Hospital Indemnity Insurance can complement your health insurance to help you pay for the costs associated with a hospital stay. It can also provide funds for the out-of-pocket expenses your medical plan may not cover, such as co-insurance, co-pays and deductibles.
How does it work?
This insurance pays a benefit when you are admitted to the hospital for a covered accident or sickness.
You may receive a benefit for the following:
Advantages of the plan
The average price of a hospital stay is $10,0002
Not counting ambulance, intensive care treatment and dozens of other expenses medical insurance may not cover. With Hospital Indemnity Insurance, you collect a lump sum each day you’re in the hospital – for any reason.
That money can help offset the hospital bill, take care of day-to-day expenses, or pay for anything you need.
2 Anne Pfuntner, Lauren M. Wier, M.P.H., and Claudia Steiner, M.D., M.P.H., Agency for Healthcare Research and Quality, “Costs for Hospital Stays in the United States, 2011,” https://www.hcup-us.ahrq.gov/reports/statbriefs/sb168-Hospital-Costs-United-States-2011.pdf
What is Hospital Indemnity Insurance?
Hospital Indemnity Insurance pays a daily benefit if you have a covered stay in a hospital, critical care unit or rehabilitation facility. The benefit amount is determined based on the type of facility and the number of days you stay. Hospital Indemnity Insurance is a limited benefit policy. It is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act.
Features of Hospital Indemnity Insurance include:
How can Hospital Indemnity Insurance help?
Below are a few examples of how your Hospital Indemnity Insurance benefit could be used (coverage amounts may vary):
Who is eligible for Hospital Indemnity Insurance?
*The use of “spouse” in this document means a person insured as a spouse as described in the certificate of insurance or rider. This may include domestic partners or civil union partners as defined by the group policy. Please contact your employer for more information.