Limited Benefit Health Insurance Plans

If you don't have health insurance, any serious injury or medical illness could spell disaster for your finances. And even if you are covered by health insurance, you may not have enough to cover the full cost of certain conditions.

A limited benefit health insurance plan may be the answer.

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Limited Benefit Health Insurance Details

Limited benefit health insurance plans offer coverage only for particular health care settings, conditions, or diseases. Limited benefit health insurance plans do not cover a wide array of health conditions, and they do not replace traditional health insurance.

Below you'll find the basic types of limited benefit health insurance:

  1. Specified Disease Coverage

    2. This coverage provides consultation and treatment of certain specified diseases, such as cancer.

  2. Basic Hospital Expense Coverage

    3. If you're hospitalized, this policy will cover your in-hospital medical expenses and certain outpatient services. Some policies provide coverage for a limited period of time, usually no less than a month, so check with a health insurance agent for details.

  3. Hospital Confinement Indemnity Coverage

    4. Unlike Basic Hospital Expense Coverage, this policy covers a predetermined portion of your hospital bills should you be hospitalized. Plans vary, but benefits received usually do not fall below $40 per day. The amount of benefits you receive does not change based on your hospital expenses.

  4. Accident Coverage

    5. Should you be injured, disabled, or killed during an accident, your expenses will be covered under this policy. Fatalities, dismemberment, hospital visit, and health care costs stemming from an accident fall under this policy. Some health insurance policies offer coverage for one specific sort of accident, such as falling object insurance.

  5. Medical-Surgical Expense Coverage

    6. Necessary surgical procedures are covered under this policy. Your post-operation hospital expenses are also covered, but for a limited amount of time—typically no less than three weeks. Check with a health insurance agent for specifics.

  6. Miscellaneous Coverage

    7. Some plans offer coverage for specific health care issues, such as dental or vision.

Ask Lots of Questions When You Shop Around

There are important questions that you should ask your agent before considering a limited benefit plan.

  • Are you already covered for this condition/situation by your current health insurance?
  • How much will treatment cost. If treatment costs are minimal, would it be cheaper to be uninsured?
  • How likely are you to use the coverage?

For example, if you are considering protecting yourself against cancer with cancer insurance, you should weigh the pros and cons of purchasing insurance for a condition you may never have. Only 3 in 10 Americans will be afflicted with cancer in their lifetime (NAIC.org), so chances are your insurance policy will never be needed. But if cancer runs in your family, a limited benefit health insurance plan may be worth the cost.

General Health Insurance Is Still the Best Option

To live a long, healthy life, you need to invest in a general health insurance policy. Limited benefit health insurance plans only provide coverage against certain ailments. But general health insurance provides coverage for a wide range of conditions, offers access to affordable prescription drugs and allows you to visit doctors for regular physicals and preventive care.

InsWeb.com's online quote form is a quick and simple way to shop around for health insurance quotes. You'll be able to compare health insurance plans from several leading companies in minutes.

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