Indemnity Health Insurance
Everyone should protect themselves with a health insurance plan. However, a traditional health insurance plan is not the right choice for everyone. There are many people who can't secure the level of protection that they want with a traditional health insurance plan. The reason for this issue is because traditional health insurance plans don't provide enough flexibility. While a traditional health insurance plan provides coverage for healthcare, it only does so with a select group of medical providers. For people who travel regularly or want full control over who provides their medical care, a different kind of health insurance is necessary.
The type of health insurance that provides protection without all of the restrictions is an indemnity plan. With an indemnity plan, you have the freedom to choose your medical care providers. If you travel on a regular basis, you will have the flexibility to receive the medical care that you need regardless of where you currently are. With an indemnity plan, instead of working around your health insurance, you get to make your health insurance work for you.
While an indemnity plan can be the perfect choice for many people, it's important to understand that all of this freedom and flexibility doesn't come for free. Of all the types of health insurance plans that are available, an indemnity plan is considered to be the most expensive. You will pay a higher deductible amount for this type of plan than for any other health insurance option. When you need to receive medical attention, you will also be responsible for a co-payment. In most cases, an indemnity plan will feature a co-payment of 80/20 or 70/30. This means that you will pay 20 or 30% of the cost of any medical care you need and your insurance company will pay 70 or 80% of the cost.
Although an indemnity health insurance plan is an expensive option, there are ways to keep the cost under control. Before selecting an indemnity plan, make sure that your co-payment has a maximum. A maximum on your co-payment will ensure that you will only have to pay your 20 or 30% up to a certain amount, and then your insurance company will cover 100% of the cost over that maximum. You will also want to choose an indemnity plan that has an annual cap. Like the co-payment maximum, an annual cap will ensure that after you pay a certain amount on your own, your insurance company will cover all of the costs above that amount.
One other factor you need to evaluate before selecting an indemnity plan is the coverage that it provides. Almost all indemnity plans will cover the costs that are associated with being sick or dealing with a medical problem. These costs include doctor evaluations, diagnostic tests, trips to the hospital and paying for medication. However, what many indemnity plans do not cover is preventative medical care. This means that costs like getting a check-up may not be covered under this type of plan.
If you decide that an indemnity plan is the right type of health insurance for you, there are three different options you can select. Coverage by an indemnity plan is available as basic overage, major medical coverage and comprehensive coverage. Basic coverage provides you with protection for costs like going to the hospital. Major medical coverage provides the same protection as basic coverage, along with providing additional coverage for issues like the costs associated with a long-term illness. As the most expensive option, comprehensive coverage provides the same coverage as basic and major medical, as well as additional options to ensure you are protected under any circumstances.