Discover why ManhattanLife's Affordable Choice Hospital Confinement & other Fixed Indemnity insurance policies are a game-changer for your under-65 clients.
Fixed indemnity insurance is a type of coverage that pays a predetermined amount for specific medical services, regardless of the actual cost incurred. Unlike traditional health insurance policies that might cover a percentage of medical expenses after deductibles, fixed indemnity plans provide set benefit amounts for covered services.
This type of insurance is not intended to replace comprehensive health insurance, but can serve as a supplementary policy. It can help cover out-of-pocket costs such as deductibles, copayments, and non-covered services, offering clients an additional layer of financial protection.
ManhattanLife's Affordable Choice policies are designed to provide robust benefits at an affordable price. Key features include daily hospital confinement benefits, which offer a fixed amount for each day your client is hospitalized. This can significantly ease the financial burden during hospital stays.
This plan is unique because it covers hospital stays like a hospital indemnity plan, but it also covers much more! Other features include benefits for outpatient services, surgical procedures, and physician visits. These policies also offer wellness benefits, encouraging preventive care and early detection of health issues. The benefit amounts are clearly defined, making it easier for clients to understand their coverage and manage their healthcare expenses.
Affordable Choice policies can be a valuable addition to your clients' insurance portfolios. They provide financial support that can help cover the gaps left by traditional health insurance, such as high deductibles and out-of-pocket maximums.
For clients who are self-employed, between jobs, or unable to afford comprehensive health insurance, these policies offer an affordable alternative that still provides meaningful benefits. By offering fixed benefits for specific services, clients can better predict their costs and plan accordingly.
While traditional health insurance covers a broad range of medical expenses after deductibles and coinsurance, fixed indemnity insurance provides set benefit amounts for specific services. This can be an advantage for clients who want predictable payouts for hospital stays, doctor visits, and other medical services.
However, it's important to note that fixed indemnity insurance does not satisfy the minimum essential coverage requirements under the Affordable Care Act. Therefore, it should be presented as a supplementary option rather than a replacement for comprehensive health insurance.
| Example 1 | Hospital Stay - Elite |
|
| Description of Transaction | Amount:* | |
| Total Charges - 7 days | $41,660.41 | |
| Total Adjustments/Network Discounts | 18,747.18 - | |
| Current Balance | $22,913.23 | |
| Affordable Choice Pays | ||
| Description of Transaction | Amount:* | |
| Admission Benefit | 2,000.00 | |
| Hospital Days at $3,000 | 21,000.00 | |
| Total Paid | $23,000 |
*Amounts based on Affordable Choice claims data. Results may vary.
| Example 2 | Routine Preventative care exam w/ labs | ||
| - Affordable Choice Classic | |||
| Service Received: | Cost: | Plan pays: | |
| Preventative care / office visit | $95 | $50 | |
| Laboratory test | 90 | 25 | |
| Total bill | $185 | ||
| MultiPlan network discounts* | 55 | ||
| Classic pays | 75 | ||
| Your balance | $55 |
| Example 2 | Broken radius in arm - Elite | ||
| Service Received: | Cost: | Plan pays: | |
| Emergency room / physician charge | $1,444 | $250 | |
| Follow-up office visits (4) | 465 | 300 | |
| Follow-up x-rays (5) | 475 | 375 | |
| Total bill | $2,384 | ||
| MultiPlan network discounts* | 596 | ||
| Elite pays | 925 | ||
| Your balance | $863 |
* Amounts based upon Affordable Choice claims data. Results may vary. These types of discounts in the healthcare industry have been around since 1952. These are contractually negotiated discounts between MultiPlan and the hospitals and doctors. Discounts can vary among providers. Hospital discounts can be as much as 40 to 50% and doctors vary between 25 and 35%.
When selling ManhattanLife's Affordable Choice policies, emphasize the predictability and transparency of the benefits. Clients appreciate knowing exactly how much they will receive for covered services, which can help them manage their healthcare budgets more effectively.
Highlight the versatility of these policies as supplementary coverage. For clients who already have health insurance, explain how Affordable Choice can help cover gaps and out-of-pocket costs. For those without comprehensive coverage, stress the affordability and meaningful benefits these policies offer.
Finally, use real-life scenarios and testimonials to illustrate how Affordable Choice policies have benefited other clients. Personal stories can make the benefits more relatable and compelling.