Fixed indemnity health plans are supplemental health insurance plans that offer financial relief in specific medical care settings and procedures. These plans work differently than most other types of health insurance policies, and it is important to understand the benefits and limitations before enrolling.
Fixed indemnity health plans pay a fixed dollar amount per incident or day spent in the hospital. This payment comes in the form of a cash benefit paid directly to you instead of your medical providers.
Here are common idems covered, along with their average benefit:
Fixed indemnity health plans aren’t compliant with the mandatory coverage outlined in the Affordable Care Act (ACA), meaning these plans aren’t required to provide coverage for the ten essential health benefits, which include management for chronic disease, mental health services, maternity care, and rehabilitation services, among others.
Your plan will pay a separate cash benefit for your first day in the hospital and the subsequent days spent as an inpatient. Plans vary by the amounts they provide and the days they offer coverage during hospital stays.
For example, you may receive a $500 cash benefit when you’re admitted to the hospital. If your plan only covers ten days in the hospital and your daily benefit is $800 per day, you’ll receive an $800 daily cash benefit for days 2 through 10.
It doesn’t matter which hospital you get care from, as fixed indemnity health plans do not have any network limits.
Some plans limit lifetime coverage, where they will cease coverage once they have disbursed a certain cash benefit amount to you. Others may limit coverage to a certain number of hospital visits.
Costs vary but tend to be relatively low, with many plans being as low as $25 per month. There are no other costs beyond monthly premiums. There are no copayments or deductibles, and there aren’t any coinsurance costs. You will receive a cash benefit with no strings attached if you pay your premiums.
Enrolling in fixed indemnity health plans is fast and simple. All you need to do is contact any insurer that offers fixed indemnity health plans and ask to join. You can do this at any time of year because enrollment isn’t confined to any particular enrollment period. Once you sign up, you can be approved in as little as one week.
When you get insurance through The Health Insurance Value, you get the most out of your money. When you get the most out of your money, you also get the most out of your healthcare. Contact us today to find a fixed indemnity health plan that meets your needs.
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