What is Health Benefit Insurance?
Health Benefit Insurance is a health insurance plan that offers financial protection for commonly needed medical services, including hospital and doctor benefits. When you experience a covered medical event, health benefit insurance pays a set fee, directly to you or a provider designated by you. Health Benefit Insurance also can include supplemental medical insurance coverage for critical illnesses or accidents, as well as supplemental non-insurance benefits such as telemedicine, insurance advocacy, and pharmacy. Unlike traditional insurance, where you are responsible for paying co-pays and coinsurance, Health Benefit Insurance offers “first dollar coverage,” which provides you more flexibility for managing health care expenses.
How much does Health Benefit Insurance Cost?
Health benefit insurance premiums are often much less than Obamacare plans, but the amount you can save will depend on factors such as your age, location, and the level of benefits you choose.
Can Health Benefit Insurance Add Protection for Your Family?
Health Benefit Insurance plans can protect your family with hospital and doctor insurance benefits. Some plans may include supplemental medical insurance to provide added protection from critical illnesses or accidents. Others may include supplemental health benefits such as telemedicine to provide 24/7 provider access to you and your family.
How Are Health Benefit Insurance Plans Different Than Major Medical Insurance Such as a Short Term Health Insurance Plan?
First Dollar Coverage
With Health Benefit Insurance when you experience a covered medical event requiring doctor or hospital services, the insurance company makes a fixed cash payment to you or a designated provider. You decide how to spend or save the benefit. With major medical health insurance, the insurance company pays a percentage of your medical bills directly to the provider after you cover your deductible. Major medical has higher dollar protection but often requires you to pay thousands of dollars out of pocket before the plan pays anything. In 2017, the average deductible for an Obamacare Bronze Level plan is over $6,000.*
Additional Coverage and Services
Health Benefit Insurance plans can include supplemental medical insurance for accident or critical illnesses and non insurance supplemental health benefits such as telemedicine or pharmacy discount plans to help you to better control your health spending.
Health Benefit Insurance is not major medical insurance. Health Benefit Insurance is designed to make cash payments to the insured in the event of a covered incident. It does not cover pre-existing conditions, and does not meet the minimum essential coverage under the Affordable Care Act. If you do not have an ACA health plan, you may be subject to the ACA's Shared Responsibility Tax. To learn more about the tax, its exemptions, see here.