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Hospital Indemnity Insurance

Offset hospital costs not covered by Medicare

Hospital indemnity insurance offers indemnity, or protection, against the unexpected and increasing costs of a hospital stay or outpatient observation. Enter your Zip Code below to request more information on plan pricing in your area.

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Help Maintain Your Financial Stability So You Can Focus on Healing and Recovery.

Hospital stays are a costly and stressful experience even if you’re covered by an excellent health insurance policy. Lost wages, deductibles, copays, coinsurance costs, and travel expenses can all eat away at your savings and contribute to a growing financial burden at a time when you should be focused only on healing and recovering.

Hospital Indemnity Insurance helps maintain your financial stability so you can focus on healing and recovery

Hospital stays are a costly and stressful experience even if you’re covered by an excellent health insurance policy. Lost wages, deductibles, copays, coinsurance costs, and travel expenses can all eat away at your savings and contribute to a growing financial burden at a time when you should be focused only on healing and recovering.

Fortunately, hospital indemnity insurance offers indemnity, or protection, against the unexpected and increasing costs of a hospital stay or outpatient observation.

What are the benefits of Hospital Indemnity Insurance?

In 2018, 16.7 percent of seniors age 65 or older had a one-night hospital but could generally expect any stay to last for about five days.1,2 Hospital stays generally results in some out-of-pocket costs for which you are responsible.

Even if you are covered by health insurance, you may owe a copay or coinsurance fee or you may still have to meet your plan’s deductible before coverage kicks in. Lost wages or money spent on travel and lodging, especially if you want to see a renowned specialist or have loved ones visit you from afar, can also contribute to some unexpected costs. At the same time, bills don’t stop piling up simply because you’re hospitalized; the electric company still expects its payments, and your family still needs groceries to eat.

Hospital indemnity insurance pays out monetary benefits that can be used for any purpose—including paying your bills—so long as you’re confined to a hospital or undergoing outpatient observation (the specifics of which depend on your given policy).

Hospital indemnity insurance supplements your existing healthcare policy

Hospital indemnity insurance is supplementary insurance, which means it works in addition to your current health insurance. Hospital indemnity insurance does not replace your medical insurance but works to cover some of the costs for which you’re responsible with your current insurance policy.

Depending on your plan, your health insurance may not cover all the cost of your hospital treatment. Hospital indemnity insurance picks up the slack of what’s not covered to reduce your out-of-pocket expenses and give you some breathing room, protecting your financial well-being as you see to the health of your body and mind.

Benefits are disbursed whenever you’re confined to a hospital or outpatient observation

Monetary benefits provided from hospital indemnity insurance policy are paid out to you whenever you’re admitted to and stay in a hospital or receiving care in an observation unit. Your benefits vary depending on the length of your stay and your policy’s hospital coverage.

If you are covered by Medicare and placed into observation, your treatment may be considered an “observation service.” In this case, you would be considered an outpatient and your stay wouldn’t qualify as part of the three-day inpatient hospital stay required for Medicare Part A coverage to begin. This means you would be subject to out-of-pocket expenses in the form of copays, coinsurance, deductibles, and drug costs.3,4,5

A hospital indemnity plan that covers both a hospital stay or outpatient observation treatment would pay out benefits regardless of your Medicare coverage, thereby reducing your out-of-pocket expenses and helping you cover the slack left behind by Original Medicare or your existing insurance plan.

Benefits are paid directly to you and can be used for anything

Hospital indemnity insurance is a supplement that pays out its benefits directly to you, with no stipulation as to how they’re used. Benefits may be used to offset the cost of copays, coinsurance, or drug costs. You may also use them to help pay bills while you’re out of work, cover the cost of plane tickets to fly out your family to visit you, or buy a meal you’ve been craving.

So long as you meet the terms of the policy and trigger a payout, what you choose to do with your benefits is up to you.

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