Fixed Indemnity Insurance Plans
Many words, same meaning
First things first. The term "Fixed Indemnity Insurance" is often referred to as "Fixed Benefit" insurance and "Hospital and Doctor" insurance. A Fixed Indemnity plan offers limited benefits and is often an add-on to a more traditional health insurance plan. That’s why it’s also referred to as “supplemental” insurance. Translation: You would typically get Fixed Indemnity in addition to traditional health insurance.
So the real question is, why would you buy Indemnity insurance?
It’s for people who want a little extra coverage to help manage potential out-of-pocket costs from their major medical plan. Indemnity insurance won’t help you predict life, but it can make the unexpected things life throws your way a lot more manageable.
So, for example, if your Indemnity insurance plan specifies a $50 per test benefit for x-rays and you break your arm and have to get an x-ray, you are paid $50 from your plan.
Bottom line: If you’re looking for a financial cushion in the event of a medical issue, Fixed Benefit insurance can be a wise choice. In fact, a lot of times it can pay for itself depending upon the medical issue you may have.
How you get paid
Plans pay you a certain predetermined amount for healthcare expenses specified in the plan. There are no deductibles to meet. You submit a claim for a qualified expense, and you are paid the amount the plan specifies for that service. The money is fixed and comes directly to you to use as you want. Or you can assign your benefits to a provider and have them receive the benefit to help cover some or maybe all of the bill you would have gotten.
Also…
Because there are no in-network versus out-of-network concerns, you can go to a doctor, specialist, or hospital of your choosing. You get the same benefit regardless of where you go for care. That said, to get the most coverage out of your insurance, keep your main health insurance plan’s network in mind.
A licensed insurance agent is ready to help you find the right plan for you. 866-306-6853, 6 days a week.
Short-term health insurance is medically underwritten and does not cover preexisting conditions. This coverage is not required to comply with certain federal market requirements for health insurance, principally those contained in the Affordable Care Act. Be sure to check your policy/certificate carefully to make sure you are aware of any exclusions or limitations regarding coverage of preexisting conditions or health benefits (such as hospitalization, emergency service, maternity care, preventive care, prescription drugs, and mental health and substance use disorder services). Your policy/certificate might also have lifetime and/or annual dollar limits on health benefits. If this coverage expires or you lose eligibility for this coverage, you might have to wait until open enrollment period to get other health insurance coverage. This is not Minimal Essential Coverage as defined in the Affordable Care Act and may not cover all Essential Health Benefits in your state. Some Short Term Plans available as association group insurance only to members of FACT, an independent association. Additional membership fees may apply.
FIXED INDEMNITY INSURANCE, ACCIDENT INSURANCE, AND CRITICAL ILLNESS INSURANCE PRODUCTS PROVIDE LIMITED BENEFITS. THESE ARE SUPPLEMENTS TO HEALTH INSURANCE AND ARE NOT A SUBSTITUTE FOR THE MINIMUM ESSENTIAL COVERAGE REQUIRED BY THE AFFORDABLE CARE ACT (ACA). LACK OF MAJOR MEDICAL COVERAGE (OR OTHER MINIMUM ESSENTIAL COVERAGE) MAY RESULT IN AN ADDITIONAL PAYMENT WITH YOUR TAXES. These products provide benefits in a stated amount regardless of the actual expenses incurred.
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Product design and availability varies by state. Products may have exclusions, limitations, and other terms for your consideration. For costs and complete details of the coverage, consult the product brochure or call your insurance producer or Golden Rule Insurance Company.