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Night Danger Moose posted:Not sure if you'll have an answer, but I figured I'd ask anyways. First I'd ask your HR person at work and have them go over it with you, or you can call the provider at the 1800 number they offer. There is one bit there under Diagnostic, Surgical, and other outpatient services that raises an alarm. A maximum $400 a year for this? That sounds like they are filing it all under that heading and the maximum benefit is $400 it seems. I'd ask them about a potential revised bill. It isn't uncommon for them to charge everything first and then you get a statement later. Talk to your HR person.
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Sep 10, 2013 06:29
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I thought I would ask this here, and hopefully you can answer it. My wife pays about $93 a month to insure us all with a family insurance plan, but it seems...almost worthless to be honest. Right now the deductible says it's $5,500 which, if I understand this right, means -we- will have to pay $5,500 in medical bills before they even start to help pay for it? Am I right on this? Her health insurance provider is BlueAdvantage Administrators of Arkansas...even though we're up in South Dakota. I have no idea why, but that's what her workplace insisted on using. Edit: Also I noticed this recently. quote:Short-Term I might be misinformed but I thought it was illegal for health insurance companies to drop benefits with ObamaCare out? Floppy Dingo fucked around with this message at 02:41 on Sep 22, 2013 |
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Sep 22, 2013 02:25
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Not saying its worth it or not, but having a high deductible plan will provide coverage if something catastrophic happens to one of you (e.g. major car wreck, cancer, etc). You'll also benefit from only paying the negotiated rates an insurance company has rather than whatever crazy prices are listed on the hospital chargemaster.
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Sep 22, 2013 05:53
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kansas posted:Not saying its worth it or not, but having a high deductible plan will provide coverage if something catastrophic happens to one of you (e.g. major car wreck, cancer, etc). You'll also benefit from only paying the negotiated rates an insurance company has rather than whatever crazy prices are listed on the hospital chargemaster. E: I think what I'm saying is if you think you don't need a high deductible plan, or insurance period, asking for a discount is perfectly acceptable and you should do it. IMO insurance is good, medical care is ridiculously expensive in 'MERIKA. SiGmA_X fucked around with this message at 09:01 on Sep 22, 2013 |
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Sep 22, 2013 08:58
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It can be useful for catastrophic incidences for sure. The $5500 deductible isn't massively out of scale with what a lot of employers offer now a days. I'd rather you check out what is and is not covered and what percentages the company will cover. Your wellness checkups should be covered at least at a reduced rate. Its not a bad thing to have the reduced rates for in network coverage. Its also not a bad thing to offer cash if it'll save you money over what the insurance will bill you if its significant. Remember that If you have to pay $100 either way its probably better that it go towards your deductible....so long as it stays $100
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Sep 22, 2013 21:06
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This cat, managed to get this inside her...  The bill came to this. http://www.scribd.com/doc/170223671/Estimate With a insurance policy like this. http://www.scribd.com/doc/170222738/Major-Medical-Plan-Benefit-Schedule Any ideas of what I am actually paying would be great. If this was the wrong way to post this, I really am sorry and will delete this post. I am an emotional wreck right now and can't be bothered to worry about things like syntax.
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Sep 23, 2013 11:45
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Beefstorm posted:This cat, Dang that is pretty rough. That policy you have is pretty skimpy on what it covers. From my quick skim of it, it seems they really only want to cover emergency service type stuff, which this looks like it might be. I honestly am not very familiar with pet policies, and I would turn the claim in to them along with that bill to find out for sure. Dang they have it broken down to specific procedures and you'd really have to match up the procedures your vet did with the insurance policy line by line to see what the insurance will cover. I'd really have the company do that otherwise you'll pull your hair out trying to match everything up by yourself. I'm sorry about lil Kitty, I hope he's OK.
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Sep 23, 2013 16:10
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Jastiger posted:Dang that is pretty rough. That policy you have is pretty skimpy on what it covers. From my quick skim of it, it seems they really only want to cover emergency service type stuff, which this looks like it might be. She's in surgery with another vet right now actually. The new vet gave us estimates of $550-$1100. I was like "OK!!!" Far more reasonable and the insurance company said they cover it. After she's recovered were canceling and getting another company. This was way too close a call for this policy to be this lovely. Thanks for the quick reply! 
