I'm wondering if it's worth buying a second insurance policy to cover my $1500 deductible under my current medical insurance policy. Can this delay payment to me if both insurance companies start fighting over who-pays-what? Will I have to fill out more paperwork in order to get a refund? In other words, does it complicate things?

 

Right now, I have a specific ATM card topped up with $1500 in the event I get sick or injured. I can just as well withdraw the amount myself from my bank account to cover the deductible....if I'm physically able to do so... and not have to pay additional yearly premiums.

 

Any thoughts on what is the better strategy?

The medical insurance (domestic or international) on my UK credit card is not valid if I have full medical insurance elsewhere..

Just another scam when you get down to the fine print.

What you are asking for is zero deductible - why not just ask your present insurance company to change your policy to zero and pay the difference in premiums ?

Ask yourself why you have medical insurance in the first place. Most people would answer that it's there to make sure you can have medical treatment you would otherwise not be able to afford. You may think otherwise but if the worst happens $1500 is no problem - it's the next $150,000 that you need your insurance for. Buying insurance cover for every little thing is often called 'dollar swap' because you end up paying in premiums what you are likely to get in claims ... These policies are expensive to administer so you are paying in premiums not just the average of what you would otherwise pay out of pocket but you are paying the insurer to manage all this and produce a profit so it's like paying someone $20 to take out your garbage when the trash room is 3 paces from your door.