HOW SPORTS ACCIDENT INSURANCE WORKS

Sports Accident Insurance in Boca Raton, provides cash payout when accident or injury occurs on or off the competition area. The benefits are paid directly to you, or to your beneficiaries in case of death, for injuries incurred from a specified accident. This type of insurance could cover various scenarios, including:

Emergency medical treatment
Hospital admissions
Medical examinations
Medical supplies
Accommodation costs
Final expenses

Accident insurance is a product offered by insurance firms. If an injury occurs due to a particular accident covered by your policy, you or your family can lodge a claim. Provided you've been meeting your premium payments, usually on a monthly basis, the insurance company will disburse a cash payment to you. This cash can be utilized as you see fit, such as settling medical bills, mortgage payments, childcare expenses, college fees, or even funding a vacation. In the unfortunate event of death resulting from the accident, the payout goes directly to your designated beneficiaries.

Lets dive deeper on how Sports Accident Insurance works

Let’s say your child, who is already covered with a sports accident insurance policy, fractures his ankle during a football game and is taken by ambulance to the ER. X-rays determine he has a severe fracture, requiring a hospital stay. Your son is released the next day with a nifty little cast. Because you haven’t met your deductible for the year, you find your health insurance doesn’t cover the entire medical bill. So, you’re left paying hundreds or thousands of dollars out-of-pocket. However, since you have accident insurance, you can simply submit this claim to the insurance company you bought it from. After the claim has been approved, you receive the cash.

Here are some of the advantages to having an accident insurance policy:

Immediate protection within days of receiving your application

Helps cover out-of-pocket expenses

Benefits are paid directly to you Guaranteed issue or guaranteed renewable (Some insurance policies require no medical exams or tests to qualify, while others do. Once you’ve been accepted, your rates cannot be raised and your policy cannot be cancelled up to a certain age as long as you continue to pay your premiums.)

No deductibles, copays or coinsurance

Health Savings Account (HSA) friendly

For example: A child is playing a sport and they were hurt badly during practice or competition and had to be air lifted to the nearest hospital. They were taken to the ER, had a CAT scan, X-Ray, admitted to the hospital, had a broken bone that needed surgery, and were confined to the hospital for 4 days, then needed rehabilitation from the surgery and a follow up visit to the doctor. In this hypothetical example you could expect to receive:

Air Ambulance: $750

ER Visit: $75

CT Scan: $75

X-Ray: $15

Hospital Admission: $1000

Broken Bone: $850

Surgery: $1250

Hospital Confinement: 4 days @ $200/day is $800

Crutches: $100

Walking Boot: $100

Rehab Treatment: $50

Doctor Follow Up: $20

In this example, you would be paid $5085 and could use this tax free money as you see fit.

What does accident insurance actually cover?

Here's an list of what an accident insurance policy generally covers, alongside a few specific injuries that may fall under each category:

Emergency care – hospital treatment, ambulance, X-rays, exams or ER visit
Specific injury care – burns, concussion, emergency dental work, ear or eye injury or poisoning
Supportive care – follow-up treatment, physical therapy, prescription meds, supplies, or even transportation and lodging
Hospital care – hospital admission/confinement, intensive care or rehab unit
Surgical care – major surgery, ruptured disc, hernia, outpatient surgery or anesthesia
Accidental death – benefit is paid directly to your beneficiaries if your death is a result of an accident
Preventive care – some policies offer a wellness benefit that pays you cash back for routine blood work, immunizations and more

What’s not covered?

If your injury isn't specifically recognized by your insurance provider, you may not receive a benefit. Accident insurance usually doesn't cover incidents such as suicide, accidents resulting from unlawful activities, self-inflicted injuries, and so forth. Consequently, if your injury occurred while you were under the influence of alcohol, there's a high likelihood that your claim could be rejected. Carefully consider any exclusions that may be included in your policy.

Should I purchase Sports Accident Insurance?

One can confidently assert that purchasing sports accident insurance is a prudent decision. Participating in sports, while exhilarating and beneficial for health, comes with inherent risks of injuries. Sports accident insurance serves as a financial safeguard, providing specific cash benefits in case of injuries resulting from covered sports activities. It alleviates the burden of unexpected medical costs, often covering elements not typically handled by regular health insurance, such as deductibles and copayments. Furthermore, the benefits are paid directly to the insured or the beneficiaries, providing additional flexibility to use the funds as needed – whether to offset lost wages, cover rehabilitation costs, or manage other expenses. This added layer of protection lets athletes, both young and old, engage in the sports they love with greater peace of mind.