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Sep 23, 2013 17:31
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Beefstorm posted:She's in surgery with another vet right now actually. The new vet gave us estimates of $550-$1100. I was like "OK!!!" Far more reasonable and the insurance company said they cover it. After she's recovered were canceling and getting another company. This was way too close a call for this policy to be this lovely.
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Sep 23, 2013 18:03
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SiGmA_X posted:If you want to post your company research when you do it, I would love that. I won't be in the market for 9mo+ but I'd love some background info! As far as I see, other than VPI, everyone else is pretty much, "no pre-existing conditions, and 90% covered." And that's on everything. Also, surgery was fine and she's recovering.
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Sep 24, 2013 00:56
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Glad kitty is OK!
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Sep 24, 2013 07:22
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I have some questions about professional liability policies. CPA firm and $5m policy, WA based. Where would you start the hunt?
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Sep 25, 2013 20:25
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Hello, I have a question about auto insurance. I recently moved to Colorado from Canada. My car ran into some trouble in my first weeks down here and I had to purchase a second so I could get to work. At this point I had no SSN, Colorado Drivers License or US driving history. I was in a bind and needed insurance and after being transferred around various insurance agents finally someone would insure me for a rather obscene rate (apparently 10 years driving history in Canada with 0 claims doesn't mean anything in the US? thats what they told me anyways). After feeling somewhat fleeced I learnt from coworkers that they had some success with state farm and after calling them I received a significantly (near 50%) cheaper quote. I contacted the original company to find out what the short-rate table penalty would be for cancellation and I was abruptly told they couldn't disclose the amount until after I had cancelled the policy. Is this normal? My dilemma now is that the while the state farm policy will save me $780 over a 6 month period I have no way of knowing what the cancellation penalty will come out to. My current policy is from Dairyland and covers my 2 vehicles, cost ~1500 (paid in full) for a 6 month period and I am just under a month into it. Any one have any idea roughly how much these cancellation penalties usually are? Any help is much appreciated! Gay but Spooky fucked around with this message at 00:41 on Sep 26, 2013 |
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Sep 26, 2013 00:33
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I never knew insurance policies had cancelation fees... State Farm, AllState, eSurance, and Progressive don't. Seems that Dairyland may have a 10% fee from some Google results. Check your policy. Sounds like a shady company, too.
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Sep 26, 2013 09:24
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Gay but Spooky posted:Hello, I have a question about auto insurance. I recently moved to Colorado from Canada. My car ran into some trouble in my first weeks down here and I had to purchase a second so I could get to work. At this point I had no SSN, Colorado Drivers License or US driving history. I was in a bind and needed insurance and after being transferred around various insurance agents finally someone would insure me for a rather obscene rate (apparently 10 years driving history in Canada with 0 claims doesn't mean anything in the US? thats what they told me anyways). Dairyland is kind of a bottom tier company full of little bullshit fees like that. They are a bottom tier company that is good for cycles, but otherwise they do stuff like DUI's, DWI, or bad histories...or in your case no history. This does not surprise me. The only reason they couldn't tell you for sure is because it'll depend on the official date your insurance ends. They will calculate your "short rate" based on that. They SHOULD be able to estimate it though, that is a bit silly to stone wall you. Just know that it won't be more than you've already paid and at most it should be like 10% of the total premium. You'll save money by switching now more than likely. Have you contacted an independent agent? They should be able to help you with this too by doing all the legwork with the companies. SiGmA_X posted:I have some questions about professional liability policies. CPA firm and $5m policy, WA based. Where would you start the hunt? You could again, hit an independent agent. I'd make sure they are independent and have options though. Places like Farmers does it, but they generally only go through Zurich so you don't get a lot of options. Philadelphia is a good company I used for professional liability policies.
