Hospital Indemnity Plans, also known as Hospital Insurance, offers you coverage for hospitalizations and accidents that may occur. These policies assist with your copayments, coinsurance, deductibles and even out of pocket expenses that aren’t hospital related. By having hospital insurance in place you can avoid high out of pocket costs, especially for those who have high deductible plans.
What is Hospital Indemnity Insurance?
Medical bills can add up quickly especially for extended stays in the hospital or other health care facilities. Hospital indemnity plans are designed to assist in the costs associated with hospitalization. These plans can pay you or your provider directly for hospital expenses including copayments, coinsurance, and deductibles. You can even use your plan to assist with the costs of hotel stays for family members, missed work for you or your family, and other financial burdens from a hospital stay.
How Do Hospital Indemnity Insurance Plans Work?
In general, hospital indemnity plans will have a set monthly premium that you pay to receive coverage. If you or a family member that is covered by the plan becomes hospitalized for a covered illness or injury the plan will pay out a fixed cash amount directly to you. You can then use this money for any of your financial needs, medical or personal.
Most plans will cover:
- Hospital admissions
- Intensive care unit (ICU) stays
- Critical care
- Outpatient surgery
- Emergency room visits
- Ambulance services
- Inpatient surgeries
- Rehabilitation confinement
- Imaging (like a CT scan)
Why Do You Need Hospital Insurance?
Hospital Indemnity Plans are a great option for individuals with high deductible health insurance, whether that be Marketplace Health Insurance (under 65 years old), employer coverage, or Medicare (over 65 years old). If you are reaching an age where hospitalization and illness becomes more likely, have an active lifestyle, or don’t have savings for out of pocket expenses we recommend considering a hospital indemnity plan. Also individuals who have chronic conditions or are expecting high out of pocket expenses due to health needs can benefit from one of these plans. Hospital insurance, like any other insurance, is all about having coverage in place before needing it! We can never predict when an accident or illness may occur, so its best to have this coverage in place beforehand.
Get Enrolled in a Plan Today
Our team of insurance brokers in the Crossroads area work with multiple insurance providers in order to provide you with affordable options that can be tailored to your specific needs. You can schedule your free 30 minute consultation, that we can do over the phone or in our office, to go over your health and financial needs and find the best option for you. Don’t wait, get covered today!
Insurance With Don | (361) 266-8995