Indemnity insurance plans are one of the most beneficial and flexible health insurance models available in today’s health care system. They allow every individual with such a policy to wield control of his/her medical experience. People reserve the right to choose their therapies and doctors accordingly, and with an indemnity insurance plan, you can acquire these malleable benefits. There are a few critical facts with which you should be keenly aware of if you are interested in enrolling in professional indemnity insurance.
Is Indemnity Insurance Right For You?
You may qualify for indemnity insurance if you meet the following criteria. Generally speaking, anyone can qualify, but indemnity plans are not a fitting policy for everyone. If you meet the following criteria, then consider enrolling in professional indemnity insurance.
- You prefer the freedom and flexibility to dictate the course of your medical experience.
- You would prefer to see a primary care physician, and you want to choose specialists as you go.
As you can see, professional indemnity insurance is suited for virtually anyone who wants the flexibility to customize their medical experience.
Indemnity for Employees
Many employees enroll in professional indemnity insurance plans. Visiting the hospital for an emergency situation, for instance, can be taxing, imposing a heavy toll on both your finances and your work-related duties, as well. However, with a premium provider, you can select any hospital you choose, the physician of your choice, and you can obtain significant cash benefits in the process.
Reducing Financial Burden
As discussed, emergency hospital visits and hospital stays require a more significant investment than traditional clinic visits. When you make an emergency visit to the hospital, you will be charged an exorbitant sum of money. Even if you have insurance to cover your emergency costs, you may have to provide a copay out-of-pocket. This can be difficult, especially if you are expected to fund both your health costs and that of your family members. Suppose a sudden medical emergency afflicts one of your children or your spouse, and you are not protected, nor do you have secured coverage in place. This is where indemnity coverage can be of significant benefit, saving you thousands down the line.
Accordingly, imagine if you have been tasked with demanding responsibilities at your workplace, and you suffer a traumatic injury that requires a hospital stay. With a professional indemnity insurance plan, you can fund your hospital stay and recover expediently, returning to work and meeting your professional obligations. Hence, this type of insurance offers an additional layer of protection many employees find beneficial.
Considerations to Make
If you are considering enrolling in a hospital indemnity plan, there are a few key considerations that must be addressed. First, if you have a professional indemnity insurance plan, you may be required to invest in a deductible, which refers to paying a required fee before your benefits can be disbursed.
Once you have paid the deductible for your professional indemnity insurance plan, a co-payment may be required in the process. The copayment refers to the amount you must pay for any outstanding fees or charges. Suppose you are charged $800, and your deductible amounts to $200. This leaves a remaining charge of $600, which implies a 20% copay. Essentially, you will only be required to fund the remaining 20% of the charges, which equates to $120 out of pocket. Hence, you can incur significant cash benefits if you enroll in the right professional indemnity insurance plan.
Once you have completed these aforementioned steps, you will have the freedom to select your own health specialist or doctor. If you suffer from a very specific condition, or you are seeking a particular caliber of care, then this can prove especially beneficial. Therefore, all of your individualized health needs can be attended to by the most reputable individuals in the field, if you have access to the level of quality health care you require. If you suffer from a chronic condition, or an acute condition with very specific needs, then perhaps professional indemnity insurance is not suitable for you, as you can meet your own health care obligations. Some insurance plans assign you to a provider who may not necessarily meet your health care standards. You can avoid settling for less when you have this type of healthcare policy. There is far more autonomy, personal agency, and freedom with this type of policy.
However, you may not have unlimited access to doctors in some cases. Although you will have more freedom to choose the physician of your choice with a professional indemnity insurance plan, there may be some restrictions by geographic location. In spite of this, this type of policy will give you more leeway in terms of choosing the physician that is appropriate for your individualized health needs.
In some cases, you may consider adding a supplemental policy in order to acquire preventative health services. In the United States, preventative health care services are exceedingly important in terms of preventing potentially fatal illnesses. Cancer and heart disease rates are elevated in the US population, but individuals can avert the possibility of developing these conditions by enrolling in preventative health care services. For example, certain screenings can actually prevent disease down the line. Some professional indemnity insurance plans do not cover preventative services. So, consider reviewing your plan to ensure that it meets these guidelines.
Finally, there are certain details one must review when comparing the available health insurance plans within their budgetary limits. First, they must consider which plan is more flexible for their needs. As noted, some plans do not allow you to choose doctors outside a given geographic range, so this is especially important. Pre-existing conditions may also affect the outcome, in terms of one’s deductible and premium rates. Therefore, the plan you select should be relatively lenient toward these conditions. Some individuals need very specific specialists in order to treat a rare illness. So, consider which specialists are available under your plan to determine if it is a worthy investment. Finally, make sure you have sufficient emergency and hospital coverage.