Debt & Money Discussion at CreditMoneyBlog.com

I recently canceled my Travel Medical Insurance so I am pretty open to things when they come in the mail to be somewhat of a supplemental insurance to my existing insurance. I canceled the Travel Medical Insurance I had on my American Express Hilton HHonors card because it was $59 and I really only used it for international travel. It turns out my international travel is covered by my Oklahoma Blue Cross/Blue Shield Policy so there is no need for this anymore. Plus the fact that I have not used the Travel Medical Insurance in several years and have my own insurance policy it really does not seem to act as supplemental insurance.

Today I found an interesting offer in the mail from Household Bank Credit Card that said they would allow me to collect up to 365 days of cash benefits for each covered hospital stay. This would include $200 daily benefit adding up to $73,000 a year and $146,000 overall. I noticed they keep putting the zeros in the letter behind the $73,000.00 making it look like $73 Million or so to the weak sighted or those who do not proofread carefully.

They then use the scare tactics by saying this $73,000 a year could be used as cash for utilities, groceeries, lost wages, mortgage, or rent in such an emergency as this hospital stay. The letter goes on to say the hospital confinement cash benefit doubles up to $400 a day for 365 days of costly intensive care up to $146,000 a year in addition to any other insurance.

The cash comes to me or someone I choose from what the letter says which sounds nice so it is not going to the hospital directly. It also states I can spend the cash anyway I want including everyday expenses, bills, at-home assistance, etc.

They only want $10.25 a month to cover me but an additional $7.30 to cover my family. While it is cheap it sure does not cover much. It would pay for itself if you ended up in intensive care at $125 a year cost but then the small emergency room coverage of $100 is not much.

I called a rep and asked if this is a loan or an actual cash payment. They claim it is a payout where we would not owe them back the money we paid out. It sounds like a deal to me but it does make me want to ask some more questions such as Will they cover me if I do not charge my hospital to this particular credit card? Will they cover me if I do not call them before going into the hospital? I assume they will because I do not see it state otherwise.

The plan is paid the first 60 days by HSBC and is Underwritten by Hartford Life and Accident Insurance Company. Keep in mind it does not cover those trying to commit suicide nor those intoxicated or with drugs in their system. Don’t be trying to commit suicide because your hospital bills are too high then claim it on here.

The bottom line is that $146,000 of supplemental coverage for hospital bills is not that much when it comes to the medical world of bills but it might help out since the cost to me or you is only $125 a year.