Accident Insurance: Good Idea for Cyclists?
Like many these days, I have a couple of years before Medicare and have to get my own health insurance since my COBRA ran out after I retired 18 months ago. To keep premiums anywhere within reason, I went with a high-deductible policy with a HSA (Health Savings Account) option where I basically pay the first $2500 of any expenses during the year, and pay a percentage from there to $5000.
After getting this policy, my agent contacted me and asked if I were interested in a separate "accident coverage" policy for only $22/month that would pay up to $5000 for treatment resulting from an accident, or in other words cover all my out-of-pocket expenses.
Normally it is considered not a good bet to insure against specific health conditions -- such as against cancer or what have you -- but it got me to thinking about my particular situation. I had to go to the ER a few years ago when I cut myself with a pruning saw. I came out with a few stitches, and my insurance company was billed about $1200! Care ain't cheap any more.
Looking back at a life with probably a few more trips to the ER than the general public, out of the last 6 times I can recall (ER and other accident-related care), 3 of them were due to something I was doing on 2 wheels (motorcycle or bicycle). So considering my plans for bike trips and other events in the next 18 months, it seemed like reasonable insurance and I signed up.
Anyone else purchase something like this, or any other comments? (By the way, I did read the policy with a fine-tooth comb to make sure there were no exclusions that might apply. Competing on a track would not be covered, but injuries in events like a duathlon or running would be. Lots of exclusions for hang-gliders and rock-climbers though.)