Could You Afforda 1 Night stay in Hospital Bed, with Out ofPocket Costs of
up to $2,289 per Night?
DID YOU KNOW?
To take full advantage of the available plans. you need to familiarize yourself with the hospital indemnity definition.
But, how many of us really understand what this insurance
is all about?
According to a research study conducted by the
university of Michigan, charges for hospital stays have been increasing
gradually over the years.
The harsh reality is that most medical insurance
plans leave patients with the burden of cat-of-prxket expenses. co-pays, and
deductibles. Fortunately, hospital indemnity insurance is a viable Olution which provides daily benefit amounts to cover hospital stays.
Hospital indemnity can give
you peace of mind since it
allows you to claim a specific
amount for overnight stays. It
closes gaps in health
insurance coverage. This type
of medical insurance is
particularly useful when your
savings cannot cover bills for
unexpected hospital stays. You
can receive payments even if
you have not incurred
The payments can cover
regular expenses (rent, utilities,
and food). deductibles, and
medical co-pays. Insurers
often customize plans to
complement any existing
medical or supplemental
coverage. This level of
flexibility makes it easier to
maximize coverage and to
meet your needs.
Waiting periods for hospital
indemnity plans vary and you
may qualify for payments after
30 days In some cases,
insurers do not impose a
waiting period for
hospitalization due to injuries
sustained in an accident. On
the other hand. monthly
premiums for indemnity plans
differ depending on factors Like
age. gender. and the type of
plan you choose.
What Do Hospital Indemnity Insurance Cover Specifically?
Many people erroneously believe that health insurance covers every aspect of hospital visits or stays. Instead. it provides cover for specific procedures and services depending on the type of plan you hold Hence, the need to take out supplemental hospital
Doing so allows you to pay for outpatient surgical procedures and overnight stays. The
direct payments may also cover the following:
Treatment in the urgent roorn
Outpatient care lasting less than 23 hours in a hospital surgical facility. or observation unit
Accident-related inpatient rehabilitation at a qualified facility
Visits to the physician's office to receive care for covered accidents and ailrnents
Preventative care for items listed under the Affordable Care Act
Emergency trips in a ground or air ambulance
Diagnostics laboratory tests. and x-rays)
Hospital confinernent for more than 23 hours to treat a covered ailment or accident injuries
You can opt for indemnity plans that focus on specific medical situations,
such as accidents, critical illness, and cancer treatment They can
augment your other plans by extending coverage.
One might ask
” Do I REALLY need hospital indemnity insurance? “.
Before we answer that, let’s first explore the benefits of availing this insurance.
Although insurers offer hospital indemnity plans with varying
coverage options, most plans come with the
above-mentioned characteristics. You may benefit from the
premium waiver, which eliminates the need to pay a
premium if hospitalized for a predetermined duration
typically 30 days.
Some plans offer extra benefits. such as coverage for
prescription drugs in addition to wellness and preventative
services. Indemnity insurance plans are available at
affordable prices and should not be viewed as an extra. They
provide peace of mind with a total health insurance
Hospital Indemnity Insurance:
Is it Worth it?
Indemnity insurance comes with a wide variety of benefits, including closing gaps in coverage, paying a lump sum directly to the policyholder, and fixed premiums. This type of insurance is undoubtedly a family-friendly option that provides cover for the entire family. The coverage extends to various types of ailments and procedures
that result in overnight stays or outpatient visits. It also covers maternity stays by paying a predetermined amount for additional days spent in a medical facility.You are free to use the lump Sum payments for any purpose. As such, you may decide to use the funds to pay rent, deductibles, childcare. food, or other personal and
medical expenses. With the hospital indemnity plan, you can save a significant amount of money on health insurance premiums.
The plans offer maximum flexibility by allowing you to use the payouts as you wish. Most policyholders opt to use the funds to cover out-of-pocket costs. The best part is that the payouts are tax-free and claims are approved without physical examinations.
You can take out a plan even if you have a pre-existing health condition.
On another level, indemnity plans are portable in that you retain your policy even when you change jobs, switch to Medicare, or move to another state.
Another key advantage of taking a hospital indemnity plan is that the policy remains
active and provides financial protection. As such, you minimize exposure to financial problems associated with out-of-pocket costs. Many plans Offer free telemedicine
visits and the bill negotiator, thus eliminating copay charges.
Your Total Cost would be $602.00
Pretty good deal huh?
But there are a lot of Insurance plans out there.
How do I know I am getting the right one?
Now, to answer the question. Consider this.
You feel a sharp pain in your side, and quickly becomes unbearable
You’re Rushed to the Hospital: You have been diagnosed with
appendicitis. with a ruptured appendix. This requires immediate surgery
and a hospital stay of 4 days averaging $2,100 per night, not including
YES! Your hospital bill is upwards of 6 figures by the time the surgery,
hospital stay and even the jelly you ate each day is tallied up.
Ouite bad, right?
Now this is where CleverP01icy steps in.
In an easy 3 step process, you receive a check in the mail to be
reimbursed for your out of pocket costs, saving you thousands.
Find the Best Insurance Plan
for You: Here's how
Once you are familiar with what is hospital indemnity, you need to pick the right plan for your needs The best option plan provides adequate coverage when you need it Furthermore. you should determine the ideal daily benefit amount based on your overall hospital indemnity coverage requirements. Depending on the type Of plan you select, you may be covered for additional items like maternity visits. ambulance trips, and surgery. Some of the plans also offer increased payments for serious ailments, such as cancer and stroke. Insurers often give you the freedom to use the payout for any purpose you deem necessary as a result Of the
To make the right decision, conduct thorough research, and compare different types of indemnity plans available on the market. Many online platforms provide access to
indemnity plan comparison tools. These platforms make it easier to find the ideal option
thanks to the side by side comparison tools. You can compare plans based on coverage, prices, and Other factors.
The right plan fits into your current financial situation and coverage needs when faced with a medical emergency. You should consider any expenses you are likely to incur during the hospital stay, including rent, food, childcare, and travel costs.
Also, check whether your chosen plan comes with any specific benefits that are important
to you. For instance, maternity visits if you are planning to have a baby. Some options
provide coverage for admissions into intensive care units. The payments for care in ICU
may be doubled depending on the carrier.
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