Supplemental Protection...Your thoughts please

[gmt]

A rep from AFLAC was in our office this past week pushing supplemental insurance. She had four plans:
1. Hospital Protection - $39.66 per month
2. Personal Recovery - $8.90 per month
3. Personal Accident - $19.80 per month
4. Personal Cancer - $33.20 per month

My employer pays 100% of the HMO premiums and the plan itself is ok, nothing spectacular but it is definitely not the bottom of the barrel.

My initial thought is that I don't need it. I haven't had a stay in the hospital in over 15 years, which was very minor. I am relatively young and in good shape.

Do any of you have any experience with these plans and have they been worth it?

Thanks,

G

[brewer12345]

One look at AFLAC's profit margins should make it pretty clear how superfluous these products are.

[Dawg52]

I've said it before and I will say it again, AFLAC drives me crazy. I get a call from them about every 3 months wanting to come in and quote all their products out to our company. Apparently they can't keep sales people because I get a new one everytime they call.

I think all you need is a good Health plan and to heck with all the supplements. If you bought everything that is listed above you will have an additional $101.56/mo in premiums. I would rather put that towards a better health policy. Just my opinion. :P

[justin]

Take the $1200 a year, plop it in an emergency fund, and if you are out of work, take the sick leave/vacation/Paid time off the company gave you, then use the short term/long term disability the company is paying for too.

May not apply to everyone, especially those self-employed, but for most on this board, being out of work for a few days or few weeks won't significantly affect their solvency.

[Craig]

I see these products as similar to "paint and leather protection", or credit life and disability sold in the F&I booth at a car dealership.

[CyclingInvestor]

Quote:

Originally Posted by brewer12345 One look at AFLAC's profit margins should make it pretty clear how superfluous these products are.

This was the first thought through my mind. AFLAC is the "extended warranty"
of health insurance - suckers only need apply.

[HFWR]

Two condoms? :P

[azanon]

Quote:

Originally Posted by brewer12345 One look at AFLAC's profit margins should make it pretty clear how superfluous these products are.

If brewer thinks they're unnecessary, they must be an outright scam.

[Sheryl]

My experience with AFLAC: We let them come in and make a pitch. They convinced several people to sign up for various of the plans. Paperwork filled out, etc. The salesman never came back to get the applications. Several phone calls went unreturned. We finally told the employees we were not working with AFLAC after all.

What a bunch of loosers!

[Mr._johngalt]

Quote:

Originally Posted by Sheryl My experience with AFLAC: We let them come in and make a pitch. They convinced several people to sign up for various of the plans. Paperwork filled out, etc. The salesman never came back to get the applications. Several phone calls went unreturned. We finally told the employees we were not working with AFLAC after all. What a bunch of loosers!

Gotta love the duck though.

JG

[WRBT]

AFLAC = sucker bet.

[Outtahere]

We had a similar experience with AFLAC here. Several employees wanted the coverage and had been hounding us for about a year to look into it. One of the employees has a son that's a sales rep, so I called and asked him to send me pricing, we declined the song and dance routine. He never called me back, never sent pricing and I haven't heard from him since. I've also never heard from the employees that were so hot to trot to get this coverage. This was almost a year ago.

[Sheryl]

Quote:

Originally Posted by Mr._johngalt Gotta love the duck though. JG

I do love the duck! I was jealous that the sales guy brought a stuffed duck for the receptionist.

[spideyrdpd]

I would look into what your employer offers.
I am not sure about all of them but atleast one sounds like a disability plan or something that gives you spending money each day your in the hospital. Likely the one from aflack sucks but the ones from the employer might not.

[gmt]

Wow!
Thank you everyone for your input. You have all confirmed what I was initially thinking about AFLAC. Surprisingly there were still a number of people who have opted to participate in the plan...to each their own.

To those of you who are not fans of the AFLAC products, I wish you could have seen the rep's face when I told her the product wasn't right for me at this time. She was shocked and I think she even felt a little bit sorry for me.

Thanks again for your input.

[bow-tie]

Not all of AFLACS policies are bunk. Iowa is one of two states, I was told, where pregnancy is not considered a pre-existing condition for their indemnity policy(s).

If you are expecting, the payout is coming, and is considerably greater than the premiums.

Food for thought.

[gmt]

bow-tie,

Thank you for your thoughts.

We did consider the pregnancy issue for one of our employees who is trying to start a family. However, in our state it was considered a pre-existing condition and he would have to be enrolled for some time before his wife became pregnant. He didn't think that he would be able to time the pregnancy exactly and with a rough, back-of-the-envelop calculation, he decided that the premiums would cost more than the potential payout. But you are right, it is something to consider.