Increase Health Insurance Limit -Umbrella

[bullabulla]

The maximum amount we will pay for Benefits during the entire period of time you are enrolled under the Plan. $2,000,000 per Covered Person

I checked my current health insurance and the maximum coverage is around 2 Million. Can i buy some insurance which can cover beyond this limit? Any third party insurance which kicks after the entire limit is exhausted.?

I might sound paranoid but i just want if any UMBRELLA insurance exists for the health insurance

Thanks

[sweeps]

I'm not aware of an umbrella policy for health insurance plans. I would say that is definitely paranoid wanting more than $2 million of health benefits. Health insurance companies would probably want to know why you're wanting to insure for more than that -- they might think you're not telling them something.

Have you looked into long-term disability plans? Undoubtedly if you really needed more than $2 million of medical bills covered, you'd benefit from a LTD plan.

[bullabulla]

Originally Posted by sweeps

I'm not aware of an umbrella policy for health insurance plans. I would say that is definitely paranoid wanting more than $2 million of health benefits. Health insurance companies would probably want to know why you're wanting to insure for more than that -- they might think you're not telling them something.

Have you looked into long-term disability plans? Undoubtedly if you really needed more than $2 million of medical bills covered, you'd benefit from a LTD plan.

Any insurance that can cover Accidents, where 2 million mayn't be sufficient? read incidents where a severe car accident can easily exhaust the insurance limit

I will look at LTD as well

[sweeps]

Yes, check out long term disability and long term care plans. If you're seriously injured, you won't be able to work and you'll need special care -- medical bills aside.

If you're still concerned about health care benefits, you might want to look at getting a secondary health insurance plan. You'll have to do some research to find out how your primary plan and your secondary plan will work together, but that may increase your lifetime maximum benefit.

[bullabulla]

Originally Posted by sweeps

Yes, check out long term disability and long term care plans. If you're seriously injured, you won't be able to work and you'll need special care -- medical bills aside.

If you're still concerned about health care benefits, you might want to look at getting a secondary health insurance plan. You'll have to do some research to find out how your primary plan and your secondary plan will work together, but that may increase your lifetime maximum benefit.

Currently this is my Insurance coverage

Medical * X Insurance
Dental * Dental PPO
Vision * Vision
Basic Life Insurance ** 2 x Benefits Salary + $10,000
Optional Life Insurance ** 5 x Benefits Salary
Basic Accidental Death and Dismemberment * 2 x Benefits Salary + $10,000
Optional Accidental Death and Dismemberment 4 x Benefits Salary
Basic Long Term Disability ** 60% Salary Replacement

But i would like to get a more coverage for LTD and made a call to some insurance companies today, but looks like getting LTD insurance seems to be difficult as these insurance are mainly geared for sale through corporations

whats the bestway to get LTD insurance on our own?

[Seeker]

Some links at the bottom of this article may help you locate people who can help guide you within your state of residence.

Long-term Care Insurance

[bullabulla]

Originally Posted by Seeker

Some links at the bottom of this article may help you locate people who can help guide you within your state of residence.
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Thanks

[noppenbd]

Are you a member of any professional group? Many of these offer group LTD at good rates. For instance, as a member of ASME, I get 60% LTD at about $30 a month + dues (I keep my membership just to get the LTD). Also, remember that if you pay for your own LTD after-tax the payout would not be taxable, so you would not need as much as if you get it through your employer.

I don't know how much your AD&D insurance costs, but I have heard some financial experts recommend dropping that and just getting term life insurance. If the cost is low, then it's probably worth keeping, but you should look at the tradeoff. Term life is very cheap.

[bullabulla]

Originally Posted by noppenbd

I don't know how much your AD&D insurance costs, but I have heard some financial experts recommend dropping that and just getting term life insurance. If the cost is low, then it's probably worth keeping, but you should look at the tradeoff. Term life is very cheap.

Company Insurance

Medical * X Insurance - Annual Cost : 1181$
Dental * Dental PPO - Annual Cost : 66$
Vision * Vision Annual Cost : 149$
Basic Life Insurance ** 2 x Benefits Salary + $10,000 Annual Cost : FREE
Optional Life Insurance ** 5 x Benefits Salary Annual Cost : 171$
Basic Accidental Death and Dismemberment * 2 x Benefits Salary + $10,000 Annual Cost : FREE
Optional Accidental Death and Dismemberment 4 x Benefits Salary Annual Cost : 45.60$
Basic Long Term Disability ** 60% Salary Replacement Annual Cost : 93.62

These are my costs for my insurance. My idea was to increase the 60% limit to a higher limit through Private LTD - But when i spoke to the companies, i was told that once i already have a 60% cover, they wont offer a policy - Thats the max i guess

[MonkeyMama]

I just had to say personally I don't find that paranoid. I had a client who neared $2 mil expenses with a brain tumor. He was only disabled for a short time. (Well, I guess time will tell on that one - if it causes problems down the road - he is very young). Likewise, if he had a $2 mil cap, he's used most of it up already. In ONE year.

