Health Insurance

What Is A Fixed Indemnity Medical Plan?

Indemnity Medical Plan

September 23rd, 2021   |   Updated on September 26th, 2021

The cost of healthcare has constantly been on the rise over the years. This, coupled with the increased prevalence of sedentary infections such as diabetes and hypertension, means it’s become essential to have a health insurance policy.

But paying for a health insurance policy doesn’t come cheap. In addition, it doesn’t cover all expenses, thereby requiring you to pay out of your pocket unless you get the more expensive higher cost premium insurance plans.

Fortunately, the fixed indemnity medical plan is designed to address this issue. This insurance policy is meant to pay the insured individual a predetermined particular amount of money on a per-incident or per-period basis, irrespective of the medical charges. For more insights, let’s take an in-depth analysis of the fixed indemnity medical plan.

Who Should Consider A Fixed Indemnity Medical Plan?

The fixed indemnity medical plan is suited for everyone. If you’re unconvinced, here are some stand out reasons why getting the fixed indemnity medical plan is worthwhile;

It doesn’t include any deductible and instead pays you a fixed payment for any sickness or injury the policy covers. However, pre-existing conditions and prescription medication aren’t covered by the fixed indemnity medical plan.

It’s an excellent solution when you’re having a hard time qualifying for health insurance. Likewise, it’s an excellent option for supplementing your existing medical insurance cover in the event of a severe injury or illness.

Many health covers come with limits and aren’t guaranteed.

While the fixed indemnity medical plan is invaluable in such scenarios, you still need to have a major health insurance cover.

What Does The Fixed Indemnity Medical Plan Cover?

Fixed indemnity medical cover differs from one plan to another. However, some medical services are always present, and this includes;

  • Daily hospital coverage: You’re paid a certain amount of money for all the days spent in the hospital up to a particular number of days, but the first day isn’t counted. For instance, your fixed indemnity medical plan can cover 2 to 6 days after spending six days in the hospital.
  • First-day hospital coverage: You get paid a fixed cash benefit for the first day spent in the hospital.
    Ambulance: It’s a specific amount of money you’re given for a ride in the ambulance, and this includes both air and ground ambulances.
  • Surgery: Money given following a surgical operation.
  • X-rays: A specific amount of money you get after a diagnostic x-ray or different laboratory imaging.
  • ER visit: Cash offered to you after going to the emergency room.
  • Intensive care unit (ICU) coverage: It’s a specific amount of money for each day spent in the ICU and usually depends on the number of days.

What Are The Benefits Of A Fixed Indemnity Medical Plan?

The fixed indemnity medical plan has numerous benefits, including;

  • Not a lot of paperwork is needed when filing for an insurance claim. Instead, the only documents required to get paid is a detailed diagnosis report from a medical doctor or policyholder with the particular injury or infection.
  • There are no conditions like with standard insurance plans that determine when pay-out will be granted.
  • The fixed indemnity medical plan applies for a broad range of services, including personal accident cover, critical sickness, or hospital cash policy.