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Affordable Indemnity Health Insurance Plans
Retail giants like Wal-Mart and Target open hundreds of new stores each month in just as many cities. Considering that each store needs to retain at least one to two hundred healthy employees, it is no surprise that the subject of health care has been popular boardroom conversation. Since many of these workers make little more than minimum wage, whatever health insurance is offered has to be affordable. That is where the indemnity plan (also sometimes referred to as a bare-bones plan or an limited-benefit plan) comes in, as an effective yet affordable solution for hourly employees.
What Indemnity Health Insurance Plans Offer
An indemnity, or "limited-benefit" plan, is medical coverage that does not necessarily offer the coverage as a state-mandated plan. They usually don't cover catastrophic care, including hospitalization. However, they also don't have the same restrictions that a more expensive and comprehensive plan might have, either. Even high-risk consumers and those with a pre-existing condition can sign up for this plan.
There are many reasons why workers sign up for a limited benefit plan. The most obvious is the cost. Weekly individual premiums are as little as $10 ($20/week family coverage), and deductibles begin at $50. Employees often consider the fact that they have options for coverage beyond the emergency room as the biggest advantage to a bare-bones plan, even though the plan will only pay $1,000 in medical costs a year.
The $1,000 cap on coverage has been a topic of great debate. However, most low-income workers will say that having some coverage is better than none at all. And, for the purposes of maintaining health and handling typical family illnesses, $1,000 can go quite far.
Hospital indemnity policies and disease/cancer policies are versions of the limited benefit plan. Indemnity plans usually pay a fixed payment per day of confinement, while cancer policies only pay for care associated with the diagnosis and treatment of the disease.
Learn how much you can save with an indemnity today!
Affordable-Health-Insurance.com is an informational resource only and not an insurer or broker. The information on this site is provided for research purposes only, and is not necessarily affiliated with any specific carrier. We are not necessarily associated with any provider profiled on our site, and make no guarantees about the carrier affiliation of any broker that contacts you. Coverage options and policies may not be available in every state, and no guarantees of the same are made herein.
