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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Empire NYSHIP- secondary LIFE plans? worth it?
Just curious if anyone else does the same or not, but those that have Empire NYSHIP insurance... do you have any secondary benefit plans?
like an accident plan?
cancer plan?
disabilty?
hospitalization plan?
my work offers it through Colonial Life but i'm wondering if it's even worth it.
Empire NYSHIP seems to be such a good plan (through my husbands work) that we don't have any crazy copays or coverage.
Does anyone take advantage of these plans and if so, why not?
Message edited 5/16/2014 2:55:52 PM.
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Posted 5/16/14 2:38 PM  |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Empire NYSHIP- secondary plans? worth it?
Those are two very different types of insurances. NYSHIP is your health insurance, the colonial is LIFE. (Unless NYSHIP does life insurance as well.) I'm always a fan of doing extra life insurance if you have children.
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| Posted 5/16/14 2:43 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Empire NYSHIP- secondary plans? worth it?
Posted by jessnbrian
Those are two very different types of insurances. NYSHIP is your health insurance, the colonial is LIFE. (Unless NYSHIP does life insurance as well.) I'm always a fan of doing extra life insurance if you have children.
Yes I agree - and do yourself a favor and call your CAR insurance company as well and UP your UMBI - un or under insured motorist's bodily injury. So if, God forbid, you ever get hit like my brother did - by an uninsured motorist OR someone that has the state minimum limit, there are SO MANY out there with NO or too LITTLE insurance, you can claim on your OWN car insurance policy under your UMBI coverage and collect as high as you set the amount - I say, personally, put it at a million. Honestly, you pay SUCH A SMALL amount in the premium to set it this way and hopefully you never need to use it, but if you do - you'll be so thankful.
Message edited 5/16/2014 2:46:23 PM.
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| Posted 5/16/14 2:45 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: Empire NYSHIP- secondary plans? worth it?
Posted by DaniRella
Posted by jessnbrian
Those are two very different types of insurances. NYSHIP is your health insurance, the colonial is LIFE. (Unless NYSHIP does life insurance as well.) I'm always a fan of doing extra life insurance if you have children.
Yes I agree - and do yourself a favor and call your CAR insurance company as well and UP your UMBI - un or under insured motorist's bodily injury. So if, God forbid, you ever get hit like my brother did - by an uninsured motorist OR someone that has the state minimum limit, there are SO MANY out there with NO or too LITTLE insurance, you can claim on your OWN car insurance policy under your UMBI coverage and collect as high as you set the amount - I say, personally, put it at a million. Honestly, you pay SUCH A SMALL amount in the premium to set it this way and hopefully you never need to use it, but if you do - you'll be so thankful.
I manage a neuro practice and we see a lot of no fault - you'd be surprised how easily patients get cut-off from CARE and TREATMENT, let alone payouts, because they hit the maximum allowed by the plan.
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| Posted 5/16/14 2:51 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: Empire NYSHIP- secondary plans? worth it?
Posted by jessnbrian
Those are two very different types of insurances. NYSHIP is your health insurance, the colonial is LIFE. (Unless NYSHIP does life insurance as well.) I'm always a fan of doing extra life insurance if you have children.
but isn't some of these LIFE plans to cover copays and medical costs? but if your health insurance is so good... is there a need for it?
for instance, the hospital policy. They pay $1000 admission/$500 outpatient. But you end up paying $420 a year for the policy. If your health insurance has no copays for hospital stays... that doesn't seem worth it to me.
So wondering if the cancer and disability would go along the same lines. 
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| Posted 5/16/14 2:55 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: Empire NYSHIP- secondary LIFE plans? worth it?
Posted by DaniRella
Posted by jessnbrian
Those are two very different types of insurances. NYSHIP is your health insurance, the colonial is LIFE. (Unless NYSHIP does life insurance as well.) I'm always a fan of doing extra life insurance if you have children.
