As the economy continues to worsen, there are many businesses and individuals that have chosen to go without health insurance. Fortunately, there is a way parents can obtain accident insurance for their children. Most public school systems contract with a student accident insurance company. There are two or three plans to choose from. Normally, the company offers a “school time” plan that covers students during school hours and during any school sponsored event. This plan may be expanded to 24 hours per day for an additional premium. There is usually a selection for sports that covers football, soccer, or hockey for an additional premium. Others sports, such as baseball, basketball, golf, volleyball and many others, are considered low risk and are covered under the “school time” policy and the 24 hour policy.
The premiums are usually very low. A typical “school time” plan with up to $25,000 of medical benefits cost about $10.00 to $12.00 per year. The 24 hour coverage plan normally is about $65.00 to $75.00 per year. This is an extremely low annual premium considering the coverage. The coverage may be purchased anytime during the year. However, the coverage normally starts in August with the school year. Some companies offer a separate short term, 24 hour summer only plan, for about $25.00 to $30.00 annual premium.
The School Insurance Agency offers a Student Accident Insurance plan only. It does not cover illness or check-ups. It is an “excess” plan that will help fill the gaps in the coverage of any existing insurance plan. In the absence of any other insurance it will become the primary source of insurance.
Robert “Bob” Fowinkle, CIC, CLU is the president of
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