Indemnity means protection against any form of a financial burden. What is indemnity insurance when it comes to health? How does it help? Here's all you need to know about indemnity insurance:
If the fear of high premiums is stalling you from purchasing the much-needed medical insurance, then you can always opt for an indemnity insurance or fixed-benefit health plan or fee-for-service plan.
If you already have a health insurance plan, an indemnity insurance plan can act as a filler or extended add-on yet, standalone policy to cover the medical aspects or diseases that are not covered by your current health insurance policy.
Apart from providing a tax benefit, an indemnity insurance plan is also more flexible and convenient as compared to a regular health insurance plan. With the indemnity insurance plan, you get a fixed amount as soon as you are diagnosed with the illness or condition that’s covered under the insurance scheme upon claiming. You only have to provide your insurer with the diagnosis report and the bills that were given to you by doctor/hospital and you are entitled to a particular, pre-determined portion of the sum assured, which reimburses the actual medical costs – consultation fee, surgery cost, hospital stay, medicines, etc. That is why an indemnity health plan proves to be more useful in cases of emergencies when you don’t have the time to start the process of cashless settlement and have to opt for reimbursement. It also covers medical expenses pertaining to accidents.
Most indemnity health insurance plans come with the clause of deductibility or co-payment i.e. the insured too has incurred a portion of the medical expenditures, irrespective of the sum assured limit. This is done in order to keep your medical expenses and premium charges in check. Due to this reason, it’s not just sufficient to have a standalone indemnity health insurance. Sometimes the benefits of deductibility-clause-free regular health insurance are also needed.
To fall sick is only human that is why you deserve to safeguard yourself against unforeseen expenditures. To know more facts about indemnity insurance only consult the experts – ManipalCigna. Get in touch with us now because prevention is better than cure even when it comes to your finances.