Friday, November 19, 2010

Excess Insurance Plans vary like Rugby Positions...

Wingers don't scrum. Props don't hit drop goals. (Okay, that's a lie, I saw a tighthead hit a game winner...)

Anyway, Excess plans have differences too. Here's a scrumdown of 3 plans markets:
  • VBA 24 hour Accident Coverage: Most comprehensive, and the most expensive. Individually purchased. $40-70/month depending on level of benefit. NOT exclusive to Rugby. (you could make a claim for falling off your bike, etc. etc.)
  • Nationwide's Amateur Sports Plan: (pdf on request) This is sold to a team in six month intervals. Expensive, but a low deductible. $2,500 to $4,000 every six months. Rugby ONLY.
  • Sport Underwriters NARP, North American Rugby Program: Both team and individual. Pays different than the two above, but lowest in terms of rates. $79/year for an adult, and approximately $2,000 a year for a small team. Rugby ONLY.
Okay, so let's say a Prop falls on you, and you have $10,000 in bills. Like a good client, you have a PRIMARY health insurance policy. Let's go basic with a $1000 deductible, and 80/20 coinsurance. (I've left out copays, just to keep it simple.) This is an example for illustration purposes, don't think it'll ever work this clean. It won't. Anyway...

$10,000 - $1,000 = $9000 Deductible satisfied.

$9,000 - $7,200 = $1,800 Co-insurance paid.

Total out of pocket for the victim of the Prop: $2,800

So, how does each Excess plan pay? (Again, example and an illustration. Don't gnaw on the gumshield) I'm going to assume you're smart and let ME do the paperwork for the claim.
  • VBA 24h Accident Coverage: Plan should reimburse you directly $2,550 to $2,700.
  • Nationwide Amateur Sports Plan: Should reimburse you directly $2,550.
  • Sport Underwriters NARP: Should reimburse you the co-insurance, $1,800.
Important note: NARP covers the co-insurance only, but is also the least expensive. Still a great deal.

Remember, this is just an illustration. Plus, you need, NEED, to have a primary plan in place, either one you bought, or something from your job. Yes, each plan will act as primary if nothing else is in place, but that's an absolutely stupid thing to do...

Excess Plans, like Locks and Centers, still run, catch, ruck and tackle, they just do each differently.

No comments:

Post a Comment