Are your clients looking for a health insurance product to help them feel like they’re getting the most out of their plan? If so, Hospital and Doctor fixed indemnity insurance may be what they’re looking for.
But, what exactly is a fixed indemnity insurance? It’s an insurance plan that pays a “fixed,” meaning set or predetermined, benefit for a series of covered expenses clearly outlined in the plan. Simply put, with a Hospital and Doctor indemnity plan, when you are hit with a certain medical expense, you get a certain benefit paid almost immediately.
Your major medical plan likely has deductibles, co-pays and coinsurance payments that make it seem like even though you’re the one who’s paying the premium, you’re still the one paying out of pocket first. Hospital and Doctor indemnity health insurance flips that feeling around.
When you have a medical service that’s covered under your indemnity plan, once you submit your expense, your benefit is paid. There is no waiting. You finally get the gratification of seeing some of your health care costs cut down up front.
Hospital and Doctor indemnity insurance puts a measure of control back in your hands because:
- You can apply for it year-round on your schedule.
- Benefits are paid per covered service, meaning you can go to any doctor or facility you want and receive the same benefit for the same service.
- An indemnity plan like Health ProtectorGuard, underwritten by United HealthOne/Golden Rule Insurance Company, pays you cash directly. That means the choice of how to use that cash, whether that is pay your medical bill or pay a different bill, is up to you.
Be sure to remind your client of these important distinctions, however:
- Indemnity insurance is meant as a supplement to health insurance and is 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 for 2018.
- Indemnity insurance does not cover large hospital or drug costs.
- Indemnity insurance is underwritten – an applicant with a significant health history can be declined.
LeClair Group offers Hospital and Doctor fixed indemnity products from the following carriers: