How Do You Spell Relief? P-L-A-T-I-N-U-M
Our major medical insurance was excellent, but I would just recommend that people have a supplemental policy in place for additional expenses.”
Arlen Beckman of Cedar Falls, Iowa, is a devoted husband, father of three and grandfather to seven. Now retired, Arlen still works occasional shifts as an independent contractor for the FedEx business he started, now run by his son. Family is everything to Arlen. And, now that he is retired (well, semi-retired), he spends most of his time on his acreage with his grandchildren driving four-wheelers, snowmobiling and enjoying time together.
Experiencing the Unexpected
Outside of what he considered to be normal aches and pains due to old age, Arlen had a clean bill of health. In fact, he had never been admitted to the hospital before. One day, he experienced extreme indigestion that brought him to the emergency room. “I thought it was just indigestion, and the doctor said, ‘No, you’re having a heart attack,’” Arlen said. “So, I was admitted right then and had stents put in. I was in the ICU for a day and then in the hospital for a day. For having a heart attack, I actually wasn’t in the hospital that long at all.”
Prioritizing Adequate Coverage
Arlen’s wife, Tonya, served in the Iowa National Guard for 28 years. With Arlen working as an independent contractor, it made sense to utilize the health insurance offered by his wife’s employer. Because he was an independent contractor, Arlen also felt it was important to have supplemental insurance to help offset the out-of-pocket costs associated with their major medical insurance. He purchased the accident and hospital indemnity supplemental insurance policy, marketed by Platinum Supplemental Insurance, to complement his major medical insurance and the additional supplemental insurance policies they had.
Independent contractors and small business owners often purchase this policy because the benefits are designed to pay a cash benefit to the policyholder in the event of a hospitalization or injury, such as a laceration, fracture or dislocation. This allows the policyholder and their family to focus on recovery, not finances.
Out-of-Pocket Expenses Covered
Despite his short stay, Arlen’s total hospital bill for two nights in the hospital was over $50,000. While his major medical insurance covered the majority of the cost, Arlen was happy to have supplemental insurance coverage. Under the benefits of the policy, Arlen received $3,200 for admission to the ICU and stay in the hospital. These benefits helped pay for his $600 deductible among other out-of-pocket expenses.
Arlen was diligent about making sure that his insurance decisions made financial sense. He was able to discuss his existing insurance coverage with the Platinum representative that came to his home and determine what additional benefits a Platinum-marketed policy could provide him and his wife. “I probably asked my Platinum representative questions that she didn’t have to answer, and she took the time to explain things and compare. It was great,” he said. Now, thanks to his Platinum-marketed policy, Arlen is focusing on getting back to four-wheeling with his grand kids.
Products and policy benefits vary by state.