Hospital Indemnity Insurance
Can you afford to be hospitalized?
A hospital stay can be traumatic — to your health, your wallet, and your family. Even if you have additional medical insurance, you will most likely have costs that aren’t covered. That’s when a Hospital Indemnity insurance plan can provide you with supplemental cash benefits to use as needed.
Many carriers offer Hospital Indemnity Insurance. This coverage is not meant to replace any other forms of insurance or substitute for the minimum essential coverage required by the Affordable Care Act (ACA). Plans generally do not cover preexisting conditions (health and other conditions that exist at the time of application), and generally pay you up to the fixed benefit amount for covered services. If you are on (or eligible for) Medicaid, payments from these plans may affect your coverage or eligibility. Check with your Medicaid agency for more information.
The following are the typical base benefits you will find in these policies.
Hospital Confinement benefit: Pays for each day of confinement in a hospital. You can choose the number of days per period of confinement and the amount of coverage per day. This coverage comes in handy for those on Medicare alone or Medicare Advantage plans or high deductible individual medical plans that will result in an significant out-of-pocket cost.
Observation Unit benefit: Pays a fixed sum per a predetermined number of days while under hospital observation for a covered loss due to sickness or injury.
Emergency Room benefit: Pays a fixed sum per day while receiving services in a hospital emergency room as a result of a covered loss due to an injury
Ambulance Transportation benefits: Pays a fixed sum towards air, water, or ground transportation while receiving treatment in a hospital or medical facility located more than a specified distance from the insured’s residence.
Many optional riders (or benefits) can generally be bundled together so a more comprehensive set of benefits can be available should you suffer a sudden unforeseen accident or illness.
Lodging benefits: Pays a fixed sum per day for a maximum number of days per calendar year to cover expenses incurred for lodging while receiving treatment in a hospital or medical facility located more than a specified distance from the insured’s residence.
Inpatient Mental Health benefit: Pays a fixed sum per day of confinement in a hospital due to a covered mental or nervous disorder for a maximum number of days per calendar year.
Outpatient Therapy/Chiropractic Services Rider: Pays a fixed sum per day for a specified number of days for covered sickness or injury.
Urgent Care Center Rider: Pays a fixed amount per day for a fixed number of days each calendar year when insured obtains urgent care services.
Skilled Nursing Facility Rider: Pays a fixed sum per day for a specified number of days when the insured is confined to a skilled nursing facility.
Outpatient Surgery Rider: Pays a fixed amount per day for a fixed number of days each calendar year when insured has outpatient surgery.
Accident Fixed Indemnity Rider: Pays a fixed sum on top of any hospital benefits for a specified list benefits.
Lump Sum Cancer Rider: Pays a lump sum for diagnosis of Cancer and Carcinoma in Situ
Lump Sum Heart, Stroke and Restoration Rider: Pays a lump sum upon suffering several qualifying events:
- Heart Attack
- Heart Transplant
- Stroke
- Coronary artery bypass surgery
- Aortic surgery
- Heart valve replacement/repair surgery
- Angioplasty
- Stent
- Specified Disease Rider: Pays a lump sum benefit for several serious diseases:
- Amyotrophic Lateral Sclerosis (ALS)
- Coma
- End-Stage Renal Failure
- Paralysis
- Major Organ Transplant
- Multiple Sclerosis (MS)
- Severe Burns
Specified Disease Rider: Pays a lump sum benefit for several serious diseases:
- Amyotrophic Lateral Sclerosis (ALS)
- Coma
- End-Stage Renal Failure
- Paralysis
- Major Organ Transplant
- Multiple Sclerosis (MS)
- Severe Burns
Contact me to learn about Hospital Indemnity Insurance coverage and the various riders that fit your needs and budget. There is no obligation and I am happy to research a wide-range of options for you.