Due to changes in medical insurance legislation, many employers and individuals are choosing medical insurance plans with higher deductibles and co-payments. With this type of plan you pay a lower premium but shoulder more of your out-of- pocket healthcare costs. Hospital Indemnity Insurance complements your medical coverage by helping to ease the financial impact of a higher deductibles and out of pocket expenses associated hospitalization. It provides a lump sum payment that can be used as you see fit for hospital admission, accident-related inpatient rehabilitation and hospital stays.
Types Hospital Indemnity
Hospital Indemnity Insurance is a type of plan that pays a set amount – per day, per week, per month, or per visit – if you’re confined in a hospital.
When choosing Hospital Indemnity Insurance start by looking to cover at least your Maximum Out of Pocket (MOOP) on your Health coverage. This may be anywhere from several hundred dollars per day if covered by Medicare or several thousand per day if covered by an individual insurance plan.
Generally, you should choose lump sum benefits paid over a shorter time frame. The average hospital stay in the US is less than 5 days. This will save money on premium and allow you to maximize value and receive the greatest benefits of the coverage.
Hospital Indemnity Insurance complements your health insurance and as your Insurance Consultants we structure this invaluable coverage as part your your Total Healthcare Solution.