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Health Insurance and Accidental Injury Insurance: What’s the Difference?

March 19th, 2012 0 comments
Health insurance and accidental injury

Accidents can happen to anyone. While most people live their lives in a healthy way and don’t focus on the “what happens if…,” we all know in the back of our minds that accidents can occur when we least expect them.

For this reason, many people choose to take out private health insurance policies. However, some consumers may want to look at specific cover for accidental injuries. There are personal plans that cover you in case something should happen, and there are packages geared toward businesses to protect them from loss of employees and time.

Image by cameronparkins

Accidental injury insurance is not universally purchased since everyone has different needs and budgets, but it may be something that you want to consider depending on your current life situation and financial needs. For example, if you have dependents, it’s more likely that you would want to have cover for your family’s sake, as an injury might mean that you are out of work for a period of time.

Personal Plans

Accidental injury insurance does not fall under the heading of private hospital cover or general health insurance; it is a separate type of insurance and can be purchased on its own. Private health funds may offer a variety of insurance packages for customers interested in accidental injury insurance as well as health insurance.

The main purpose of a personal accidental injury insurance is to protect you financially if you sustain an injury for which there is no liability. If you are immobile for a period of time and can’t work, your policy helps to protect you financially so you don’t have to worry about making ends meet.

In general, there is no complete accidental injury insurance. Each plan has a list of what types of injuries would be covered under that plan and what will not be covered. Many types of injuries are covered, and some plans may even be called comprehensive, but there are still exclusions and limitations on what is deemed an accidental injury.

Some examples of injuries that are normally covered are:

  • Loss of a limb or of sight
  • Bone fractures
  • Dislocations
  • Burns

If you claim on your accidental injury insurance, the insurer will make a decision on your claim depending on the type and extent of your injuries. A successful claim typically results in the insurer paying you a lump sum that you can use as necessary – to take the place of income, pay extra hospital bills, or cover any other expenses.

For accidental injury insurance the application and approval process is typically even simpler than that for health insurance – in most cases, anyone is accepted so long as you are able to pay the premiums. Your premium may be affected by your age, gender, and the specific types of injury cover your policy includes. An insurance comparison will help you decide which type of insurance you want and find out which insurers offer the best deals for your needs.

Business Injury Insurance Plans

In addition to employee health insurance packages, many businesses choose to purchase accidental injury plans to protect their employees and their families, as well as their own bottom line. You can create different types of policies, including plans that pay a weekly disbursement to employees who have been injured until they are ready to resume their positions, as opposed to the lump sum generally given in a personal policy.

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