident Insurance Supplement to a High Deductible Plan
This page is continually updated with the most competitive accident supplement available.
Many of the most competitive accident insurance supplements are age banded, with rates dropping between the ages of 35 and 40. If any family members are over 40, contact us to compare your best options.
Current Recomendation for clients under 40: WBA Accident Shield Supplement isn’t age banded and has four benefit options:
- Up to $2,500 in supplemental accident coverage
$24.75/month individual – $38.75/month Family
- Up to $5,000 in supplemental accident coverage
$32.75/month Individual – $49.75/month Family
- Up to $7,500 in supplemental accident coverage
$39.75/month Individual – $59.75/month Family
- Up to $10,000 in supplemental accident coverage
$48.75/month Individual – $72.75/month Family
WBA has a $10.00 “One Time Fee” at sign up. They offer lower rates if you pay annually. Get more details about the WBA accident supplement here.
Many accident supplements have the option to add critical illness coverage. Why would you need the benefits of a critical illness plan? If you have an accident or are diagnosed with a critical illness, the last thing you want to worry about is money. You have health coverage for your medical bills. But other costs (mortgage, car payments, credit cards, food, etc) can pile up while you’re out of work focusing on getting well. That’s where critical illness and accident insurance can help.
Accidents are the leading cause of death for Americans under the age of 40, and the 5th leading cause for people of all ages. Over 52% of all medical costs are due to accidental injury. The cost of an accident can amount to more than just the in-and-out ER visit. When I was in college, I wrecked on my snowboard and broke my humerus (upper arm bone). A humerus can’t be casted, so I needed a rod put in it. The whole thing ended up costing a little over $13,000. I did have health insurance, but it had a $2,500 deductible with 80% coinsurance after the deductible until I paid another $2,000. I would’ve been out $4,500 if it weren’t for my $2,000 accident supplement, which paid most of the health insurance deductible…. I wish there had been a $5,000 benefit option back then!
This is the idea behind an accident supplement. The health insurance policy is always the most important thing to get real financial security and protection. But, you can save a lot of money in premiums by getting a higher deductible health insurance plan, like an HSA qualified policy. No matter how much you take care of yourself and how careful you are, things like slipping on the ice, falling down the stairs, and cutting your finger in the kitchen are bound to happen.
Buying health insurance is just gambling that you may have something happen that more than offsets the premiums you are paying, right? Let’s do the math on the $5,000 accident supplement through the Accident Shield supplement with a $5,000 accident benefit that is $33/month (or $50/month for families). For this plan, it would take almost 19 years for the premiums to break even with the potential benefit amount for an individual and almost 15 years for a family!! In other words, if you think about how likely you or your family are to have something happen in that long of a time span, your odds are pretty good that you’ll end up getting more in benefits from an accident supplement than you’ll pay in premiums.