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Hospital Indemnity

Hospital indemnity coverage is a type of supplemental health insurance that provides financial assistance in the event of a hospital stay due to illness or injury. Unlike traditional health insurance plans, which cover medical expenses like doctor visits and prescriptions, hospital indemnity insurance offers a cash benefit paid directly to the policyholder. This cash benefit can be used to cover various costs associated with a hospital stay, such as deductibles, copayments, transportation, or even everyday living expenses. It serves as a valuable safety net, offering additional financial support when individuals face unexpected hospitalization, allowing them to focus on recovery without the burden of excessive out-of-pocket costs.

Hospital Indemnity

Facing a hospital stay due to illness or injury can disrupt your life and bring financial concerns to the forefront. During such challenging times, the last thing you should be concerned about is how to manage the associated expenses. That’s where hospital indemnity insurance comes into play.

Hospital indemnity insurance is a supplemental health insurance plan designed to provide financial support when you need to cover the costs of a hospital stay. If you purchase this insurance through your employer, it can be a valuable resource should you be admitted to a hospital or intensive care unit due to a covered sickness or injury. It offers peace of mind by helping to alleviate the financial burden that often accompanies unexpected medical emergencies.

Create a Financial Safety Net

A significant portion of employees, nearly half, express concerns about the adequacy of their healthcare plans when it comes to addressing major medical events. This concern highlights the value of obtaining hospital indemnity insurance as part of your workplace benefits. Hospital indemnity insurance provides you with direct payments, regardless of whether you have out-of-pocket expenses during your hospitalization. These payments offer a versatile solution and can be used to cover various costs, including medical copays, deductibles, as well as everyday expenses such as rent, utilities, and groceries.

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Kelly rushes to the emergency room one day because she is experiencing pain, in her abdomen and feeling nauseous. After undergoing a CT scan the doctors discover that immediate surgery is necessary not for issues with her gallbladder. Because her appendix has ruptured. Kelly is admitted to the hospital and undergoes emergency surgery to remove her appendix. She stays in the hospital for one night. Is discharged the day.

Even though Kelly has insurance she finds herself facing, out of pocket expenses amounting to $3,815. These costs include her deductible, coinsurance and various other charges that are not fully covered by her insurance plan.

If Kelly had hospital indemnity insurance benefits, her out-of-pocket amount would be $565.* Let’s break that down:

Out-of-Pocket Cost Summary with hospital indemnity coverage

Amount

Kelly’s initial out-of-pocket costs

$3,815

 Hospital indemnity insurance total benefit paid to Kelly

$3,250

Diagnostic exam (CT)

$250

Hospital admission

$1,000

Inpatient surgery benefit

$2,000

Kelly’s net out-of-pocket after benefits

$565

*For illustrative purposes only. Covered benefits and benefit amounts may vary by employer-sponsored plan. See your plan for specific coverage amounts and details.

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