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Sep 26, 2013 18:01
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Jastiger posted:Have you contacted an independent agent? They should be able to help you with this too by doing all the legwork with the companies.
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Sep 26, 2013 18:42
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SiGmA_X posted:I have some questions about professional liability policies. CPA firm and $5m policy, WA based. Where would you start the hunt? I can probably help with this. I have a few carriers that specialize in E&O for accountants. Message me.
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Oct 7, 2013 06:37
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Beefstorm posted:As far as I see, other than VPI, everyone else is pretty much, "no pre-existing conditions, and 90% covered." And that's on everything. Just as a final update, VPI came through with the claim. The only thing they didn't cover was medical waste.  So she just isn't allowed to eat thumbtacks for the next year. Beefstorm fucked around with this message at 20:43 on Oct 30, 2013 |
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Oct 30, 2013 20:39
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I have renters insurance. However, in the event of some catastrophe, what would be the best way to "prove" what I own, to file a claim? Should I make an itemized spreadsheet of everything I own (and the cost), to estimate? I've already taken pictures of things (like a giant picture of the closet) but is it better to just put "all these things together cost X", or be like "1 sweater at $200, two of these shirts at $80, three pairs of socks at $20 each, etc?", and then individually note anything that's a bigger ticket item, like electronics or Dior shoes or whatever? I'm curious how I should be inventorying my things ahead of time.
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Nov 18, 2013 04:13
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If you are going to bother to inventory, I'd say at least organize by category for smaller groups of items like jewelry, silverware, collections, dvds, guns, etc. I'd separate out higher priced items or unique items like televisions, computers, grandma's wedding ring, Action Comics #1, etc. A list of items is also not the same as proof of ownership. You may need pics or receipts, especially for the more unique or expensive stuff. I can only speak for my company and what I do when I get these claims. I am pretty lenient when it comes to a couple hundred bucks in stuff. I don't need you to prove you had a Samsung Galaxy and 20 dvds. But I do want to see the receipt or a pic of that big screen plasma tv(with brand name showing) or your antique $10k chair(you should probably have a separate policy for this anyway).
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Nov 18, 2013 21:45
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I thought if it was a total loss it just pays out the amount of the policy, is that not the case?
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Nov 19, 2013 01:08
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Is there a timeframe in which I should keep my pictures updated? Every 6 months?
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Nov 19, 2013 05:08
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Hey, cool, an insurance thread. I work in excess and surplus lines, specifically Products Liability but my company also does Environmental/Pollution, Energy, Construction, General Casualty, Excess, Life Sciences/Healthcare, Property, and Professional Liability. I passed the CPCU 552 exam today  and I'm pretty stoked for that, aiming to finish up in 2016 for the Hawai'i commencement.
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Dec 10, 2013 02:38
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PRADA SLUT posted:I have renters insurance. (Sorry for the hiatus!) What Kung Fu Jesus said. If its SUPER valuable, you should probably have it scheduled out on its own. Most companies will just pay out the total amount if its a total loss. It isn't worth it to fight through every single dollar, unless its super valuable..in which case schedule it out. My dealings with companies and renters insurance is that you pay the premium for $60K, you are going to get $60K. Its when there are strange things that happen, or the amount is super inflated that they can get a little nit picky. Saying "Oh no, ONLY my massive Plasma TV was stolen, nothing else, and it was a top of the line $3000 model!" well, yeah. They are probably going to want to see proof since you're asking for a big chunk of change in that case.
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Dec 10, 2013 06:00
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13Pandora13 posted:Hey, cool, an insurance thread. Do you work for Chubb? That sounds suspiciously like their appetite. Message me your info, I place a lot of E&S and would love to work with a goon.
