Here are some critical points to know about having hospital indemnity insurance.
When it comes to your family’s health and yours, sudden or long-term hospitalizations shouldn’t be a time to worry about hospital costs. Fortunately, hospital indemnity insurance supplements by prioritizing recovery over hospital bills. It is meant to help cover expenses that your primary health insurance policy might not fully pay. Here are some critical points to know about having hospital indemnity insurance:
Coverage List
In general, most policies pay for:
- Inpatient hospitalization as a result of illness or injury
- Surgery during your hospital stay
- Costs associated with the hospital room and board, but others may receive a daily cash amount
- Ambulances services
- Emergency room visits
Who Should Consider Hospital Indemnity Insurance?
- Hospital indemnity insurance can help balance the costs for people with high deductibles or out-of-pocket costs during a hospital stay.
- It can provide peace of mind for people who want financial security so they don’t have to worry about being unable to cover expenses during a sudden hospitalization.
- Older adults or those with chronic medical issues may benefit from having hospital indemnity insurance because they are more susceptible to needing hospital care.
FAQs About Hospital Indemnity Coverage
Every indemnity policy varies in coverage and cost. Here are some questions to ask so you can comprehend the details of the plan you choose when you enroll.
- How soon do you receive your cash payments once you are hospitalized?
- Will you receive one lump sum or monthly payments?
- How many days of hospitalization does the insurance cover?
- Does the policy cover your family, too?
- Are there age restrictions for having the plan?
Financial Assistance Alternatives with Supplemental Plans
Supplemental insurance policies can also protect you and your family in case of a serious accident or provide financial assistance during an illness:
- Critical illness insurance helps policyholders when diagnosed with a severe disease, including their bills and essential services they may need, like home care
- Accident insurance offers cash payments to help cover health expenses that your primary health care insurance doesn’t cover due to an injury or accident
Ultimately, hospital indemnity insurance can be a practical financial safety net if you worry about the out-of-pocket expenses associated with hospitalization. However, it’s critical to understand how it fits into your overall health insurance policy. To learn more about this insurance, contact one of the agents at THE MWE Partnership today at 410-394-9617.
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