Hospital Indemnity Insurance is designed to help fill some of the co-payments, deductibles, and out-of-pocket expenses of your health insurance plan. Cash benefits are paid directly to you to help cover expenses such as out-of-pocket costs associated with hospital admission and inpatient hospital confinement, ambulance trips, emergency room visits, intensive care unit (ICU), and more.
These insurance products can be customized for both limited benefit (cheapest), lump sum benefits as well as coverage options that reset through out the year to protect from multiple claims (most commonly associated with family members).
Five benefits of Hospital Indemnity insurance
Here are five major benefits of having a hospital indemnity plan as part of you and your family’s insurance.
Save Money on Hospital Stays:
Hospital Indemnity insurance provides financial coverage for hospital stays, which can be significant, unexpected expenses to your monthly budget. This coverage helps to offset the costs of hospitalization, including room charges, nursing services, and other related expenses.
Exclusions do exist, making it important to review the complete details with various insurance companies to ensure you are getting the correct benefit amount and the right insurance policy that meets your needs.
Supplemental Insurance to Health Insurance
Hospital indemnity insurance serves as a supplement to traditional health insurance coverage, such as employer sponsored medical plans, individual plans available from the affordable care act, and even Medicare advantage plans. While health insurance covers a portion of hospital and medical bills, hospital Indemnity insurance plans can help cover additional costs that health insurance may not, such as deductibles, copayments, and other out-of-pocket expenses.
Hospital Indemnity Insurance Provides Fixed Benefits
This insurance typically pays a fixed benefit amount per day of hospitalization or for specific hospital-related services. This benefit is irrespective of the actual hospital bill, providing a predictable and straightforward benefit structure. Regardless of your medical coverage, you can review a summary of benefits and understand how much your plan will pay when it’s time to make a claim.
Flexibility in Using Funds
The payouts from Hospital Indemnity coverage can be used for a variety of needs, not just medical bills. Beneficiaries can use these funds to cover everyday expenses, lost income, or other costs incurred during their hospital stay. The insurance company pays you directly, not the healthcare facility, so you have full control of how you spend the funds.
Peace of Mind
Knowing that you have additional financial support in the event of hospitalization can provide peace of mind. This is particularly beneficial for individuals with pre-existing conditions from critical illness that may lead to frequent or prolonged hospital stays.
Hospital Indemnity insurance can be a valuable part of a comprehensive healthcare strategy, especially for those with high-deductible health plans or Medicare Advantage Plans who want extra protection against the financial impact of hospitalization.
Contact Lordes Insurance Group today to speak with a local agent about finding a hospital indemnity plan that best pairs with your existing medical plan.
Contact us or call our office today at 985-503-0214.
