Payment Protection Insurance (PPI) is a cooperative loan product offered by banks, credit unions and thrift financial institutions (FFIs). PPI offers coverage for medical, dental and insurance expenses that are not covered by your original insurance plan. The main objective of this insurance is to reimburse you for unexpected medical or other living expenses that you may incur while you are working for a particular employer. This can be more important for people who are employed or self employed, as they are more likely to face an emergency situation that requires payment protection insurance coverage.
Payment Protection Insurance offers coverage when you work for an employer whose plan is not sufficient to cover the financial costs of an emergency. Essentially, PPI allows people to get payments for medical expenses after a cancelled or out of network contract is agreed to by the customer. The customers must apply for the insurance plan and select the providers they want to cover with those plans. Afterward, the insurance companies will send the customer's medical bills to their employers via the insurance provider. The providers will then take care of the customers' medical expenses and send the reimbursable amounts back to the insurance company.
Payment Protection Insurance offers coverage when you work for an employer whose plan is not sufficient to cover the financial costs of an emergency. Essentially, PPI allows people to get payments for medical expenses after a cancelled or out of network contract is agreed to by the customer. The customers must apply for the insurance plan and select the providers they want to cover with those plans. Afterward, the insurance companies will send the customer's medical bills to their employers via the insurance provider. The providers will then take care of the customers' medical expenses and send the reimbursable amounts back to the insurance company.
