A lot of us need help paying for our medical bills. Fixed benefit health insurance plans provide a fixed amount for specified medical expenses. You can use the money however you like, even to pay for the coverage of your primary health insurance plan. Fixed benefit plans are best used as a supplement to help cover any gaps in your health insurance plan.
Fixed benefit, or fixed indemnity, plans give you a set amount of money to pay for specific medical events. Instead of a normal health insurance plan, which pays its share after you meet the deductible, these plans pay out the fixed benefit when you provide receipt of a medical event happening that you have coverage for. For example, you can provide the doctor’s diagnosis of a condition needing treatment or receipt from an urgent care visit and your plan will pay the allotted amount for that service.
While you should not rely on these plans to be your primary health insurance, they can serve as an addition to your health insurance to help you pay for any specific treatments or circumstances that are not covered by your permanent health insurance plan. Supplemental plans are common for health insurance, which usually has gaps in coverage. Your regular health insurance may not pay a large enough share for covered expenses and you may need help paying for these medical expenses. The high deductibles of a major medical health insurance plan can also be restrictive on your wallet. Fixed benefit plans can help you take care of those.
If you have another major medical health insurance plan that helps to cover your health care expenses, you will still be paid the fixed benefit agreed to by your fixed benefit health insurance plan. That means that if you have to pay your major medical insurance plan’s deductible before they pay for the coverage, the reimbursement from the fixed benefit can help you cover the deductible to secure that coverage.
Fixed benefit health plans can cover a variety of specified medical expenses. Your plan will pay the agreed amount for the medical expense, even if the health care provider charges you less for the medical expense than the agreed amount. In that case, you get to keep the extra. The same applies in the opposite direction. You will be responsible for the full cost of the medical expense and will only be paid the fixed benefit amount, even if it does not cover the cost of the medical expense.
Fixed benefit plans are a smart way to supplement your existing health insurance plan. Whether to fill gaps in your coverage or to help pay your plan’s deductible, a fixed benefit plan can be the way to financial and physical health. The Coleman Agency can help you decide if a fixed benefit plan is right for you. Contact us today to learn more or to find a plan in your region.