What is a Fixed Indemnity Plan? A fixed indemnity plan or limited benefit plan is an insurance plan that provides insurance benefits in the form of a fixed dollar amount. They pay a certain dollar amount if you need to go to the doctor, end up in the hospital or the emergency room. They are not comprised of co-pays, deductibles and maximum out of pockets. These plans are not considered to be major medical insurance or traditional medical insurance.
How can I purchase these plans? There are many different insurance companies that provide fixed indemnity plans such as CHUBB, National Guardian Life, Standard Security and Life, Freedom Life Insurance Company and many more. Purchasing a fixed indemnity plan is no different than purchasing any other private health insurance policy in that you find the company you are comfortable with and the benefits and price point that make sense for you. These types of plans typically become effective the next day however you normally have the option to choose your effective date.
Networks of Doctors and Hospitals: All fixed indemnity provide a network of doctors and hospitals that you can use. You don’t have to choose a doctor or hospital that is in the network to receive the fixed indemnity benefit however if you select a doctor or facility that is part of your plan’s network, they will provide you with an additional discount or contracted rate because you are in-network. Since fixed indemnity provide less coverage than traditional major medical plans, it is beneficial to pick a doctor or facility that is in-network to make sure you are taking full advantage of what your plan offers.
Pre-existing Conditions: It varies from company to company how they treat or cover pre-existing conditions. Some insurance companies have a 12-month waiting period on all benefits towards pre-existing conditions while other insurance companies have a 12-month waiting period on hospitalization. So, if your plan has a waiting period on hospitalization, that usually means that you can use your plan to the doctors, get testing done or fill your prescriptions without having to wait 12 months for coverage. It is very important to read your explanation of benefits or consult your agent regarding any pre-existing condition waiting period your plan may have in place.
Why choose a Fixed Indemnity Plan? While a fixed indemnity provides less coverage than traditional insurance, they are still great options for coverage given the right circumstance. If you are employed and your employer doesn’t offer insurance, then a fixed indemnity plan is a great option, especially if you have pre-existing conditions. They are also a great option for those who missed the Open Enrollment Period through the Affordable Care Act and do not have a Special Enrollment Period. Lastly, if you can’t afford to purchase a STM plan or a Qualified Health Plan, then a fixed indemnity plan is the right fit. The most important thing to know about fixed indemnity is that they are part of an association that provides many different health care solutions and discounts that most overlook. It is very important to look over all the benefits and discounts your plan may offer to take full advantage.
First Health®, one of the largest national PPO networks, and Cofinity®, a leading regional network, offer quality at an affordable price. We serve a wide range of payers, including:
Third Party Administrators
Carriers
Employers
Taft-Hartley trusts
Government Entities
We’re committed to customer service. With regional account managers and dedicated customer service operations, we’re there when you need us.
Founded in 1909, our first insurance policy – valued at $5,000 – was sold a year later. Throughout the years, NGL grew by being active in the merger and acquisition arena, increasing our size significantly through these transactions. Today, NGL is a vibrant organization with a clear direction. We offer products in 49 states and the District of Columbia with a focus on Preneed, Individual Life and Annuities, as well as group markets, including specialty and student insurance. NGL is consecutively rated A- (Excellent) from A.M. Best Company, the world’s oldest and most authoritative insurance rating information source. The A- rating further attests to our financial strength and ability to meet our policyholder obligations.
Chubb is the world’s largest publicly traded property and casualty insurance company and the largest commercial insurer in the U.S. With operations in 54 countries and territories, we are a major personal lines writer, as well as a leading middle market, small commercial and large industrial commercial insurer, providing a wide range of traditional and specialty coverages. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. And we combine the precision of craftsmanship with deep experience to conceive, craft and deliver the very best insurance coverage and service to individuals and families and to businesses of all sizes. Our products and services are distributed through brokers, independent agents, exclusive agents and various forms of direct marketing. Federal Insurance Company has a 2017 AM Best rating of A++ (Superior). This rating is an indication of the company’s financial strength and ability to meet obligations to its insureds.
Standard Life and Accident Insurance Company (Standard Life) was founded to provide clients with realistic life and health products that solve their needs for financial security. Since its inception, more than 70 years ago, the Company’s ethic has never changed. “People’s needs change from day to day. The shrinking value of the dollar makes insurance protection more important to the individual…We must develop think-ahead programs today which will provide benefits in keeping with the economic changes of tomorrow. While we’ve grown so fast, it has not been at the expense of the human factor, so vital to this business. Efficiency is emphasized. However, we try never to lose sight of the personal aspects of our relations with policyowners and business clients, as well as our own agents and employees.” Leonard H. Savage, President 1948-1973, Standard Life and Accident Insurance Company. Standard Life and Accident Insurance Company (“Standard Life”) has been evaluated and assigned the following ratings by nationally recognized, independent rating agencies. The ratings are current as of November 2018.
A.M. Best1: A
Standard & Poor’s2: A-
Ratings reflect current independent opinions of the financial capacity of an insurance organization to meet the obligations of its insurance policies and contracts in accordance with their terms. They are based on comprehensive quantitative and qualitative evaluations of the company and its management strategy.
Aflac is made up of thousands of people whose actions provide exemplary service and solutions for businesses and individuals. It’s important that we accomplish this by staying true to our values and our culture, which embody something we call “The Aflac Way.” Each day, we work to advance our straightforward, time-tested strategy to ensure we protect our customers.
Aflac does business in two of the largest insurance markets in the world, the United States and Japan, and our policies help cover more than 50 million people worldwide. For more than six decades, our strategy for growth in these segments has remained straightforward and consistent – develop relevant voluntary insurance products and sell them through expanded distribution channels.
American Financial Security Life Insurance Company (“AFSLIC”) was organized in Missouri in January 1957, under the name of Survivor’s Benefit Insurance Company. In 1981, the name was changed to Penn Diversified Insurance and Annuity Company, and in May 1989, changed to its current name of American Financial Security Life Insurance Company. The company has been under current ownership since 2008, and now provides a broad range of insurance services in over 25 States. Core offerings include Short Term Medical, Fixed Indemnity, Accident, Critical Illness and Medical Stop-Loss Insurance products, in both individual and group markets. With corporate headquarters located in southern Florida, a regional office in New York City, and a nationwide network of distributors and agents, AFSLIC is able to meet and better serve the needs of our members throughout the country. Through our plans, members receive health benefits customized to their insurance needs, becoming better equipped to meet the financial demands of ever-rising healthcare costs.
Every health and life insurance policy is not created equal. Everyone needs something different out of their insurance. Whether it be coverage for a specific doctor, an expensive prescription, hospitalization, maternity or maybe you just want to get a physical. Same applies to life insurance coverage, you may need to protect your mortgage or leave money aside for college tuition or maybe you just want to leave something behind for your family to live out your legacy. Here at Next Level Benefits, we want to understand your needs and what is important to you. So, reach out to us and let us take the time to get to know you and your loved ones so that we can provide you a service second to none. We look forward to hearing from you.
Lisa and Phil were extremely helpful with obtaining health insurance after our move to Texas, from the state of Washington. It was during the non-enrollment period, which made timelines short, and there were many rules to adhere to. Thanks to them, we made the transition smoothly. They always called or emailed back when I had a question or problem.
Next Level Benefit was like a breath of fresh air. With overwhelming phone calls from other companies, NLB treated me like a part of their family and got to know me on a personal level. I told them exactly what kind of coverage I was looking for, and they knocked it out of the park with great coverage and affordable prices. Would highly recommend!
