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Fixed or Limited Indemnity Plans

Fixed or limited indemnity plans are different from most insurance policies in that these types of plans will provide a specific cash pay-out to the policy holder if they incur an illness or injury that is outlined in the policy.

The idea behind fixed indemnity plans is to provide some financial protection against unexpected medical expenses.

Fixed indemnity plan benefits typically apply to a specific number of days, weeks, or visits and the amount remains the same regardless of the actual cost of those services. These plans are also sometimes referred to as hospital indemnity plans because they typically cover medical expenses resulting from hospitalization, surgery, chemotherapy and radiation services.

Fixed indemnity insurance may be a good option for you if:

  1. You don’t expect to go to the doctor much, if at all. Since they provide a lump sum payout that may or may not cover the cost of service, fixed indemnity plans may be good option for individuals who don’t get sick or plan to go to the doctor often. But, keep in mind that if an illness or injury costs more than the payout your plan provides, you will be responsible for paying this amount.
  2. It’s outside Open Enrollment and you don’t qualify for Special Enrollment. A fixed indemnity plan can help bridge the gap between coverage when you can’t enroll in a traditional plan, in the case that you do experience an injury or illness. It can be an effective way to minimize unforeseen medical expenses.
  3. You don’t qualify for a government subsidy. Fixed indemnity plans don’t meet minimum ACA requirements, so you won’t get any government help paying your plan premiums or out-of-pocket costs with this type of plan. If you’re eligible for government assistance, be sure to calculate that amount into your costs for both types of plans and weigh your options.
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