What is an accident supplement?
An accident supplement (also known as accident insurance) is a policy that reimburses an insured in the event of a claim arising from an accident or injury. The policies typically have benefit amounts that range from $1,000 up to $10,000 or more. Most accident supplements have small deductibles. ($100 or $250 are common amounts.)
Accident supplements are offered by many major medical carriers as an add-on, but they can also be purchased on their own, either from major medical carriers that offer that option, or from a company that specializes in supplemental coverage. Accident supplements are not regulated by the ACA, so they are available for purchase year-round.
They are not suitable as stand-alone health coverage, but they can be a good option in conjunction with a major medical plan, especially one with a relatively high deductible. In the event of an injury or accident, the accident supplement will reimburse the insured up to the amount of the claim (less the deductible) or the benefit maximum on the accident supplement, whichever is smaller. The funds can then be used to pay the deductible on the major medical plan.
When an uninsured patient arrives at the emergency room and is unable to pay for his care, staff are required by law only to perform a medical screening exam. If emergency medical conditions are present, the staff must “provide stabilizing treatment.”