If you dive locally do you have dive insurance? If you need help will your normal medical insurance cover you?
To answer your first question. Yes.
Your second question. Mine did.
I know there is a Dive Assure forum, but since the topic of this thread is insurance, I figured I'd ask. Does anyone personally know of someone that used either Dive Assure or DAN insurance, aka got DCS and went to the chamber at the insurance company's expense? I like the work DAN does, so I understand being a member. It seems like Dive Assure offers higher levels of coverage for about the same premium. Any insurance company can look good on paper. When it is time to file a claim is when the true colors of the company show through. That's why I'd love to hear from a few people that have used either or both. Thanks.
I (unfortunately) have a bit of first hand experience with this.
Many years ago, I was managing a barn, training and showing horses. They didn't offer health insurance. I went to the ER and took a ride in the chamber once with ONLY DAN insurance. No other health insurance at all. I NEVER saw a bill.
And then June 3, 2006 I had a nearly-fatal diving accident. I did have great at that time health insurance through my job but I did have co-pays although they were very low you can just image what 19 days in the ICU/CCU -- 11.5 weeks inpatient rehab and 9 months of 5 days a week 6 hour a day therapy can cost. Add in the cost of durable equipment -- tests -- medications etc -- and I'm sure there is something I'm forgetting... it is astounding!!
For that first year after my accident I between my regular health insurance and DAN didn't have to pay a thing and I maxed out my $250,000 -- DAN gives you a year to use the $250,000. I had no trouble getting them to pay for any of my for any of my bills.
Then when I was unable to go back to work a year following my accident -- all I had to do was call them to request the paperwork to have my doctor fill out... send it in and they sent me a check. There was no hassle or fuss.
As a former actuary, I'd say that it would be easier to make a persuasive argument that the buyers of insurance are fools, rather than those who don't. Clearly, insurance companies calculate the expectancy of a particular claim and charge something more than that to make a profit. So mathematically, it's a bad bet for the insured. However, the miniscule risk that you may have a catastrophic expense should be considered--that is why people buy insurance. If you have the $50,000 to $100,000 that an evacuation and chamber ride might cost, and spending it wouldn't be a financial disaster, then save the $100 on DAN. If your medical insurance covers it (and I don't see why it wouldn't), save the $100.
A diving accident can create more bills than just an evacuation and chamber ride. (See Above)
For most of the population to have diving accident like mine without insurance would be a financial disaster leading to financial ruin.
Yes I have the medium level cover with DAN. Chamber treatments are free here, but I have it for travel in particular.
I used to have private health insurance and I asked them if diving injuries are covered. When they wrote back, they asked what kind of things could be diving accidents so I sent them a few links from google
They could never give me a final answer! Anyway, I no longer have private health insurance so the issue is moot now.
I recommend getting the premium level insurance. It is twice as expensive but the coverage is MUCH better. $250,000 per occurrence with premium versus $125,000 lifetime max.
That extra $125,000 (minus whatever my ER visit/chamber ride years before cost.) came in real handy...
I have that, it wouldn't ruin my day to lose it, and the reason I have it is because I understand math a lot better than you do, apparently. If the utility that you get in terms of security or convenience is worth the $70 to you, buy it. If you can afford the $50k, or whatever it is, pass it up.
Wow -- when I took my DCS hit my bills were A LOT more than $50k.
DAN has paid over $265,000 over 2 incidents. That's a bit more than $50k
Let's do that, very simply. If the event you are insuring against could cost you $100k and there is a 1 in 10,000 chance of it happening, what should you pay for coverage? $100k/10,000 =$10 is your expected loss. DAN's actuaries have figured it out, and it's a lot less than $70.
Now, as I have said before, if you don't want to risk the $100k, or there is utility for you in the security or convenience of the insurance, buy it. Those conditions would probably make it a buy for most people, and I am not counseling against buying it. I am just saying that it is not "foolish" to not buy it--it is, for some, a perfectly rational decision.
Most people I know can't afford to risk 100k.
I bought Long Term Disability insurance and life insurance when I was working too.
I was only 35 when I bought in -- what were the odds of me needing it? On the brochure it showed old people and talked about nursing homes. Why would I need that?
Hindsight being what it is -- I am thankful that I purchased it.