Jump to content
IGNORED

After you wake up in the hospital, how do you keep from going broke??


Rpstk

Recommended Posts

OK, now that I am older and riding again how can I protect my assets should I wreck?

I have shopped for motorcycle insurance with medical coverage but the only medical coverage i find is $5000.00, that will cover the first day at the emergency room but what about possible intensive care and neccesary surgery as needed.

My hospitalization is covered by aetna and a representative said they would cover me but there is bound to be a lot that is not covered.

Can anyone enlighten me on how to protect myself?

I am a worry wart but sometimes it keeps me out of trouble dopeslap.gif.

Thanks...

Bob

Link to comment

I have thought about getting some disability insurance, and have my insurance guys working on it. I have been through the crash and can't work thing and it's a little scary.

Link to comment
My hospitalization is covered by aetna and a representative said they would cover me but there is bound to be a lot that is not covered.
I'm missing something in your question Bob. It's true that auto insurance companies usually don't offer adequate and cost-effective medical coverage, I think that most of us rely on our general heath insurance to cover us in case of auto and motorcycle injuries. Is your concern due to the overall limits of your health insurance coverage, or something specifically related to a motorcycle? Meaning, if you were in an automobile accident (vs. a motorcycle accident) would there also be a lot that is not covered? Does Aetna distinguish between the two vehicles somehow?
Link to comment

My question is concerning the limits of my standard medical coverage, My motorcycle policy has no medical coverage.

I could imagine a $175,000 hospital bill to reconstruct me, $6000 for a helicopter ride to the hospital, of which the insurance pays $75,000 leaving me with a $106,000 debt.

I have disability insurance to cover my wages.

I wonder if anyone will read this that has been there.

The "Hurt report" stated only 10% of the people in their report had sufficent medical and property insurance coverage.

I am concerned about gaps in medical coverage, maybe need to upgrade to major medical now that I'm back on 2 wheels.

I see a greater risk of an accident and injury while on a bike.

I just want to have this thought out in advance,

just in case! .

Just being a worry wart again dopeslap.gif.

Bob

Link to comment

Ah, I see. Yes, even with 80/20 coverage that 20% can be pretty high in the case of severe injuries. And the helicopter ride may or may not be covered at all, although there are some pretty reasonable standalone policies out there to cover that sort of thing.

 

I just want to have this thought out in advance, just in case!
You are not being a worry wart, you are being very wise. Most people don't consider these issues until after the accident.
Link to comment

I would recommend you start with a Living Trust in case you don't survive a crash or cannot wake up (vegetative state ie Terry Schiavo). If she had had a living trust she would not have lived 15 years in a vegetative state. What an incredibly painful situation she and her families went through. I understand Living Trust business soared as a result of that case.

Link to comment

I have Blue Cross medical insurance. It's an 80/20 thing with a cap on my out of pocket expences. When I crashed the total med bill was almost $50k, including a $14k helo flight.I think I ended up owing $2k. After I turned 45 the premium went up some, but it's worked so far.

Link to comment
Jerry Johnston

When I crashed in Prineville Or. 1988, I had Blue Cross which covered everything (Approx. $25k) for crushed right leg. No Helo - used ambulance for about 15 min. ride. I was self employed at the time and married to a school teacher which helped a great deal.

Link to comment

I have saved a very lengthy and detailed list what to do in the event of an accident. It also addresses insurance. I don't know who wrote it, but it was on the forum somewhere, so I just copied it to a Word file and saved it for later use. I've attached the file here for download.

734369-Accidenttodolist.txt

Link to comment
My question is concerning the limits of my standard medical coverage ... the insurance pays $75,000 ....

 

If you're saying that your medical insurance policy has a cap at $75k out-of-pocket, I'd say that's not good. Especially if you've got assets to protect.

Link to comment

AND after it's over and you ARE recovering...don't forget the quoted costs are not the actual charges. Meaning the hospitals/billing agencies I have dealt with have been more than willing to negotiate total/final cost and billing schedule and payment plans.

 

You ride a German bike, negotiate like a German, work with the system like an American! (Pay what is fair and reasonable....reasonable = the cost after a bit of discussion) grin.gif

Link to comment
I would recommend you start with a Living Trust in case you don't survive a crash or cannot wake up (vegetative state ie Terry Schiavo). If she had had a living trust she would not have lived 15 years in a vegetative state. What an incredibly painful situation she and her families went through. I understand Living Trust business soared as a result of that case.

 

Keith, you're mistaking a "living trust" for a "living will." The terms are often confused--even in the news media--but they are completely different documents that accomplish different objectives. The living will, also referred to more formally as an "advance medical directive," sets forth your desires as to how you should be treated if you are in a persistent vegetative state. It may, for instance, direct your doctors to withhold artificial nutrition and hydration if you are in a persistent vegetative state with no hope of recovery. A living trust is a device that places your property in a trust, usually controlled by you during your lifetime, which passes to the control of a successor trustee upon your death.

 

As far as living wills are concerned, most states have a prescribed form that can usually be found and downloaded for free on the web. In some states, you have to sign it in front of a notary public.

Link to comment

thanks for the info on the differences between living wills and living trusts. do you have any links to sites where I can find out more about living trusts?

 

TIA,

Link to comment

Mike

I should have been clearer. We signed our living trust and in the living trust their is a directive if either my wife or me is in a vegetative state the other can pull the plug which is exactly what I would want in that situation. I feel so much better having finally gotten the information together for the living trust and now it is legal that my wife is taken care of in case something happens to me.

Link to comment
thanks for the info on the differences between living wills and living trusts. do you have any links to sites where I can find out more about living trusts?

