A personal accident plan, sometimes known as a PA plan, is a form of insurance that helps policyholders financially during unexpected events. A personal accident plan’s main purpose is to provide financial assistance to policyholders in the event of unforeseen circumstances such as injury, disability, or death.
The loss of your salary would make it difficult for you and/or your family to maintain the same standard of life. Getting hurt in any kind of accident might leave you unable to work for a while and with medical expenditures that aren’t covered by health insurance, even if the accident itself wasn’t very bad.
Most people can get by with just health insurance, but there are those whose risk factors for illness, disability, or injury are higher than average. Having peace of mind that you and your loved ones are financially secure no matter what the future may hold is possible with the right personal accident (PA) plan.
Here are five reasons why purchasing a PA plan may make sense:
1. Workplace accidents do happen
According to the Ministry of Manpower, Major injury rate fell from 18.5 per 100,000 workers (610 major injuries) in 2021 to 17.3 per 100,000 workers (614 major injuries) in 2022.
Even minor accidents can leave you temporarily disabled or unable to work. Personal accident insurance can be used to pay for medical expenses in certain situations.
Additional riders providing income replacement benefits may be available for purchase.
A PA plan is there to help you out financially in the event that you suffer an injury on the job and end up in the hospital or need other medical attention. If you are the primary breadwinner in your family, it is very important to have this coverage like, which may include hospital income of up to S$500 per day.
2. You value sports, fitness, or the great outdoors
The risk of a fall or injury is higher for physically active people than it is for less active people, thus those who regularly participate in sports, fitness, or outdoor activities should also think about implementing a PA strategy.
According to the NTUC article (2022), Bone breaks and fractures experienced in sports can result in medical bills that surpass above $20,000. A broken collarbone at a private hospital or clinic will run you beyond $23,000 in treatment fees. This doesn’t account for costs associated with things like ambulance rides, mobility assistance, diagnostic tests, TCM, physiotherapy, or even just staying in the hospital for a day.
Medical costs incurred as a result of participation in recreational or sporting activities may be covered by a participant’s personal accident (PA) coverage. It can also be used to help pay for medical expenses not covered by public or private health insurance.
3. Hospitalization and Medical Expenses
You may be eligible to get reimbursement for some of your outpatient and hospitalization costs. Personal accident plans may not be as all-inclusive as health insurance, so you shouldn’t count on them to pay for all of your medical bills.
You may be able to add hospitalization benefits by purchasing a “rider” to your personal accident insurance policy. This can be in the form of a lump sum payment, a daily allowance, an ambulance ride, a broken bone benefit, or a medical evacuation and repatriation benefit, depending on the circumstances.
4. You need COVID-19 insurance coverage
If you don’t want to pay extra for COVID-19 insurance, a FWD PA Plan will cover any medical expenses you incur as a result of contracting COVID-19 in addition to dengue and the other infectious diseases listed above.
A claim relating to the COVID-19 epidemic can be made after only 15 days, compared to the standard 90 days for other infectious disorders.
Should you experience any adverse reactions to the COVID-19 vaccine that necessitate hospitalization, you can rest assured that your inpatient medical costs in Singapore will be covered by our Personal Accident insurance at no additional cost to you.
5. You're a parent
More mishaps occur when children are older and more active because they are more likely to explore areas that are dangerous for their parents. In fact, whether it’s through falling off their bike or while playing on the playground, falls are the most common cause of non-fatal injuries among kids.
With the right PA plan, you can rest easy knowing that your kids are covered in the event of an emergency, whether it be an injury or an illness (even something as common as food poisoning or Hand, Foot, and Mouth Disease).
Find the best PA plan for your needs
Personal Accident Insurance is a flexible and inexpensive way to protect yourself from the financial consequences of an accident that could have been prevented.
Accidents can happen to anyone at any time, but that doesn’t mean you have to be unprepared! Get the peace of mind you deserve with personal accident insurance.
In the end, mishaps can occur to anyone. If you fit into one of the categories above, Personal Accident insurance is a smart option because it provides up to S$15,000 or beyond for inpatient and outpatient care in Singapore and allows you to add a rider for up to S$30,000 and beyond of international medical coverage.
Personal accident insurance isn’t meant to be a substitute for health or life insurance. Instead, you’re seeking this type of insurance to protect yourself and your family from the financial fallout of unforeseen events.