Accident Policies

John250

John250

PR Founding Father
I have been asked by several people about the availability of accident policies to cover them riding their motocross bikes. A majority of my work is representing employers offering Voluntary Benefits to their employees, on a payroll deduction basis. If this were the case, I could offer everyone a couple GREAT policies to them through their employers.

But, with that said, I represent over 34 carriers in the Voluntary market. I will start right away to research and see which policy would cover you guys the best, and have the best benefits to you, with the most coverage. I have a few ideas, that would be able to be ACH deducted. I plan to make some phone calls, and try to put something together. Once I get this done, I will post the information, and hopefully be able to help a lot of the Pitracer followers out.

I know, I have three kids, and my wife and I......I would NEVER be without an accident policy. I have one of the best in the industry (payroll deducted though my wife's employer, who is a client of mine), and I had 6 claims for my family last year. I have MORE than paid for my policy over and over again.

For example, my daughter ran a thorn in her foot.......I had a $70 office co-pay. My policy pays Actual medical expenses as one of the benefits. They did nothing to my daughters foot, but the bill was $330. So I got a check for $330, even though with my insurance, I paid $70. My father ruptured two disc in his back, spent some time in the hospital and had surgery. His policy paid him just under $6000, and he had a $3000 deductible. So he came out almost $3000 to the good after paying his deductible.

So let me do some research, and I will be back with all the guys asking what I can do for a supplemental accident policy for them,
 
I'm going to need something to supplement. As my benefits went from 80% to 60% this year if FMLA is needed. I can't take a 40% pay cut for an injury.
 
These policies are truly a good investment and GREAT peace of mind. This should be ahead of those colored radiator hoses and blingy wheels on every rider's list.

The problem is finding out if your employer offers such a policy and / or finding one on your own. I was happy that my employer offered it for the first time ever for 2014.

Thanks for your work here John.
 
Good stuff John! My wife has it through her work on me, but nothing we've really looked into to maximize the benefit.

Can't help but think how bad that THRONE had to hurt when your daughter ran it in her foot. Barbie Throne? ;) j/k
 
I was wondering for a while what the heck THRONE was in there for. I guess now I finally realized he is trying to spell THORN. I guess that's another tough word like YOUR and YOU'RE....lol.

Anyway, I can't help but think in a way that this insurance is an example of what's wrong with our country. I ride dirt bikes by choice, I hurt myself, and now I'm expecting someone to pay me so I make a profit from my injury?

I mean it's one thing to have insurance to help pay uncovered medical bills, etc when injured/disabled and unable to work. But making a profit from injuring yourself in a sporting activity somehow seems fraudulent to me.
 
I agree on the accident policies, they are a necessary item on the to have list. I have Aflac at work as a payroll deduction for me, Rich & Jesse. However Jesse has his own self pay policies with Combined. We have utilized his policies many times over and they have more than paid for themselves. Since Jesse is self employed he obviously cant have a payroll deduction and you can self pay Combined. I know Britany Hansen & Dave Smith both have Combined as well and both have been happy with their claims. Of course we all hope to not get injured, but it is better to be prepared.

Rae Lynn :)
 
Vet261 said:
Anyway, I can't help but think in a way that this insurance is an example of what's wrong with our country. I ride dirt bikes by choice, I hurt myself, and now I'm expecting someone to pay me so I make a profit from my injury?

I mean it's one thing to have insurance to help pay uncovered medical bills, etc when injured/disabled and unable to work. But making a profit from injuring yourself in a sporting activity somehow seems fraudulent to me.
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Not fraudulent in the least. It is an insurance policy. You pay to get the benefit. Lets face it, most people dont get hurt that much. I asked the underwriter why the ins company would offer such a no brainer policy that obviously they lose out on. His response was most people who buy it never use it. Never. He also said that obviously they wouldnt offer it if they werent making money doing it.

I dont expect anything from anyone however I am going to take advantage of anything that I can legally and morally benefit from. This is a product offered by the insurance company and I am paying what they are asking for that product. How is that possibly fraudulent?

The year Chad Reed won his last outdoor title he took out what was called an insurance policy on himself that would payout $1 million if he won that years outdoor title. Was that fraudulent?


Somebody needs a hug....or maybe a doughnut! lol
 
The part that bothers me morally is the whole "medical bill was $6000, primary insurance paid $3000 of it, but I still got a check for $6000." If this insurance paid the UNPAID $3000 part I'm fine with it. It's the whole making a profit from injury part that I find wrong.

No I don't need a hug or a doughnut, I get plenty of both.
 
Vet261 said:
The part that bothers me morally is the whole "medical bill was $6000, primary insurance paid $3000 of it, but I still got a check for $6000." If this insurance paid the UNPAID $3000 part I'm fine with it. It's the whole making a profit from injury part that I find wrong.

