A Big-Picture Approach to Insurance
Kim Hames and her husband Steve are like many young families. They have been married four years and have two lovely little ones—3-year-old Corbin and 1-year-old Nora.
With the rapidly changing and evolving health insurance landscape, the Hames family has opted to look above and beyond traditional health insurance as part of a bigger picture approach to their insurance situation.
As part of that strategy, they purchased an accident and hospital indemnity policy marketed by Platinum Supplemental Insurance. Click here for details.
Kim said that when she considers her family’s budget, she likes to take a holistic approach to how their insurance dollars are spent. Having a supplemental policy that pays a lump sum for hospitalization allowed them to choose a much more affordable health insurance option from Steve’s employer.
“During the open enrollment period at my husband’s job, we looked at all of our insurance options and decided to go with the highest deductible plan because the premiums were really low—barely anything is taken out of my husband’s check,” Kim said. “We were able to do this because we knew we would have that deductible covered by our supplemental policy if there was a major issue that resulted in an overnight hospitalization.”
The accident and hospital indemnity policy offers a lump-sum cash payment directly to the policyholder if anyone covered under the policy has an overnight hospital stay. Depending on the coverage level chosen, this can range from $1,000 to $4,000. In addition, there are a host of cash benefits paid for particular types of accidental injuries—things like fractures, burns, dislocations and cuts requiring sutures.
And, like most young, active families with children, Kim and Steve will more than likely be able to take advantage of the accident and ER benefits offered by the policy.
“We are young and active, and I also knew with Corbin being a little boy that he would be getting hurt, running into things—so the accident part of the policy also made a lot of sense to us,” Kim said.
Regular Trips to the Doctor
As anyone with young children can attest, the doctor’s office can often seem like a second home.
“This past winter has been particularly tough,” Kim said. “We were literally sick from December through February, so there were many trips to the doctor.”
Another benefit that this policy offers is for physician office visits. This pays $50 per visit for each of the family members covered under the policy—up to four visits per year.
If everyone in Kim’s family took advantage of this benefit every year, that would mean they would receive $800 in cash benefits each and every year.
An Emphasis on Wellness
Policies marketed by Platinum typically include benefits that encourage screening and early detection for more significant illnesses, and this policy is no different. It offers a Healthy Screening and Diagnostic Testing Benefit that pays $100 annually per covered individual for tests like CAT scans, mammograms, MRIs and many types of blood tests.
“This has definitely encouraged us to get our screenings,” Kim said. “I’ve already had mine for the year, and everything came back great.”
Kim also knows this might not always be the case. And, if they were to experience a major illness or accident, then Kim and Steve didn’t want to have to worry about money.
“That was the point of getting this policy,” Kim said. “We didn’t want to have to think about finances when it came to our health.”
Products and policy benefits vary by state.