Hospital Indemnity Policy for CFers

[julie]

Jana, that's great!!! Thanks for posting the info for your state. I REALLY hope people get "into" a policy before it's too late!

So, in WA the thing about the 365 days, is that it only pays 365 CONSECUTIVE days. There is NO LIFETIME limit, but there IS a limit on the number of days in a row.

To illustrate it, say you were hospitalized for 370 days IN A ROW, they would ONLY pay for 365 days. and then lets say you were at home for a day, or longer, and then you went BACK to the hospital. They would resume payment again, and your "consecutive days counter" would be "set" back to day 1. Does that make more sense?

Your state might not have that same limit, but again, it's not a 365 day lifetime limit, it's just a limit on the days in a row

 

[julie]

Jana, that's great!!! Thanks for posting the info for your state. I REALLY hope people get "into" a policy before it's too late!

So, in WA the thing about the 365 days, is that it only pays 365 CONSECUTIVE days. There is NO LIFETIME limit, but there IS a limit on the number of days in a row.

To illustrate it, say you were hospitalized for 370 days IN A ROW, they would ONLY pay for 365 days. and then lets say you were at home for a day, or longer, and then you went BACK to the hospital. They would resume payment again, and your "consecutive days counter" would be "set" back to day 1. Does that make more sense?

Your state might not have that same limit, but again, it's not a 365 day lifetime limit, it's just a limit on the days in a row

 

[julie]

Jana, that's great!!! Thanks for posting the info for your state. I REALLY hope people get "into" a policy before it's too late!
<br />
<br />So, in WA the thing about the 365 days, is that it only pays 365 CONSECUTIVE days. There is NO LIFETIME limit, but there IS a limit on the number of days in a row.
<br />
<br />To illustrate it, say you were hospitalized for 370 days IN A ROW, they would ONLY pay for 365 days. and then lets say you were at home for a day, or longer, and then you went BACK to the hospital. They would resume payment again, and your "consecutive days counter" would be "set" back to day 1. Does that make more sense?
<br />
<br />Your state might not have that same limit, but again, it's not a 365 day lifetime limit, it's just a limit on the days in a row

 

[Jana]

Sorry--I didn't mean to create confusion on that. I did understand what you meant about the 365 days but definitely didn't state it clearly in my post.

My paper lists hospital confinement as $200/day for life, and the rep pointedly said it the same way when she was going over it with me.

 

[Jana]

Sorry--I didn't mean to create confusion on that. I did understand what you meant about the 365 days but definitely didn't state it clearly in my post.

My paper lists hospital confinement as $200/day for life, and the rep pointedly said it the same way when she was going over it with me.

 

[Jana]

Sorry--I didn't mean to create confusion on that. I did understand what you meant about the 365 days but definitely didn't state it clearly in my post.
<br />
<br />My paper lists hospital confinement as $200/day for life, and the rep pointedly said it the same way when she was going over it with me.

 

[LouLou]

Thanks everyone I am going to call and get an appointment.

re: Julie's question. no my employer did not take it out pre-tax. The premium was paid after taxes were withheld. I thought they had the option to withhold it pretax but maybe not. Either way it is not a good idea to do this since the premiums will likely be less than the awarded money in our case.

I'll also contact Aflac and see if they will allow existing cf customers like myself add a policy just for comparison purposes with Combined. I too am 99% sure they won't let me get anymore coverage. As it is they don't waste a single dollar trying to advertise to me. It's like I'm already on a list Just glad I got this before it was too late. Now I just have to decide if I want to keep it as it is a disability policy and I'm already considered disabled. My next review is in 18 months roughly.

 

[LouLou]

Thanks everyone I am going to call and get an appointment.

re: Julie's question. no my employer did not take it out pre-tax. The premium was paid after taxes were withheld. I thought they had the option to withhold it pretax but maybe not. Either way it is not a good idea to do this since the premiums will likely be less than the awarded money in our case.

I'll also contact Aflac and see if they will allow existing cf customers like myself add a policy just for comparison purposes with Combined. I too am 99% sure they won't let me get anymore coverage. As it is they don't waste a single dollar trying to advertise to me. It's like I'm already on a list Just glad I got this before it was too late. Now I just have to decide if I want to keep it as it is a disability policy and I'm already considered disabled. My next review is in 18 months roughly.

 

[LouLou]

Thanks everyone I am going to call and get an appointment.
<br />
<br />re: Julie's question. no my employer did not take it out pre-tax. The premium was paid after taxes were withheld. I thought they had the option to withhold it pretax but maybe not. Either way it is not a good idea to do this since the premiums will likely be less than the awarded money in our case.
<br />
<br />I'll also contact Aflac and see if they will allow existing cf customers like myself add a policy just for comparison purposes with Combined. I too am 99% sure they won't let me get anymore coverage. As it is they don't waste a single dollar trying to advertise to me. It's like I'm already on a list Just glad I got this before it was too late. Now I just have to decide if I want to keep it as it is a disability policy and I'm already considered disabled. My next review is in 18 months roughly.

 

[julie]

No, these premiums CANNOT be taken out pretax. They are NOT tax deductible.

What do you mean by "the premiums will likely be less than the awarded money in our case"?

 

[julie]

No, these premiums CANNOT be taken out pretax. They are NOT tax deductible.

What do you mean by "the premiums will likely be less than the awarded money in our case"?

 

[julie]

No, these premiums CANNOT be taken out pretax. They are NOT tax deductible.
<br />
<br />What do you mean by "the premiums will likely be less than the awarded money in our case"?

 

[marcijo]

Thanks you guys-this is great information. I am going to call on this on Monday!

 

[marcijo]

Thanks you guys-this is great information. I am going to call on this on Monday!

 

[marcijo]

Thanks you guys-this is great information. I am going to call on this on Monday!

 

[Jana]

I think she just means the money we make on claims is going to be more than we spend on premiums. We're going to be "awarded money" for being in the hospital--sounds like a good deal to me =)

 

[Jana]

I think she just means the money we make on claims is going to be more than we spend on premiums. We're going to be "awarded money" for being in the hospital--sounds like a good deal to me =)

 

[Jana]

I think she just means the money we make on claims is going to be more than we spend on premiums. We're going to be "awarded money" for being in the hospital--sounds like a good deal to me =)

 

[LouLou]

<div class="FTQUOTE"><begin quote><i>Originally posted by: <b>Jana</b></i>

I think she just means the money we make on claims is going to be more than we spend on premiums. We're going to be "awarded money" for being in the hospital--sounds like a good deal to me =)</end quote></div>

Exactly! And this is the reason why we as a group are being banned. Over 4 years I've paid in $3200 but claimed $8000!

 

[LouLou]

<div class="FTQUOTE"><begin quote><i>Originally posted by: <b>Jana</b></i>

I think she just means the money we make on claims is going to be more than we spend on premiums. We're going to be "awarded money" for being in the hospital--sounds like a good deal to me =)</end quote>

Exactly! And this is the reason why we as a group are being banned. Over 4 years I've paid in $3200 but claimed $8000!