One way to protect your family financially is by signing up for hospital indemnity insurance.
Suppose your kid decides to ride their bike without wearing a helmet and ends up with an injury. You take them to the hospital, where they must stay overnight for observation. It might not seem like a big deal from a cost perspective because your health insurance will cover it. However, that isn’t always the case. One way to protect your family financially is by signing up for hospital indemnity insurance. Check out the following financial benefits of having one.
It’s Family-Friendly
Fortunately, hospital indemnity insurance is family-friendly because it can cover you, your children, and your spouse if any of you end up in the hospital. This may be because of an infection, illness, or a broken arm. If you are having a baby, hospital indemnity insurance might cover extra days in the hospital after childbirth, besides other insurance you have in place.
Hospital Indemnity Differs from a Medical Policy
There is a prevalent misconception that health insurance covers all things related to hospitals, but that is often untrue. Medical insurance only covers specific services and procedures depending on your insurance plan. So, you may want indemnity insurance if you want coverage for overnight stays, hospital admission, accident-related inpatient rehabilitation, or outpatient surgery. Hospital indemnity insurance helps pay for additional expenses due to hospital stays, such as food delivery, transportation, and childcare.
You’ll Receive a Direct Lump Sum
Unlike health insurance, which pays your medical provider, hospital indemnity insurance will pay a lump sum directly to you. That’s awesome! The best part is that you may use the money however you need – medical insurance deductibles, household bills, or even a special treat for your kid who just arrived from the hospital. Overall, the financial benefits might be worth investing in.
Open enrollment is a great time to consider signing up for hospital insurance through your employer. The MWE Partnership can assist you in this process too! Call us today at 410-394-9617!
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