Question:
Is there any advantage to being insured by two companies?

I have the opportunity to take on a second insurance company through my job. I currently have one that I pay for monthly $300, but I want to keep it because I think that I may only stay at this job for 1 year or so. I dont want to be stuck without insurance at all. I was just wondering if anyone knew what the procedure would be if you have two insurances. Is there an advantage? Disadvantage? Thanks so much in advance.    — Tara J. (posted on August 23, 2002)

August 22, 2002
I was covered by 2 insurance companies when I had my surgery in June of this year. According to insurance and my calculations I should only be out my $350 deductible and $150 for the portion of my $1500 max out of pocket expenses that is not covered by my secondary coverage which pays 90% of what the first did not pay. So for me there was an advantage, It depends on which 2 insurance companies. Also look at how much the second policy will cost you.
   — Pam W.

August 22, 2002
Many years ago I had both Prudential and Medicaid. I should say it was a BIG advantage!
   — Danmark

August 22, 2002
It usually is very beneficial, especially if your primary policy has a large deductible. Some secondary policies pay the entire amount left over from the primary. All of this depends on how the secondary policy pays on COB. If the secondary will cost you 300 per month as well, and you dont have a deductible on the primay.....depending on how long you cary the coverage it may cost you more. Before you take out the second policy find out what their COB rules are and how much they pay. Also, are both of these policies through your employment? Do you know which would be prime? If the one you have now is thru a spouse of an individual plan, that will become your secondary and the new one your prime. You may want to look to see if the new one will cover this surgery, because if it is prime and does not cover it, then there is no benefit to you to get it.
   — RebeccaP

August 24, 2002
Nancy is right. That was what I was trying to say, but i was in a hurry. I too do claims coordination. There are some sticky rules, but it could benefit you tremendously if you have the right policies.
   — RebeccaP