Back story: Mr. Middon took early retirement (yay!). COBRA coverage runs out a couple of months before he is eligible for Medicare. (I’m a bit older so there’s no gap in coverage for me.)
He’s in good health, so we want truly catastrophic coverage for the couple of months. Ideally, what we’d get in insurance for that two months:
The benefit of negotiated rates.
A high deductible – say, $10,000.
We pay full amount of the first $10,000 of bills. (In other words, we’re willing to bet that routine medical expenses will be minimal, to the point that we’d pay 100% of the first ten grand or whatever the deductible would be.)
A very large lifetime maximum payout by the insurer – say, $3,000,000.
It’s the last point that seems to be the problem. There are plenty of companies willing to insure him while we pay a lot of the early expenses, but they want to cap their exposure to something like $600,000. Six hundred thousand is not much if something really catastrophic occurs – my sister-in-law’s mother racked up a bill of $2,000,000 for two weeks in the ICU. (Luckily, between Medicare and her supplemental insurance, they had to pay little.)
So – any recommendations about where he can get the kind of coverage we want?