Why Students Should Consider Accident Cover Alongside Health Insurance

Accidents can happen at any time and to anyone. Whether they are big or small, they may require care and can become a financial burden depending on the nature of the accident for the rest of one’s life. Students are more prone to accidents thanks in part to their age. You may buy health insurance online and think that it may suffice to cover your treatment stemming from accidents. But it might not be enough, especially for students. Some students may be dependents under a family floater plan where the sum insured could be shared between many family members. This could mean that you could exhaust the sum insured on your accident, leaving everyone else high and dry when the time comes for their treatments. Or the sum insured may not be enough to cover your treatment when your accident occurs. Even if the student has an individual health insurance plan, which will offer basic protection for accidents, a separate accident cover is advisable. 

Here’s why students should opt for accident cover alongside their health insurance plan.

What is accident cover?

This type of insurance comes in handy for treatments sustained from accidents. It can cover the cost of injuries stemming from road accidents, besides any accidents you suffer while going about your normal routine.

What does it cover

1. Emergency treatments: You will be able to claim the costs for emergency hospitalisation due to accidents. Coverage will include surgery charges, diagnostic test charges, and consultation fees arising from emergency hospitalisation.

1. Cashless hospitalisation: You will be eligible for cashless hospitalisation if admitted to a network hospital under the insurer. Since accidents are an emergency, you will have to inform the insurer within 24 hours of hospitalisation and fill in the pre-authorisation form to initiate the cashless claims process. If admitted to a non-network hospital, you can opt for reimbursement, as you will have to pay the hospital charges upfront.

1. Hospitalisation charges: The coverage will be extended to pre- and post-hospitalisation charges for a certain time frame, as decided by the insurer. This varies from insurer to insurer. Please read the offer document carefully to know the specific time period for both.

1. Ambulance charges: Ambulance charges are covered under accident insurance. This may be capped at a fixed amount. 

1. Add-ons: Opting for an add-on will enhance the protection offered by the policy. And it allows you to customise the policy as per your needs and wants.

What it doesn’t cover

• Injuries sustained from the use of intoxicants or substance abuse
• Self-inflicted injuries and injuries arising from suicide attempts
• Your pre-existing condition, if unrelated to the accident, will not get coverage

What are the benefits of opting for accident cover in addition to health insurance for students?

• High risk: When it comes to accidents, students are at a high risk. They are generally more carefree due to their youth. They are likely to take on more risks than older adults, and this puts them in more danger of accidents. This could stem from sports and recreational activities, commuting via bikes, etc. An accident cover can help them and their parents go about their lives without having to worry about the financial repercussions stemming from accidents.

• Enhanced coverage: While a health insurance plan can provide basic coverage for treatments related to injuries sustained from accidents, it's not without limitations. Depending on the terms and conditions, there may be components such as co-pay, exclusions, and high deductibles. Accident insurance can offer more comprehensive benefits, such as accidental death benefits, permanent total disability benefits, and permanent partial disability benefits, besides being able to cover emergency hospitalisation. Since students are still in their younger years, an accident can change the course of their lives for the worse. So an accident cover can be a tool to future-proof their life. 

• Affordable: Accident cover has an affordable premium that won’t break your bank account. Health insurances usually have a higher premium and should be kept aside to be used for health-related hospitalisations rather than those stemming from accidents. This is especially true if the sum insured for the student through health insurance is on the lower side, given their age, and should not ideally be exhausted in accidents.

• Peace of mind: Combining health insurance with accident insurance can offer peace of mind for parents and their children. The additional financial protection offered by accident insurance can help students enjoy their student life in a worry-free manner and help them live their lives to the fullest. 

While opting for health insurance these days has become a must, many may not consider purchasing accident insurance, especially for students, seriously. But the benefits of combining both are enormous. One can see that opting for accident cover alongside health insurance for students offers enhanced protection for their entire family. It’s a great investment and helps future-proof a student’s life.