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Dec 11, 2013 19:58
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The Jizzer posted:Do you work for Chubb? That sounds suspiciously like their appetite. I'll PM you when I get home. I'm Richmond based/not Chubb (also not Markel, haha)
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Dec 12, 2013 00:10
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About 6 years ago I got hit by a car while I was on foot. My leg was badly broken and I had a major concussion. Auto insurance and health insurance through work covered the whole thing and I even got a check for what was left of my PIP from the Auto insurance company. This week I got a letter in the mail from a debt collection company saying that I owed a $970 bill for the ambulance ride from the accident but if I paid now I would only have to pay $450. I got an initial bill from the ambulance company shortly after the accident and sent it over to my insurance agent who said that it was taken care of with all the other bills. I'm working somewhere different so I'm not on the same insurance plan or even with the same insurance company anymore. Ambulance fees were covered under the old plan so they should have paid it but since they didn't I don't know if my next step should be paying the bill, disputing the bill, contacting my old insurance company or just ignoring it due to the debt's age.
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Dec 18, 2013 21:08
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I had a similar thing happen to me once when a doctor's bill that should have been paid by my insurance went to collections for non-payment for some reason. I just called my insurance and they cleared it up. It being that long ago though...
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Dec 18, 2013 22:09
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100 HOGS AGREE posted:I had a similar thing happen to me once when a doctor's bill that should have been paid by my insurance went to collections for non-payment for some reason. I just called my insurance and they cleared it up.  ) has been, too. Every situation is different though, it's absolutely worth calling re carrier and seeing if they'll take care of it.
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Dec 21, 2013 17:15
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Redjakk posted:About 6 years ago I got hit by a car while I was on foot. My leg was badly broken and I had a major concussion. Auto insurance and health insurance through work covered the whole thing and I even got a check for what was left of my PIP from the Auto insurance company. I would absolutely call the old insurance company, but only after you verify that the debt is real and legitimate, I.E. it isn't some standard bill they send to everyone when they go through their old records. The way insurance works is if you were covered 6 years ago, it doesn't matter what you're doing now. You were covered then, your premiums were paid, you were on the other insurance plan. It's pretty shady that you would have insurance, everything is covered, then 6 years later they are hitting you up for a relatively minor bill. If something isn't covered (which it would seem this would be), they don't wait 6 years to file the bill, they may wait 6 weeks. Find out if its legitimate, contact your old insurance company with the old policy # in hand if possible, and get it straightened out that way. It doesn't matter if you're not their customer now, you were at the time of all payments and such. It sounds pretty shady to me, and I wouldn't expect you to have to pay any of that. I just re-read and saw that it was a collection agency. Double shady. Don't send them a dime until you hear from your old insurance company.
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Dec 22, 2013 09:49
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Redjakk posted:About 6 years ago I got hit by a car while I was on foot. My leg was badly broken and I had a major concussion. Auto insurance and health insurance through work covered the whole thing and I even got a check for what was left of my PIP from the Auto insurance company. I agree with Jastiger. Six years is really long. Since it appears you maxed out your pip coverage, I am assuming the at fault vehicle's insurance picked up the rest. Do you recall getting one big check from the other auto insurance company as a settlement? Its possible your insurance never got the first ambulance bill or it got lost in the pile of paperwork. If it went to the at-fault insurance company, their settlement to you might have included that. I know my company will issue one big settlement check to the injured party and advise them its up to them settle up with any medical bills out of that check. The exception is if any medical providers send the insurance company a lien to get a cut of the settlement up front. Medical treatment bills might also get adjusted by the auto insurance company so even if they pay, it might not be what the doctor requested. I assume that could lead to future bills to the patient.
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Dec 23, 2013 15:00
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A lot of general Life Insurance questions: I'm 21/healthy and understand that it's cheaper to get life insurance early on. Is this just because younger people pay longer and are less likely to die, or are there other less-known reasons? And is the quoted amount adjusted for inflation over time? As for getting it: Would this need to be Whole Life Insurance, since everything else seems to only last 15-30 years? Would the price still be significantly less if I started at 25 (when I can actually pay for it)? And is it actually a thing to be able to pay for it all at once (even if for some large amount like $50k)? Is it better to do that if you can?
