What does "lifetime benefit" mean?

Question

I want to waive out of my college health insurance.

There's this question that asks:

"My plan has a lifetime benefit of at least $100,000"

And I can answer YES or NO.

I have health insurance from my dad's work by the way.

So do i answer yes or no?

Answer 1

You have to find out. Either you or your dad will need to call the insurance company and ask, unless your dad has some brochures or literature from them that tells what their lifetime benefit is. Some insurance companies have a limit to how much money they will pay over the life of the policy, and some do not. Your college is just trying to make sure that you have adequate insurance coverage.

Answer 2

1. "Lifetime benefit" means that maximum total that the plan will ever pay ever (not per year) for any one person's claims.

2. You call the health insurance plan that you have from your father's work and ask them what the maximum lifetime benefit is.  If the answer is more than $99,999.99, you answer yes.  If the answer is less than $100,000, you answer no.

Answer 3

How much the policy will pay ever.  Once the policy has paid out that amount it's over and done with.

I'm going to go out on a limb and say "yes" is what you'd check, but call and ask.

Answer 4

None of us know hwere what your dad's plan has for a lifetime benefit amount!!!   You're going to have to call the number on the back of your card.