No I don't need a hug or a doughnut, I get plenty of both.
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It is because the policy pays "actual" expenses. Some policies are not structured this way, my Allstate policy is. It then pays hospitalization, actual injuries (for example $6000 for a broken femur), follow up visits to the doctor, physical therapy benefit, travel, death benefit, etc. My policy even has a Physician benefit with it, $75 (4 times a year for family) to go to doctor, dentist or eye doctor for ANY reason. On a individual policy, if all you do is collect that, the NET cost after pre taxing, and collecting the physician visit benefit is $1.39 a week for the policy.

In the voluntary payroll deduction world of insurance, most carriers use Accident policies as loss leaders. They want to pay claims on them. People see claims being paid, and they are more likely to purchase disability, cancer policies, critical illness policies, hospitalization policies, etc.

I recently had a gentleman enroll. He was covered for about 7 or 8 months. Came down with brain cancer. Collected on his short term disability, his cancer policy, and a $200,000 life insurance policy he had taken out through me. Obviously only being on the policies for 8 months, he did not pay much for those policies, but collected a lot of money for his family. That is insurance.......some collect, some don't. Nothing is fraudulent. The carriers determine what they are going to pay, and for what. They are supplemental.

I have another client, he broke a hip playing softball at the end of the summer. He ended up getting paid around $12,000 from his accident policy. So those that doubt the payouts, should talk to some that have collected.

Best policies I could put people in are payroll deducted through employers. Right now Allstate has some of the best accident policies.

I am making some calls on a couple that I can do ACH, and will let others know about them. But I highly recommend that anyone that has them available through your employer take advantage of them for sure.

I work for BOST Benefits out of New Castle, PA. We are independent and don't represent just one company, so it makes it nice to be able to shop around for clients and get the best policies to cover their needs.
 
Vet261 said:
The part that bothers me morally is the whole "medical bill was $6000, primary insurance paid $3000 of it, but I still got a check for $6000." If this insurance paid the UNPAID $3000 part I'm fine with it. It's the whole making a profit from injury part that I find wrong.

No I don't need a hug or a doughnut, I get plenty of both.
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The insurance policy I have has set amounts paid for broken bones/accidents. They determine how much. I broke 2 bones at my wrist / foreaarm joint. My policy has a breakdown of what they pay for what type of accident. I looked at it before I submitted my claim. $5600 is what they listed. I submitted my claim and bam...1 week later a check for $5600 is deposited in my checking account.

That covers what?..... Pays my copays to the doctor. Pays my bills from the radiology dept. Then it pays my bill for the doctor who read the xray. Ok so thats about $200 out of my pocket after my post Obamacare health ins ( pre Obamacare my plan covered 100% of those costs). Ok now lets say for example I couldnt go to work and collect my paycheck for the 8 weeks healing time like MOST people out there. I would still be short of what I would have had I not gotten injured. Right there is why people buy this stuff. Nothing fraudulent about that is there Pit???


Maybe you need Taco bell today then?
 
Hershey quit spending time on here, get outside and stub your toe so you can make enough money to buy my '96 RM125!
 
Vet261 said:
The part that bothers me morally is the whole "medical bill was $6000, primary insurance paid $3000 of it, but I still got a check for $6000." If this insurance paid the UNPAID $3000 part I'm fine with it. It's the whole making a profit from injury part that I find wrong.

No I don't need a hug or a doughnut, I get plenty of both.
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The real fraud is the hospital inflating charges. $107 for a bag lactated ringers when they get the back for $6.

They charge you 1900 for the ER visit. When they spent $200 in supplies. They charged you $94 for an iv stick and they pay me 1 minute of of my hourly wage to start the iv. The adjustment block of the insurance claims are interesting.
 
Yes. It would be a supplemental policy. And still subject to Open Enrollment at his employer if it is being pre-taxed.
 
An accident policy for me would be to supplement income. I'm self employed and don't have any income if I'm not working. I used to have Aflac, but that policy didn't pay if I was injured racing. In 07 when I got hurt at High Point they sent a check for the emergency room, then they saw the ambulance was dispatched from High Point raceway. Aflac wanted some money back and they were not going to pay anymore on that claim. If something covered racing like Hershey has that would be good.
 
John250 said:
Yes. It would be a supplemental policy. And still subject to Open Enrollment at his employer if it is being pre-taxed.
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I see on his paycheck it says "income protection" in the after tax and "personal accident pretax" in the pretax. guess i am going to have to dig a little deeper! my 2 year old just fell from top bunk to floor, hitting someing on the way down and had to have glue, multiple xrays, and a $1500 ER bill!
 
RAMJAMMX said:
I agree on the accident policies, they are a necessary item on the to have list. I have Aflac at work as a payroll deduction for me, Rich & Jesse. However Jesse has his own self pay policies with Combined. We have utilized his policies many times over and they have more than paid for themselves. Since Jesse is self employed he obviously cant have a payroll deduction and you can self pay Combined. I know Britany Hansen & Dave Smith both have Combined as well and both have been happy with their claims. Of course we all hope to not get injured, but it is better to be prepared.

Rae Lynn :)
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Rae Lynn - does Jesse's Combined Ins policy cover track injuries? I'm self-employed as well so my options are limited...
 
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