What is an indemnity health plan?
The Bankrate.com financial term of the day is: "Indemnity Health Plan."
Before HMOs, PPOs and the rest of the managed-care alphabet soup, health insurance would generally allow you to see any doctor and would then pay a percentage of your bill. This very traditional coverage is still around, available through something called an indemnity health plan. You don't have to worry about whether a primary doctor, specialist or hospital is part of a network, but you'll have to pay a deductible before the insurance kicks in, and then you'll cover a share of the costs out of your own pocket. The insurance might reimburse 80 percent, and you pay the rest.
An indemnity health plan provides you with a lot of choice -- which comes with a deductible for you to pay, along with a share of the costs.
To shop for insurance to fit your needs, visit the Insurance section at Bankrate.com.