Lifetime Maximums - Important?

Jul 15, 2008

  1. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    If you don't think "lifetime maximums" or "brand-name" Rx coverage is important, check this heart-breaker out:

    Yahoo! Personal Finance
     
    Last edited: Jul 15, 2008
  2. bill3173
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    bill3173 Guru

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    I consider them to be important, and tend to emphasize this with clients choosing between plans even with the same carrier, or a different carrier, when reviewing benefits, but for some reason, it doesn't seem to make an impression with clients.

    Its kind of funny, but clients often seem to focus on some of the more trivial benefits, things that wouldn't make much difference to me. It almost seems like you could promise them a free car wash once per year and a $2M lifetime max or no wash and $5M and they'd pick the former.
     
    bill3173, Jul 15, 2008
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  3. Crabcake Johnny
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    What will toast someone is physical therapy - which is lacking at best on most plans.

    Another thing that'll sink someone is a limited DME (durable medical equipment) benefit. Aetna's in MD is $2,000.
     
  4. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Yes, excellent point. Here in Florida most plans limit it to $3,000.
     
  5. bill3173
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    You've brought DME up in prior posts, and I'm glad that you keep reminding everyone. Good post.
     
    bill3173, Jul 15, 2008
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  6. Crabcake Johnny
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    Something most agents don't think about. Work up the price of a heart pump.
     
  7. Crabcake Johnny
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  8. indmedins
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    Good post. I have listened to clients tell me about their family members with cancer running out of lifetime max. I've heard of cancer bills climb up to $3 million +.

    Also a plan that limits transplants are a killer. Patients can rack up a million dollar transplant, if the policy caps even at designated spots, they are cooked.

    Not to mention air ambulance. Too often, I see good policies with $3 million maxes. Crazy in this day and age.
     
  9. Sam
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    Sam Founder Administrator

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    DME and PT are usually limited on group plans as well.
     
    Sam, Jul 15, 2008
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  10. GreenSky
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    In most cases, Medicare limits PT to $1,800.

    Rick
     
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