Hey all, I’m looking into health insurance and found fixed indemnity plans. Does anyone have experience with them and think they’re a good choice?
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Are you looking for a supplement to your existing health insurance, or something completely different?
Fixed indemnity health insurance plans can be a mixed bag depending on your needs and circumstances. These plans pay a set amount for specific medical services, regardless of the actual cost of care, which can help with budgeting and provide some level of financial protection. However, they don’t typically cover everything a comprehensive health insurance plan would, such as major surgeries or extensive hospital stays, and out-of-pocket costs can add up quickly if you have significant health issues. If you’re generally healthy and looking for a lower-cost option to cover basic medical needs, they might work for you, but for more robust coverage, especially if you have ongoing health concerns, a traditional health insurance plan might be a better choice.
Why consider a fixed indemnity insurance plan? If you have trouble getting approved for regular health insurance, fixed indemnity insurance might be a good option. It can also supplement major medical insurance by helping cover specific illnesses and injuries.
Fixed indemnity health plans are not regulated by the ACA, do not provide coverage for the essential health benefits, can exclude pre-existing conditions hence not good.