Question:
Is there any advantage to being insured by two companies?
I have the opportunity to take on a second insurance company through my job. I currently have one that I pay for monthly $300, but I want to keep it because I think that I may only stay at this job for 1 year or so. I dont want to be stuck without insurance at all. I was just wondering if anyone knew what the procedure would be if you have two insurances. Is there an advantage? Disadvantage? Thanks so much in advance. — Tara J. (posted on August 23, 2002)
August 22, 2002
I was covered by 2 insurance companies when I had my surgery in June of
this year. According to insurance and my calculations I should only be out
my $350 deductible and $150 for the portion of my $1500 max out of pocket
expenses that is not covered by my secondary coverage which pays 90% of
what the first did not pay. So for me there was an advantage, It depends on
which 2 insurance companies. Also look at how much the second policy will
cost you.
— Pam W.
August 22, 2002
Many years ago I had both Prudential and Medicaid. I should say it was a
BIG advantage!
— Danmark
August 22, 2002
It usually is very beneficial, especially if your primary policy has a
large deductible. Some secondary policies pay the entire amount left over
from the primary. All of this depends on how the secondary policy pays on
COB. If the secondary will cost you 300 per month as well, and you dont
have a deductible on the primay.....depending on how long you cary the
coverage it may cost you more. Before you take out the second policy find
out what their COB rules are and how much they pay. Also, are both of
these policies through your employment? Do you know which would be prime?
If the one you have now is thru a spouse of an individual plan, that will
become your secondary and the new one your prime. You may want to look to
see if the new one will cover this surgery, because if it is prime and does
not cover it, then there is no benefit to you to get it.
— RebeccaP
August 24, 2002
Nancy is right. That was what I was trying to say, but i was in a hurry.
I too do claims coordination. There are some sticky rules, but it could
benefit you tremendously if you have the right policies.
— RebeccaP
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