Pluperfect
Recycles dryer sheets
- Joined
- Dec 12, 2018
- Messages
- 200
Maybe a fixed indemnity plan? It provides cash payments to you for specified medical events (e.g. a hospital stay, a doctor visit).Can/do people ever buy supplements for these ACA plans?
They were originally intended as income replacement if someone is unable to work due to a medical event, but now can serve to defray out-of-pocket expenses (deductible, copays, coinsurance).
They're kind of dangerous because they're often marketed in a way that makes people think they're getting major medical insurance. This is from an article about trying to regulate fixed indemnity plans:
This rule change was proposed to prevent fixed indemnity plans from being designed with fee schedules that resemble major medical coverage at first glance, in an effort to minimize consumer confusion. Ultimately, that rule was not finalized, but HHS noted in 2024 that they may revisit this issue in future rulemaking.
healthinsurance.org/glossary/fixed-indemnity-health-insurance/
But if someone understands what it is they're getting when they buy a fixed indemnity plan, they have their place. I think it's like a person with a Medicare Advantage plan buying a cancer policy; the cancer policy pays cash benefits directly to him, and he can use those payments toward paying his Advantage plan's maximum out-of-pocket, which he'll probably hit if he's getting cancer treatment.
Of course whether it's a financially sound decision to buy one is an entirely different matter.