Health Benefit Indemnity insurance (HBI) 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, HBI pays a set fee, directly to you or a provider designated by you. HBI also can include supplemental medical insurance coverage for critical illnesses or accidents, as well as supplemental non-insurance services such as telemedicine, insurance advocacy, and pharmacy. Unlike traditional insurance, where you are responsible for paying co-pays and coinsurance, HBI offers "first dollar coverage", which provides you more flexibility for managing health care expenses.
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Can Health Benefit Indemnity Insurance Add Protection for Your Family?
HBI 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 services such as telemedicine to provide 24/7 provider access to you and your family.
How Are Health Benefit Indemnity Insurance Plans Different Than Major Medical Insurance Such as a Short Term Health Insurance Plan?
First Dollar Coverage
With HBI 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
HBI insurance plans can include supplemental medical insurance for accident or critical illnesses and non insurance services such as telemedicine or pharmacy discount plans to help you to better control your health spending.
Health Benefit Indemnity Insurance May be the Right Choice if:
- You are looking for the flexibility of direct-to-you benefit payments.
- You want to add an extra layer of insurance that supplements your major medical plan.
- You have a waiting period before you can enroll in an employer or group-based major medical insurance plan.
- You are outside of the open enrollment period for Obamacare and do not have a qualifying life event.
Join the smart shoppers who have decided to get a HBI insurance plan and protect yourself from the financial costs of an unexpected doctor or hospital visit.
* HealthPocket research report, “Aging Consumers without Subsidies Hit Hardest by 2017 Obamacare Premium & Deductible Spike.” 10/26/16 (https://www.healthpocket.com/healthcare-research/infostat/2017-obamacare-premiums-deductibles).