Enrolled under company's personal accident insurance plan. Does it makes sense to continue with my personal accident insurance plan?

Hi anon,

Generally, accident plans do not require medical underwriting so you do not need to worry about health when applying. Thus, look at the coverage offered by your company's insurance vs what you have on your personal plan. If it's a complete overlap, I would just stick with the company's plan. However, if (and this is more likely the case) there are non-overlapping areas of coverage (e.g. TCM, chiropractor, etc), you hvae to ask yourself whether these areas of coverage that only your personal plan has, are worth keeping for the price. If the answer is yes, then you will probably want to keep your personal plan.

Unless you have an absurbly high amount of coverage, accident plans are generally around $100-$200/yr and should not strain your budget. Some parts of the plan cannot be double dipped, such as those on a reimbursement basis (you can't claim both your personal plan and the company plan for a visit to the TCM, for example), but others, such as accidental death, can be claimed from both. So ask yourself what you are looking to cover, or what is most important to you.

Hi,

Depending on your objective of buying your personal accident plan. PA plan covers a lot of things, medical reimbursement, TCM/chiro, even lump sum for accidental death and tpd as well. So to decide if you want to continue with your PA plan, you should look at what is offered by your company's PA and what is the coverage etc.

For the medical reimbursement and TCM claims, it is on reimbursement basis and can only claim from either the company or your own personal PA whereas the accidental death and TPD can be claimed from both side (lump sum).

Hope this helps.