Yes I agree - and do yourself a favor and call your CAR insurance company as well and UP your UMBI - un or under insured motorist's bodily injury. So if, God forbid, you ever get hit like my brother did - by an uninsured motorist OR someone that has the state minimum limit, there are SO MANY out there with NO or too LITTLE insurance, you can claim on your OWN car insurance policy under your UMBI coverage and collect as high as you set the amount - I say, personally, put it at a million. Honestly, you pay SUCH A SMALL amount in the premium to set it this way and hopefully you never need to use it, but if you do - you'll be so thankful.
unless i'm reading it wrong, it looks like we have $250k per person/$500k per accident. Which is the max i can do.
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| Posted 5/16/14 2:59 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: Empire NYSHIP- secondary LIFE plans? worth it?
Posted by aliwnec10
Posted by jessnbrian
Those are two very different types of insurances. NYSHIP is your health insurance, the colonial is LIFE. (Unless NYSHIP does life insurance as well.) I'm always a fan of doing extra life insurance if you have children.
but isn't some of these LIFE plans to cover copays and medical costs? but if your health insurance is so good... is there a need for it?
for instance, the hospital policy. They pay $1000 admission/$500 outpatient. But you end up paying $420 a year for the policy. If your health insurance has no copays for hospital stays... that doesn't seem worth it to me.
So wondering if the cancer and disability would go along the same lines.
No, it's very VERY different. It's to pay you out if you have xyz happen to you, because if you get cancer, no your insurance (no matter how good) will NOT cover everything. If you need lots of care, it's going to be a lot of money out of pocket. That's for a REGULAR hospital visit, in your example, doesn't cover physician fees, medications, surgeries, etc. you are so much better off getting the extra policy (it is NOT a secondary like you are thinking, it is more like it would repay you for $$ you have to lay out).
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| Posted 5/16/14 3:00 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Empire NYSHIP- secondary LIFE plans? worth it?
Posted by aliwnec10
Posted by jessnbrian
Those are two very different types of insurances. NYSHIP is your health insurance, the colonial is LIFE. (Unless NYSHIP does life insurance as well.) I'm always a fan of doing extra life insurance if you have children.
but isn't some of these LIFE plans to cover copays and medical costs? but if your health insurance is so good... is there a need for it?
for instance, the hospital policy. They pay $1000 admission/$500 outpatient. But you end up paying $420 a year for the policy. If your health insurance has no copays for hospital stays... that doesn't seem worth it to me.
So wondering if the cancer and disability would go along the same lines.
Yes - this isn't life insurance - it's voluntary insurance that works alongside your health insurance (like AFLAC).
We have the accident policy and they pay what's stated regardless what insurance pays - it's really not worth it though if you have good insurance unless you work in a field that has a high risk of injury.
ETA - If you are looking for a plan to supplement what you have, a good option may be a catastrophic plan, which will cover amounts above your insurers limits...
Message edited 5/16/2014 3:03:09 PM.
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| Posted 5/16/14 3:01 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: Empire NYSHIP- secondary LIFE plans? worth it?
Posted by ali120206
Posted by aliwnec10
Posted by jessnbrian
Those are two very different types of insurances. NYSHIP is your health insurance, the colonial is LIFE. (Unless NYSHIP does life insurance as well.) I'm always a fan of doing extra life insurance if you have children.
but isn't some of these LIFE plans to cover copays and medical costs? but if your health insurance is so good... is there a need for it?
for instance, the hospital policy. They pay $1000 admission/$500 outpatient. But you end up paying $420 a year for the policy. If your health insurance has no copays for hospital stays... that doesn't seem worth it to me.
So wondering if the cancer and disability would go along the same lines.
Yes - this isn't life insurance - it's voluntary insurance that works alongside your health insurance (like AFLAC).
We have the accident policy and they pay what's stated regardless what insurance pays - it's really not worth it though if you have good insurance unless you work in a field that has a high risk of injury.
ETA - If you are looking for a plan to supplement what you have, a good option may be a catastrophic plan, which will cover amounts above your insurers limits...
ok thank you. We do have life insurance on each other separately from this.
We have the accident policy (my husband is a police officer) but that's it.
but our insurance is pretty good and we rarely have copays for things... including my husbands thyroid cancer surgery 2 years ago and his hernia surgery this past february.
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| Posted 5/16/14 3:05 PM |
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