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Affordable Limited Benefit Plans!



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Limited benefit plans (also known as an indemnity or fee for service plan) are an option that can be used instead of, or to supplement health insurance.  Many of these plans will pay a fixed amount per service that is paid either directly to the policy owner, or to the medical professional providing service.  These plans are popular because they typically have more lenient underwriting guidelines and pay out a set fixed cash benefit.  Some Limited benefit plans can also give you network discounts when you assign your benefits to a provider. 

The claims on these plans can be managed by either the medical professional or by the owner of the plan.  This may depend on whether or not the customer assigns the benefits to the health provider.  If you are submitting your own claims you may have a specific time frame for this to be done in order to gain re-imbursement.

Two important notes about Limited Benefit Plans:
 
1) Limited Benefit plans are not traditional health insurance and do not typically cover the full cost of service.   Instead they help reduce your out of pocket expense.  If you use a limited benefit plan on its own you do have a risk that you may have to pay for charges in excess of what the plan pays.  In situation’s such an emergency or surgery these costs can be very significant.  They are typically not considered creditable coverage for other private Group or Individual Health plans.

2)  Owning a Limited Benefit Plan can count as creditable coverage and disqualify you from eligibility for government based health insurance plans.


Other types of fee for service plans can includeDental or Vision, Critical Illness or cancer policies, Accident, cash hospital (hospital specific limited benefit plan, and more.

The Garsys Agency offers affordable limited benefit plan insurance in many states including Texas, Illinois, Florida, and more.  For more question or assistance with Limited Benefit Plans please contact the Garsys Agency at 800-749-0053.

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