If you want to know more about health insurance options available to you right now, you are in the right place! Let’s look at one lesser-known form of insurance that is especially relevant today.
What is Indemnity Insurance?
Indemnity was actually the very first form of insurance ever introduced in our country. It remained so up until major medical insurance came out, and the prior indemnity insurance plans could not compete with these new medical providers. Essentially, the plans vanished or dwindled in size
However, this kind of insurance is making a comeback today in a big way.
Indemnity insurance is a private plan that provides defined benefits. Anything that can be correlated with a medical code has a dollar amount attached to it. It’s almost like an a la carte menu – you already know ahead of time what each kind of procedure, checkup, etc. is going to cost you. There are no surprises or hidden fees.
What happens if there is a medical emergency?
If your indemnity plan says that MRIs cost $400 and the hospital bill is for $700, your plan will mail you $300 back in the mail to cover it. That is as straightforward as health insurance can get today.
Why Should I Consider It Today?
Right now, a lot of fees, testing costs, etc. are being changed daily in an effort to keep up with coronavirus. Plans are changing, doctors are limiting who can come in for a checkup, and people are feeling overwhelmed. With this kind of indemnity insurance, you can at least have peace of mind knowing what it’s going to cost you.
There is something comforting about predictability in the middle of a crisis. In the end, depending upon your current health situation, indemnity insurance can cost a lot – or, it can cost a little. It averages itself out.
If this is something of interest to you, get in contact with your insurance broker.