Indemnity Plans, HMA, Prescription Drug
If you are tired of having restrictive health insurance, you may be more comfortable with an indemnity health insurance plan, HMA plan, or a standalone prescription drug plan to go alongside your current coverage.
What is an Indemnity Plan?
An indemnity plan is a type of insurance that doesn’t require you to choose a primary care physician or get referrals for specialist treatment. Another way to refer to indemnity plans is fee-for-service plans. With this type of plan, you direct your own health care and have the option to visit nearly any doctor or hospital you like. The plan simply pays a portion of your total charges and you are responsible for the rest of the costs.
With most indemnity plans, you will be required to pay an annual deductible before your benefits start to pay out claims. After the deductible amount has been met, a set percentage of your health care costs will be paid by the plan. The amount that is paid will be based on a “usual, customary, and reasonable rate” for the service. This rate is decided based on the average amount being charged for a specific service in your area.
Prescription Drug Coverage
Indemnity plans may include prescription drug coverage, but you can also purchase your prescription drug plan outside of your base health insurance policy. How much you pay for drug coverage depends on where you live and which plan you choose, so make sure to compare your options before settling on a plan.
Other ways you can obtain prescription drug coverage include through Medicare (Part C or Part D), Medicaid, standalone drug plans, and drug discount plans.
HMA stands for Healthcare Management Administrators and they provide affordable health plans for self-funded employers to protect their employees and health plan dollars. With HMA, members can have access to a large healthcare provider network.
Find The Coverage You Need
The best way to find qualifying health insurance is to speak with certified insurance professionals, like Weinstein Wealth Insurance Solutions. We will help you compare plans and find one that fits you best. Regardless of the coverage you need, we can get you moving in the right direction.