4 Questions You Should Ask Yourself About Accidental Injury

Softball (1 of 1)Summer is just around the corner.  You can’t protect yourself, your spouse or children from everything.

As the heat arrives, so do the chances of a child, or adult suffering an accident.   In preparation for the season, here are some questions that you should ask yourself.

WHAT ARE THE ODDS OF SUFFERING AN ACCIDENT?

According to the Centers for Disease Control and Prevention (CDC), the odds that you, or someone in your family, will experience an accident requiring medical attention are based on age.

  • Under 12 years                                   98.71 : 1000
  • 12-17 years                                        199.17 : 1000
  • 18-44 years                                        108.71 : 1000
  • 45-64 years                                        122.76 : 1000
  • 65-74 years                                        135.47 : 1000
  • 75 years and over                            208.98 : 1000

WHAT WILL OBAMACARE PAY?

Most Obamacare plans will pay towards an emergency room’s expense only after you have paid a plan defined co-pay.  The amounts of your co-pay in the event you need the services of an Emergency Room can vary a great deal from one plan to another.

In my research I found ER co-pays of as low as $100 to $950.  Once Bronze plan that I looked at did not pay for ER care until after the plan’s deductible of $6600 had been paid.

WHAT IF A WAGE EARNER SUFFERS AN ACCIDENT?

The odds are that 25% of American workers will suffer an accident/illness that prevents them from earning an income for 90 days or more sometime during their working years.

If that happens to you, how will your bills get paid?

WHAT FINANCIAL OPTIONS ARE AVAILABLE IN CASE OF AN ACCIDENT?

If an accident happens to you, or a member of your family, how can you get your hands on the money you need?

  1. Ideally you have enough money set aside in savings.  Most financial advisers, worth their wages, advise people to have 3-6 months worth of income in an emergency fund before they start any investment program.
  2. If you do not have enough money in your savings, you may elect to use government programs (if you qualify) or charities (if you are able to find one that will help.)
  3. The third option is to have supplemental insurance to help pay the medical and non-medical bills that Obamacare compliant plans do not pay.   (If you want to learn more about those options, click on the plan option you like to your right or contact me through the contact form below.)