What Is Indemnity Insurance, and Who Needs It?
Did you know that the United States has one of the highest health care costs in the world? It costs an average of about $12,500 per person for healthcare. That’s about 1/3 of the cost of health in other countries.
If you are worried about your healthcare costs, consider indemnity health insurance. It can help you cover the cost of hospitalization and other treatment. But you should also know that different types of indemnity insurance can be used for different benefits.
Are you interested in learning more about indemnity insurance and how it works? Keep on reading to learn more.
What Is Indemnity Insurance?
Insurance covers you for the risk of uncertain events in your future. In most cases, you get a fixed amount based on the amount you pay as premiums. Indemnity insurance covers you for the actual expenses you incur for specific circumstances.
It’s a promise the insurance company makes to pay for any expenses that you incur up to a certain amount. Rather than a one-time payment, the insurance will cover your expenses up to maximum coverage during the term of the policy.
How Indemnity Insurance Can Help You
If you are worried about your health or concerned about potential lawsuits as a professional, you need indemnity insurance. The type of indemnity insurance you choose depends on what uncertain events in the future concern you.
Professional Indemnity Insurance
You need professional indemnity insurance if you are a professional who gives advice as part of your job. If you are a medical professional, a malpractice claim is on top of your mind with over 17,000 medical malpractice lawsuits filed every year. Neurosurgeons are at a higher risk of getting sued with thoracic-cardiovascular surgeons and orthopedic surgeons a close second and third on the list.
As a legal professional, you also need to be concerned about malpractice claims. Some areas of law are riskier than others including securities, intellectual property, trusts, and estates. Look here for more information on how you can get insurance coverage to help you cover the cost of negligence lawsuits from error or omission.
Hospital Indemnity Insurance
Hospital indemnity insurance covers you for expenses if you are hospitalized. It acts as supplemental medical insurance coverage. It can cover your admission to the hospital, overnight stay, or stay in an intensive care unit.
Indemnity Dental Insurance
The cost of dental services can leave you with sticker shock. Indemnity dental insurance can help you by reimbursing you for different types of services including preventative and diagnostic services. If you have health benefits, it may only be certain expenses so getting this additional insurance can help you pay for the dental services that you need.
Are You Protected?
Indemnity insurance can help you manage your costs when things don’t go according to plan. These plans will reimburse you for the costs you incur, so you don’t have to pay out of pocket. Health indemnity insurance covers you for the cost of medical expenses, while professional indemnity insurance covers you for the cost of negligence and errors as a professional or business.
Knowing more about different types of insurance can keep you protected. Check out our blog for more such thought-provoking articles.