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Dec 24, 2013 12:40
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Insurance is cheaper when you're younger because the idea is that if you have it for 60+ years, you will have paid in more than the policy pays out. It's strictly mathematical, and a 21-year-old is going to pay into it longer than a 81-year-old, so they don't have to pay as much. The company basically says "We will eventually need to pay out $X to this guy.. how many years does the average person live (mortality table), and how much do we need to charge him to make sure we get our money back, based on that number?" I am not an insurance agent, but.. Term Life can often be used for something like buying a house.. take out a term life policy so that if you die, the mortgage is taken care of. Or, take out a term policy when you have kids, for the first 10 years (or whatever), so your spouse will have some means to support the family if you die (there are specific policies for these, as well as various riders for them). Whole Life is more of a "permanent" insurance if you just want to have a lump of cash some day, either for funeral costs, estate planning and inheritances, etc. PRADA SLUT fucked around with this message at 13:30 on Dec 24, 2013 |
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Dec 24, 2013 13:28
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Cheston posted:A lot of general Life Insurance questions: I'm 21/healthy and understand that it's cheaper to get life insurance early on. Is this just because younger people pay longer and are less likely to die, or are there other less-known reasons? And is the quoted amount adjusted for inflation over time? See my answer below - it's because the mortality rate of a 21 year old is very low, so they don't have to charge much to make a profit from a large group of 21 year olds. The amount is not adjusted for inflation; there are some types of policies with an increasing death benefit but they are not common. For young people, unless you have a disproportionately large income, I generally recommend term insurance to start, and then look at universal or whole life once family needs and income dictate a more comprehensive approach. And to answer your other questions: - If you're looking for permanent insurance, you can find universal life, indexed universal life, or whole life policies that will last till you're 120. - The cost is based on your age and health, so being the youngest and healthiest you can be will give you the best pricing. That doesn't necessarily mean you NEED a cash value policy. - Yes, some permanent policies allow a lump sum payment. The aggregate premium tends to be less if you do it this way. Dumping money into a whole life policy is certainly safer than some other methods of investment, but remember this IS an investment and you should be getting proper advise from a professional. You may have better options available to you. PRADA SLUT posted:Insurance is cheaper when you're younger because the idea is that if you have it for 60+ years, you will have paid in more than the policy pays out. It's strictly mathematical, and a 21-year-old is going to pay into it longer than a 81-year-old, so they don't have to pay as much. The company basically says "We will eventually need to pay out $X to this guy.. how many years does the average person live (mortality table), and how much do we need to charge him to make sure we get our money back, based on that number?" No, that's not quite how the economics work. It uses the law of large numbers based on the mortality rate of that particular group of people based on gender, age, and health. If you have a group of 100,000 people and you know the mortality rate is 50 per 100,000, then you price the product so that you don't lose money when those 50 people kick the bucket. I have only in rare cases seen a situation where the aggregate cost of insurance even remotely approaches the total payout. Also, keep in mind the carrier is making 8-15% interest on these premiums as they come in which is additional pure profit. Let's do it this way: A 21 year old in excellent health buys a $250,000 policy until he dies. He has a life expectancy of approximately age 80. Age 21 - 51 = $200/year * 30 years = $6,000 Age 51 - 81 = $1000/year * 30 years = $30,000 Total premiums = $36,000 On the other end of extremes, I have a client who is 79, in poor health, and needs a policy for about 10 years for whatever reason. The premium for a $200,000 policy is about $17,000 per year. Even at 10 years the pay-out is higher than the pay in, and he'll very likely die within 5 years, not 10. The economics of term insurance work out pretty well for everyone involved, which is why you don't see any financial pundits talking smack about those. Universal life and whole life are a different story. There are many situations where a permanent policy works out well but not all the time. The Jizzer fucked around with this message at 16:45 on Dec 24, 2013 |
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Dec 24, 2013 16:38
