Accident Insurance for Summer Camp
Tony Novak
May 27, 2007 - MedSave.com reminds parents with children who will be
starting summer camp next month that there are only for more days to enroll
for accident supplement accident insurance that will cover their children by
the start date of most summer camps. Enrollments received online before
midnight Thursday May 31 will be effective June 1. Applications received on
or after June 1 will be effective on the following month (July 1), leaving a
gap in coverage for the month of June. Parents are therefore urged to act
quickly to receive coverage for the entire summer. Secure online enrollment
is fast and easy at http://medsave.com/Value-Benefits.htm under the product
brand name "Value 24 Hour Accident Insurance". This insurance is available
to the residents of all states except Alaska, New York, Oregon and South
Dakota. (Coverage issued in other states is valid to cover accidents
incurred in these four states). See the Web site for all insurance details,
limits, exclusions
This supplemental accident coverage is especially important for those who
have high deductible health insurance that is increasingly common in benefit
plans that use Health Savings Accounts (HSA) or Health Reimbursement
Arrangements (HRA). The supplemental insurance covers 100% of the accident
costs that are not covered by other insurance, after a $100 deductible, that
may be caused by a high deductible, policy exclusions, policy benefit
limits, co-pays or reduction in benefits due to out-of-network or
unauthorized services under the provisions of other types of health
insurance plans. The supplemental insurance provides 24-hour coverage at
home, at work, or while traveling.
The minimal cost of family coverage is $30 per month for $2,500 additional
insurance but MedSave.com recommends adding $5,000 coverage for $40 per
month. (Rates for single coverage are slightly less). The premium does not
change with age or declining health. This coverage protects all members of
the family, including parents, for the duration of the policy. The coverage
is valid everywhere in the United Sates and even covers accidents incurred
during trips to foreign countries. Benefits are paid directly to the policy
owner and can then be used with any doctor of hospital. The policy covers
the cost of ground or air ambulance, hospital charges, doctor charges,
emergency room charges, surgery and anesthesia, prescription drugs, x-rays
and lab tests, and reconstructive dental expenses. Coverage may be cancelled
at the end of the summer or kept indefinitely to continue to supplement the
regular health insurance.
Benefits and tax adviser Tony Novak of OnlineAdviser service notes that the
IRS grants special tax treatment to permit this type of insurance termed
"other allowable insurance" so that it may be used in combination with a
Health Savings Account to provide 100% insurance protection without
jeopardizing the tax benefits of the funds in the Health Savings Account.