Even a short stay in the hospital can result in thousands of dollars out-of-pocket if you don’t have the right coverage. Fortunately, hospital indemnity insurance can keep you covered.
Here’s everything you need to know about hospital indemnity insurance.
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Hospital indemnity insurance is designed to cover the costs of being admitted to the hospital. These plans are not meant to serve as your primary health insurance but more so as a supplemental option to your primary insurance, such as Medicare Advantage (Part C).
Hospital indemnity will provide you, the policyholder, with benefits when you are admitted to the hospital or ICU because of a sickness or injury. The benefits will generally be paid as a lump sum to you rather than being paid to the hospital or other medical facility.
Hospital indemnity plans generally pay a certain amount for each day you are hospitalized. For example, if you are hospitalized for seven days, and your plan provides $300 per day, you will have a lump sum of $2,100 paid to you.
Some policies may also pay a benefit for ER visits, ambulance services, outpatient surgery, and stays in rehabilitation facilities. However, keep in mind that many hospital indemnity plans limit how many days they can reimburse you.
Suppose you’d like to have that extra protection in case of an unexpected event or emergency. In that case, a hospital indemnity plan could be right for you. When paired with a major health insurance policy, such as Medicare Advantage, you can have peace of mind knowing that you will have the coverage you need and very little to pay out-of-pocket.
Are you an agent with experience in Medicare Advantage plans? JEMS of Insurance Group is looking to expand and enrich our dynamic team of insurance agents. We are proud to work with friendly, helpful, and knowledgeable individuals who understand the value of good insurance and the peace of mind it brings.
If you are a licensed agent looking for something new and exciting, we would love to speak with you about the opportunities available at JEMS.
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We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