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Cheston posted:A lot of general Life Insurance questions: I'm 21/healthy and understand that it's cheaper to get life insurance early on. Is this just because younger people pay longer and are less likely to die, or are there other less-known reasons? And is the quoted amount adjusted for inflation over time? Jizzer has a pretty good breakdown on the different types. The #1 question to ask when talking about insurance is why are you getting insurance? If you're single and are thinking long term for a family and stuff like that, starting a whole life isn't unreasonable. This way you can guarantee that you'll have something all the way down the road along with a cash value. This also means that you can get the cheaper term policies as you get older in order to cover those expenses for any spouse you may take later. When you mention inflation, I'm thinking your asking if your payments will go up due to inflation over time. The answer is no, the premium will always be what is in your contract, usually locked in from day one unless you add more insurance or options. As Jizzer said, don't you worry about the insurance companies and them possibly losing money from inflation, they are earning quite a bit on your premium through massive reinvestment of premiums paid. If you picked it up at 25 it would be more expensive than 21 for sure, but not that much more expensive. If you're healthy as you are now, there is no big jump, maybe $3-$6 a month at absolute most depending on what you are picking up. The bigger jumps are over 31, 46, 49, and 51 in my experience. There is actually a way to pay for it all at once, but I rarely find cause to do it due to the marginal utility of a dollar. If you actually have $50K in hand and want to buy a big chunk of insurance, you certainly can, but that money is probably better off spent invested, while paying the monthly premiums. You would get the same payout in life insurance money whether you dropped one month or one years worth of premium, so long as you were current on your premium if you died. The only times I'd say its worth it to drop a big chunk in is for tax shelter reasons. If you know or think you're going to die really soon then you could dump it all into a policy and it could potentially be tax free for the beneficiaries.
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Dec 24, 2013 16:52
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Thanks for the replies! I meant to ask whether the death benefit specifically was adjusted for inflation, but from your answers it sounds like neither the benefit nor the payments are. Doesn't this make the benefit significantly less over time? Because at 1-3% inflation, it seems like any benefit would be worth a third or less its current value in 60 years, which doesn't seem like it'd be worth it even if the premiums would also decrease due to inflation.
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Dec 24, 2013 19:12
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Cheston posted:Thanks for the replies! I meant to ask whether the death benefit specifically was adjusted for inflation, but from your answers it sounds like neither the benefit nor the payments are. Doesn't this make the benefit significantly less over time? Because at 1-3% inflation, it seems like any benefit would be worth a third or less its current value in 60 years, which doesn't seem like it'd be worth it even if the premiums would also decrease due to inflation. Are you sure you even need life insurance? You didn't mention any wife or kids or anything. If you are just a single dude there is really no reason to buy any life insurance. The biggest use of life insurance is to replace your income for people who rely on your income to live. As for whole life and other permanent insurance schemes, I don't recommend it. It is right for some people, but only a very small portion of the population benefits from whole life more than they would from buying simple, cheap term insurance and investing the difference between the term premium and the whole premium. Whole life comes with many hidden fees and mechanisms that limit the growth of your money, to the advantage of the insurance company. Check out the Bogleheads forum, they have a lot of great info about whole vs term, among other solid financial advice.
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Dec 24, 2013 20:18
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Magic Underwear posted:Are you sure you even need life insurance? You didn't mention any wife or kids or anything. If you are just a single dude there is really no reason to buy any life insurance. The biggest use of life insurance is to replace your income for people who rely on your income to live. I don't need it right now, I wanted to know how it worked and whether or not it was the kind of thing where you were really advantaged by getting on early, like with retirement savings. The impression I'd had before was "get whole life insurance in your 20s," now it's more "consult a professional in four years when you know your exact financial circumstances."
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Dec 24, 2013 20:44
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Cheston posted:I don't need it right now, I wanted to know how it worked and whether or not it was the kind of thing where you were really advantaged by getting on early, like with retirement savings. The impression I'd had before was "get whole life insurance in your 20s," now it's more "consult a professional in four years when you know your exact financial circumstances." The whole "get in now when you're 20" thing stems from the idea that you'll eventually have those people depending on you, and it'd be better to have a locked in lower rate than waiting to take the plunge.
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Dec 26, 2013 07:29
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Is there any reason we should be getting life insurance for a baby? I'm getting tons of poo poo in the mail about it and I'm not seeing the need...
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Dec 27, 2013 00:25
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