Indemnity health insurance plan compensates the insured person up to the predetermined limit to incur the expenses of hospitalization. The person under such policy can claim the extreme limit of the sum insured which an insurer provides as per their terms and conditions. The company is liable to take care of every cost if your claims come under their eligibility criteria.
Such health plan is categorized under two popular insurance benefits – individual health plan and family floater. To claim the expenses, you need to submit the genuine documents such as hospital bills, discharge papers and other essential documents to the company you take the insurance benefits from.
An individual health insurance plan
This health plan allows only the insured individual to reimburse the amount spent as hospitalisation and diagnosis costs. The benefits offered by the companies depend on the premium paid by insured person as per company’s terms and conditions. For some cases, the individual may be asked to the co-payment – an amount required to pay for getting certain health care services.
Family floater health insurance plan/
A family floater health insurance, unlike the individual health policy, covers your entire family under its benefits. The sum insured offered by such plans has to be greater than the individual health policy because it takes care of the well-being of your entire family. You can claim the amount for one or all members at the time of the occurrence of illness. Generally, family members that come under such plan are the individual, children and spouse; some insurance providers also extend the coverage and include proposer’s parents, parents-in-law and siblings, as well. Remember that whenever you buy a family floater health insurance plan, you need to take an extra care while choosing the ‘sum insured’ for your family to ensure that the amount is sufficient for every member.
The benefits of indemnity health insurance plans:
This allows you to choose health professionals and hospitals as per your preferences.
It offers you the required flexibility that you want to take the desired medical attention.
It secures you financially to incur the needed medical expenses without increasing loads on you.
It never forces you in terms of choosing medical treatment at any conditions.
Under this policy, it does not need referrals to claim the compensation in case you visit a specialist for treating your ailments.
It is more like a fee-for-service health insurance plan where choosing health care services solely depends on your choice.
Indemnity health plan from every corner is a beneficial one for the proposer as it looks after everything an individual is looking for while buying such plan. But it also comes up with certain limitation such as it