Hospital Indemnity

A nurse smiles at a hospital patient.

Photo by RDNE Stock project on Pexels.

Why do I need hospital indemnity Insurance?

An unexpected trip to the hospital is usually unpleasant. You did not plan on suffering an injury or ailment. The exorbitant cost of merely visiting the hospital can be enough to cause a financial burden on you and your family. How can you avoid struggling to pay your big hospital bills? A hospital indemnity insurance plan can financially assist you during such a tumultuous time.

What is hospital indemnity insurance?

Hospital indemnity insurance is coverage apart from your major medical, Medicare, or Medicare Advantage plans that pay you a specific amount for each day of covered hospital service you receive, regardless of the final bill charges. The coverage is pliable and supplements your existing coverage. Medical plans do not necessarily cover all your hospital costs. Some examples include deductibles and copays. The right hospital indemnity plan can help pay for a hospital visit. If your insurance plan covers most of your hospitalization, your hospital indemnity insurance may still send you payments to cover extra expenses while you recuperate.

Typically, most plans pay for hospitalization with or without surgery, intensive care, and critical care. If you select a higher monthly premium, your indemnity plan may cover other common hospitals services like outpatient surgery, emergency room visits, and ambulance services. And those costs can really start to pile up, even for a minor injury.

Before you purchase a hospital indemnity plan, there are a few questions you should consider.

  • If hospitalized, how soon will I receive my cash payments?
  • Will I receive one lump sum or receive monthly payments?
  • How many days of hospitalization are covered?
  • Does the plan cover my family members?
  • Does the indemnity plan have age restrictions?

What other hospital visits are covered?

Do you know the average cost of giving birth at an American hospital? The average cost of a hospital birth is $1,905 while possessing employer-sponsored health insurance and an astonishing $13,393 without health insurance. Wow! You may insert your shocked emojis here. For those building a family, there is good news. A hospital indemnity plan may help cover the cost of hospital childbirth and post-childbirth hospital stays.

There might be a greater potential for hospitalization for senior citizens than for younger individuals. Medical professionals claim that older adults are more than twice as likely to require hospitalization compared to younger adults. A hospital indemnity plan can give seniors comfort in knowing they are secure from sudden calamities.

If you found this article insightful, please read about the basics of IRA and 401(k) accounts.

Got Medicare Questions?

We hope that this information on hospital indemnity is useful to you.

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About Joey Hinojosa

Joey Hinojosa graduated with a bachelor's degree in broadcast journalism and a master's degree in mass communications. He began working at Empower Brokerage in early 2022 and enjoys being creative in his writing, photography, videography, and other projects.

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