- Joined
- Sep 19, 2004
- Messages
- 2,547
This weekend I suddenly spent 2 days in the hospital. I''m OK; but one of the first things I did when I got home was check the details of my "Hospital Income" and other policies.
Many of you have seen the AFLAC duck commercials. Older people will remember "Mutual of Omaha" as sponsors of Wild Kindom. These companies are primarily selling "Hospital Income" policies - which pay you xxx dollars a day when you are hospitilized or in a critical care facility from an illness or accident. This money is paid to you directly so you can pay your bills and other items.
So in my case - back in 1990 I first purchased a hosptical income policy that will pay me $150 per day for my 2 days in the hospital this weekend (and $150 per day was the most I could buy from that company back then). Not much by modern standards - but it will help offset my copays. I have a separate accident hospital insurance (and death/dismemberment) policy that I started in 1992 which does not cover in this case (but would cover for any injuries from an accident). This second accident policy has good one time payment benifits if I loose a hand, foot, or an eye (or both) in addition to $100 per day hospital income.
A key to these policies is that they always require a medical history and the insurance company will exclude any possible problems from any conditions or issues you have ever had. Had a minor back problem - and they will exclude coverage for any back problem - even if you were just in a major auto accident that just broke your back.
Almost all of us accumulate more life events and issues as we age. In 1990 all I had to report was that I had previously had a STD. Even though it was immediately treated (and the insurance company required the medical records on the event) the result of my STD is that my hospital income policy excludes "Varicocle , or any complications or treatment therefor."
Today, 19 years later I probably could not even buy non-accident hospital income insurance due to issues that have been diagnosed or have occurred over the years. The insurance companies would exclude so many items that they would likely just deny coverage.
Since I have maintained the policies over all of these years - they are binding based on my medical condition of the early 1990''s.
So, if you are younger, healthy, etc - consider buying hospital income - and other insurances now. Try to find a policy that would allow you to increase the benifit with inflation - (something I did not think to look at 19 years ago).
I also have a personal disability policy which will pay $1000 per month for 2 years if I cannot work in my field purchased in 1986. I now wish that I could increase it to 3 or 4 times that that.
So, plan for inflation too.
Some would say that they cannot afford to buy such insurance. While I now consider that the value of my existing insurances is too low for todays cost; I am glad I have it - and felt that it was so important that I maintained paying my premiums even when I was long term unemployed and over $40,000 in debt.
Perry
Many of you have seen the AFLAC duck commercials. Older people will remember "Mutual of Omaha" as sponsors of Wild Kindom. These companies are primarily selling "Hospital Income" policies - which pay you xxx dollars a day when you are hospitilized or in a critical care facility from an illness or accident. This money is paid to you directly so you can pay your bills and other items.
So in my case - back in 1990 I first purchased a hosptical income policy that will pay me $150 per day for my 2 days in the hospital this weekend (and $150 per day was the most I could buy from that company back then). Not much by modern standards - but it will help offset my copays. I have a separate accident hospital insurance (and death/dismemberment) policy that I started in 1992 which does not cover in this case (but would cover for any injuries from an accident). This second accident policy has good one time payment benifits if I loose a hand, foot, or an eye (or both) in addition to $100 per day hospital income.
A key to these policies is that they always require a medical history and the insurance company will exclude any possible problems from any conditions or issues you have ever had. Had a minor back problem - and they will exclude coverage for any back problem - even if you were just in a major auto accident that just broke your back.
Almost all of us accumulate more life events and issues as we age. In 1990 all I had to report was that I had previously had a STD. Even though it was immediately treated (and the insurance company required the medical records on the event) the result of my STD is that my hospital income policy excludes "Varicocle , or any complications or treatment therefor."
Today, 19 years later I probably could not even buy non-accident hospital income insurance due to issues that have been diagnosed or have occurred over the years. The insurance companies would exclude so many items that they would likely just deny coverage.
Since I have maintained the policies over all of these years - they are binding based on my medical condition of the early 1990''s.
So, if you are younger, healthy, etc - consider buying hospital income - and other insurances now. Try to find a policy that would allow you to increase the benifit with inflation - (something I did not think to look at 19 years ago).
I also have a personal disability policy which will pay $1000 per month for 2 years if I cannot work in my field purchased in 1986. I now wish that I could increase it to 3 or 4 times that that.
So, plan for inflation too.
Some would say that they cannot afford to buy such insurance. While I now consider that the value of my existing insurances is too low for todays cost; I am glad I have it - and felt that it was so important that I maintained paying my premiums even when I was long term unemployed and over $40,000 in debt.
Perry
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