Hospital & Doctor insurance, like Health ProtectorGuard underwritten by Golden Rule Insurance Company, is a type of coverage called fixed indemnity insurance.2 It’s a funny-sounding name for a common type of insurance, one that has been around for decades.
What is indemnity insurance? A fixed indemnity plan pays a set benefit amount for specific, covered medical services regardless of other types of insurance you might have.
With an indemnity health plan, if you face costs from one of the services covered, your plan pays the set benefit specified3—it’s that simple.
Once you know what it is and understand the simple idea behind the complex name, the question remains: Why would you want it? A few reasons are worth considering.
Maybe your regular doctor isn't in your current health plan network. Maybe there’s an out-of-network specialist you prefer for a procedure. Or maybe you just travel extensively outside the regional area of your network covers.
Whatever the reason, you hesitate looking beyond your network because the penalties of going out of network are steep. However, a fixed indemnity health plan pays a set amount of money per covered service. It isn’t subjected to network restrictions. There are no in-network versus out-of-network concerns. You get the same benefit regardless of where you go for care.
So if you’re feeling the pinch of a network with narrow choices, a Hospital and Doctor indemnity plan can give you more options.
Because insurance companies have to control their costs, with your major medical insurance you may sometimes find yourself facing more limited options in several areas:
Hospital and Doctor indemnity health insurance might help give you additional options beyond those in your major medical plan.
An indemnity plan like Health ProtectorGuard, underwritten by Golden Rule Insurance Company, can pay you cash directly for covered services, money which is yours to use as you please. You can then pay toward that medical expense or pay some other bill. The choice is yours.
Also, getting a benefit per service means payment is made the same regardless of where you have the service performed. That leaves the choice of health provider or health facility fully up to you.
Finally, indemnity health insurance is available all year round. That translates into health insurance coverage that’s accessible when you need it.
Since a Hospital and Doctor indemnity plan pays once you’ve submitted proof of a covered expense, you see the benefits of it right away. Quick, up-front payments mean some help with those deductibles, copays, and coinsurance payments you’re still making even when you have major medical insurance.
Further, what indemnity insurance pays benefits for are often the common expenses you or your family might have during a year, for example, doctor visits, outpatient procedures, or lab work. Instead of feeling like you are taking on the whole bill, you get some financial help targeted right where you might need it most.
2 THIS PLAN PROVIDES LIMITED BENEFITS. This is a supplement to health insurance and is not a substitute for the minimum essential coverage required by the Affordable Care Act (ACA). Lack of major medical coverage (or other minimum essential coverage) may result in an additional payment with your taxes for 2018.
3 These plans are medically underwritten. Benefits are not paid for expenses resulting from preexisting conditions. See specific plans for details.