 

TIA,

 

also a living trust is revocable, hence aka as revocable living trust. separate tax return (ususally) is NOT required, vs an irrevovcable trust. i strongly suggest you get your "financial" people (if you have any) and an atty who speicalizes in trusts/estates and work it out. you'll enjoy your ride more.

 

the only other option is to be indigent (broke, busted) when you go into the hospital. not sure that a living trust will hide the assets. an irrevocable trust is complicated and in effect requires you to transfer(gift) your assets to the irr trust. talk to an expert.

Link to comment
thanks for the info on the differences between living wills and living trusts. do you have any links to sites where I can find out more about living trusts?

 

TIA,

 

Here's a website. I wouldn't necessarily endorse their products, but it's a fairly good description. This is serious stuff, however, and for most people a will suffices. I'd suggest that you consult with a lawyer before executing a DIY living trust.

Link to comment

I have Kaiser-Permanente health insurance. I'm fully covered for an emergency room visit anywhere, even if is not a Kaiser hospital.

Link to comment
Here's a website. I wouldn't necessarily endorse their products, but it's a fairly good description. This is serious stuff, however, and for most people a will suffices. I'd suggest that you consult with a lawyer before executing a DIY living trust.
Mike, Thanks. I just wanted something I could begin with. when the time comes, I would definitely get a professional involved.
Link to comment

After having gone through this; my .02 cents worth. Make sure you have uninsured/underinsured on your vehicle policy. The auto that pulled out in front of me had minimum medical liabilty-$30k; that covered about my first 12 hours in trauma center. She was unwed 18 year old mother living in 10 X 50 mobile home. I had to file on my insurance to pay my bills. Never mind I was out of work for a year and this wonderful little person gets on with her worthless life. Not bitter--much.

Link to comment

See if you can buy a $ 1 million catastrophic medical insurance coverage. I have such a policy with a $ 25,000 deductable. My regualr health insurance covers the non-catastrophic aspects of health insurance and the first $ 25,000 of covered expenses. Fortunately, I have not needed to see how these two policies might work in tendem with each other. I buy the catastrophic insurance as part of a fraternal group buy. You would have to look around to see if any group you belong to or an alumnae association offers this type of coverage for you to buy.

 

For income coverage you could also look into income continuity coverage plans.

 

Hope this helps.

Link to comment

I sold my 1150 RT bike last January, I was 64 years at the time. For the past several years I carried $10, 000 medical on my bike policy. In my only mishap that insurance and Blue Cross covered everything. Selling bike was not related to the accident of two years prior.

Link to comment

Talk to an attorney. Some states allow a self video to be used to provide instructions in case of an accident. It is not the same as a will or trust, simply shifts the burden from the person making the decision and serves to support that person's decison.

Link to comment

Been there. Done that. More than $600,000 in med bills, three months in hospital and a year out of work. Won't try and tell you how to cover yourself. But will tell you that due to great coverage from employer supplemented with policies I bought from a good independent insurance agent, completed legal documents including Power of Attorney, medical directive, etc. put together by a good attorney and a great family I weathered the storm in pretty good shape. I am obviously a poster child for the insurance industry but my advice is quit asking questions here and find good professionals.

Link to comment

Wow, $600,000!! eek.gif

I am seeking as much information as possible, mostly wanted to hear what others thoughts are and what experince people have had before laying out a lot of cash for a large policy as they don,t come cheap.

Glad you recovered OK.

After such an ordeal do you still ride?

Thanks for all the input guys wave.gifwave.gif.

Bob

Link to comment

If it is through your employer, see if they have any "extras" you can purchase. Otherwise, if this is your policy, go to an independent Health Insurance broker and let them give you a check-up.

 

My health insurance (Unicare High Deductible), covers Deb and myself and everything over $6000 they pay for!

 

We "self insure" up to $6k per annum out of pocket max...using a non-taxable HSA plan (like a 401k) to salt away $5450 (max allowed by the Fed) of that 6k. The HSA money rolls from year to year....

 

Health insurance is a real maze and you need to speak with someone that has the insights.

Link to comment

I had an accident in mid-july. Today I got a cheque for the bike (still subject to negotiation).However, Since the accident My loss of earnings has been the worst part. The first week my wages were less than £20 !!! Since then I have been getting 65% of my basic pay. I'm losing £200 per week. My bills alone are taking all my money and I'm getting further behind each week. The claim could take years.

Thankfully we don't have medical bills to worry about. That said if I was paying for it I doubt I would have to wait till Xmas for an ultrasound scan to check damge caused in the accident.

Link to comment

If I happen to be feeling too cheerful, I can always read this thread to bring me back down.

 

dopeslap.gif

Noheat, not trying to bring people down!

I noticed tonight that this thread had over 1,000 hits,

I posted this for 2 reasons;

1- I want to know before I ride that should the unexpected happen that my butt is covered,(similar to buying life insurance eh?).

2- To bring something up that people don't talk about and provoke some thought for discussion, maybe a few of us will better prepare for the unexpected.

 

I do plan to talk to a professional about this but before I plunk down boocoo bucks I was wondering where others have been in the real life scenario and a number have mentioned their experience, thats a good gauge to use before buying insurance,(yeh I know it's just the freakin internet).

But I trust that people on this site are sincere.

We always hear about the guy with 6 kids who died in a car accident with no life insurance and now the widow lost the house and is working 3 jobs to support the family,It happens so you try to prepare for your survivors, it's the responsible thing to do.

Well, what about us hard working guys who happen to like bikes, why should we lose everything to a hospital!!

 

I for one want to be prepared, just in case!!

And then get out and ride, lifes not about watchin TV. clap.gifclap.gifclap.gif

no downer intended thumbsup.gif

Bob

Link to comment

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...