Physician Expense Insurance - covers all your physician related expenses

Most people are aware that medical expenses in the U.S. can be expensive, and getting even more so. However, it’s not always easy to tell what exactly is covered by your insurance plan or how much will be paid before treatment starts. Here at FitInsurance we’ll break this down for you and explain what is covered under a physician expense plan so you know exactly what is available to you when necessary medical care arises.

Physician Expense Insurance, also known as "Med Pay", provides coverage for a variety of different types of treatments and services from physicians including nurses and other allied health professionals. Med Pay often includes coverage for physician office visits, diagnostic testing (e.g. x-rays, blood tests, MRIs), medication, diagnostic surgery (e.g. minor elective surgery such as a pedicure) and travel to obtain medical care. Med Pay also often includes coverage for inpatient treatment but this unique feature is not always available with all physician expense plans and may vary depending on the plan.

Physician Expense Insurance typically covers the following services:

Compared to other types of insurance, with Physician Expense Insurance you know exactly what is covered and at what level before any care or treatment begins. This information means that you won't be surprised if you have to pay a larger than anticipated medical bill when it arrives in the mail. Additionally, if you would rather seek treatment at a specific doctor or hospital - regardless of network affiliation - then this plan may be better for you than more traditional health insurance plans.

Most Med Pay policies also include the option to purchase additional coverage for such things as specific injuries or medical conditions. These supplemental riders are typically offered in small increments per condition, allowing you to customize your plan according to the ailments you'd prefer to be covered in addition to the basic policy.

Additional riders commonly available through Physician Expense Insurance include:

The main disadvantage of a Physician Expense Insurance plan is the high price. However, the comprehensive protection this policy offers may make it worth it to you even if you have to pay a bit more.

Physician Expense Insurance is regulated under the federal Employee Retirement Income Security Act (ERISA) and is intended to be renewed annually by the plan sponsor as a condition of maintaining coverage. Med Pay policies are typically offered by group health insurance companies, pharmaceutical benefit managers or other health benefit administrators.

Many people are unaware that certain types of health insurance plans, including Physician Expense Insurance, can be used in retirement planning because they include an age restriction which requires the insured person to retire at least 65 years old. This can be a huge advantage for some people.

Now that you understand more about Physician Expense Insurance, consider how it might help protect your long term health care needs and contact FitInsurance for more information on this type of plan that is worth looking into.

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