Anyway, I actually chose a health insurance policy that has no maximum on benefits. It's one thing I look at carefully when shopping health insurance.

I am sure you are okay, and I don't know how to bridge the gap otherwise. BEsides looking for another health insurance policy. But you hear the stories these days; it doesn't take much to exhaust your health insurance.

[aida2003]

If injuries due to a car accident when you drive your own car and have a comprehensive insurance for it, wouldn't auto insurance cover those injuries? and then you'd use your medical insurance. Just wondering myself...god forbid, nobody wants those accidents.

After MM given example (brain tumor), I'm also thankful that DH's co. medical insurance doesn't have max limits.

[bullabulla]

Plenty of Drivers with No Insurance and Legal status on the roads

So i would suggest every one should actively look at their Maximum limits - In case things go wrong

I went and checked my Car insurance, Bodily Injury Liability covers others but not the person driving

Bodily Injury Liability
Bodily Injury coverage protects you when you are legally liable for injury or death to others caused by your vehicle. Some of these expenses include medical treatment, lost wages and compensation for pain and suffering. Your own legal fees, bail bonds and court costs are also covered. In the event of a serious accident these costs can become very substantial and if you do not carry a sufficient limit of insurance, the person you injure may pursue compensation from your personal assets and earnings. Therefore, you should choose a limit for this coverage based on your financial status including your current and future assets. Additional liability protection is available through the GEICO Personal Umbrella Policy.

BI provides two limits of coverage. The first is the maximum amount we will pay for injury or death to any one person. The second figure is the maximum we will pay (regardless of the number of people involved) for injury or death stemming from a single occurrence.

[bullabulla]

Uninsured Motorist & Underinsured Motorist
Uninsured Motorist Bodily Injury pays damages you are legally entitled to recover because of bodily injury or death caused by uninsured or hit-and-run motorists. It also covers amounts that exceed a negligent driver’s insurance, if your injuries exhaust his or her coverage limits and the limits of your coverage are higher. You must carry this coverage at the same limit as your Bodily Injury liability coverage unless specifically requested at a lower limit in writing.

In choosing an appropriate limit, you may want to consider your ability to meet your medical expenses and other financial obligations if you were injured in an automobile accident.

Uninsured Motorists Bodily Injury provides two limits of coverage. The first is the maximum amount we will pay for injury or death to any one person. The second figure is the maximum we will pay (regardless of the number of people involved) for injury or death stemming from a single occurrence.

[sweeps]

Yeah, your auto insurance generally won't cover your personal injury costs if the accident is your fault. (Except maybe Medical Payments coverage which I've typically found to be $5,000 - $50,000 of coverage.) If the accident is someone else's fault, you'd probably be covered, either by their liability or your uninsured/underinsured protection.

I still say wanting more than $2 million of lifetime health benefits is paranoid -- unless maybe you know you already have a serious disease or illness (in which case the insurance company isn't going to oblige you anyway).

* First, how much of that is the top price that the hospital/doctor charges, versus the actual negotiated price of services. A doctor may normally charge $500 for a service but their negotiated rate with your insurance company may be $200. You'd only be responsible for the negotiated rates.

* Second, how much of that is drugs? The drug benefit maximum is often different (and much lower) than the medical benefit maximum. This is where you may hit a wall.

* Third, if push comes to shove, you can always switch insurance companies -- even to a high-risk state pool if necessary. Also there is a very good chance hospitals will forgive some of your debt if you have an extreme circumstance.

* Fourth, would you need any procedures that are considered "unnecessary" or "experimental"? Getting sky-high medical coverage won't help a bit here either because your insurance company isn't paying anyway.

* Finally, and most importantly, we're talking about a rare situation. You can spend your entire income on extra insurance for things (and still miss something that you actually could've used insurance for). You have to ask yourself what risks are actually worth insuring.

[bullabulla]

Originally Posted by sweeps

.

I still say wanting more than $2 million of lifetime health benefits is paranoid -- unless maybe you know you already have a serious disease or illness (in which case the insurance company isn't going to oblige you anyway).

I am purely talking of DISASTER scenario, Car accidents, and as some one mentioned - earlier Brain tumor, Cancer etc -- I am in a good shape and don't have any hidden motive to increase the limit.

I may be paranoid but i dont want a situation, where my family is put under stress with medical payments ! I dont mind loosing a few thousands every year, even if that gives me peace of mind

[sweeps]

Sorry if I sounded accusatory... definitely not my intent. But please read those bullet points I made.

You could end up wasting a lot of money on insurance (not just for this, but talking all kinds of insurance) and end up not even getting the protection you expected when you really need it.

There are insurance companies out there that will oblige. Have you checked sites like eHealthInsurance? They provide quotes and information on lots of different policies all in one place.