Accident & Health Insurance
Unexpected medical expenses can potentially hinder your finances and overall health. And while health insurance helps cover medical expenses, it can still leave you with extra expenses to pay that can pile up. According to the National Institutes of Health, 9% of Americans owe $250 or more in medical debt, and half of adults have a difficult time affording healthcare.1
Hospital indemnity insurance can help you handle those hospital bills and the additional expenses that may come up from spending time in the hospital. Learn about the benefits of hospital indemnity insurance and when it may be a good time to enroll in a plan.
Hospital indemnity insurance is a type of supplemental health insurance that can help cover costs associated with hospital stays.
Hospital indemnity insurance plans offer a payment that can be used for anything you see fit, from costs like deductibles, co-pays, coinsurance, medications, and rehabilitation to everyday expenses, such as childcare, gas, and groceries.
How much is a hospital stay per day? |
According to data from healthcare.gov, the average three-day hospital stay costs around $30,000. Families and individuals can accrue debt due to a medical emergency, illness, or ongoing health procedures.2 |
In addition to having financial coverage in case of medical emergencies, other reasons you may want hospital indemnity insurance include:
There are many potential advantages to having hospital indemnity insurance. For a full list of coverage and benefits, make sure to read your provider's policy, as coverage will differ by provider. But in general, here are some of the advantages that may come with a hospital indemnity policy.
Since money is sent to you directly, you get to choose how it’s spent. As mentioned earlier, you can use the money toward hospital expenses or for things related to recovery, such as transportation costs, food, and childcare.
Often, hospital indemnity insurance also covers your spouse and children if they’re admitted to the hospital. Look for coverage that best fits the needs of your household. Anything from a broken bone to a chronic condition may be covered for everyone in your family.
In many cases, your hospital indemnity coverage will remain the same even if you change jobs or move somewhere new. Some hospital indemnity plans will even offer coverage after the policyholder retires or goes on Medicare.
Before selecting a hospital indemnity insurance plan for you and your family, consider the following factors:
