Your health insurance will likely not cover all your costs during a hospital stay, and that’s where hospital indemnity plans come in. Hospital indemnity plans are a supplement plan that can be added to your health insurance to help you cover the costs associated with a hospital stay. You can use the benefits to pay for copays and deductibles, medication, or other expenses that you have fallen behind on due to lost wages. A hospital indemnity plan, how you choose to use the money is completely up to you.
In today’s blog post, we are going to discuss some things that are essential to understanding how a hospital indemnity plan works and how it can benefit you. Read on to learn more, and if you are interested in learning more about hospital indemnity plans or are ready to enroll in one, reach out to the team at Medi-Solutions Insurance Agency, LLC today to be connected with one of our independent agents.
A hospital indemnity plan is not health insurance. Rather, it is meant to supplement your health insurance to help cover the costs associated with a hospital stay. Plans can vary, but most will provide a benefit based on the number of nights you spend in a hospital. For instance, If your plan pays out $100 per night, and you find yourself in the hospital for two nights, you’ll first allow your health insurance to cover any costs that it covers, and then you’ll submit a claim to your hospital indemnity plan and they will pay you an additional $200 for your two night stay. You don’t have to itemize procedures, tests, medications, and other costs. You’ll simply have to prove that you were admitted to the hospital for two nights. Hospital indemnity plans will cover both planned and unplanned hospital stays.
Hospital indemnity plans do not cover specific tests, medications, or procedures. Instead, they pay you a lump sum benefit when you are admitted to the hospital. In the example above, you would receive a check from the insurance provider for $200, which you could then spend on anything that you needed. So whether you have copays, deductibles, or other out-of-pocket expenses you need assistance paying, you can use that $200 towards any expense you want.
Hospital indemnity plans don’t typically break the bank when it comes to cost. The cost of the plan will be on top of what you already pay for health insurance every month but is usually well worth the investment considering the exponential costs associated with a hospital stay.
Accidents, unexpected illnesses, and other medical conditions and injuries can land someone in the hospital unexpectedly. In addition, if you have children or a spouse, you may find yourself taking time off work to help care for them if they are ill or injured and must be admitted into the hospital. A hospital indemnity plan can help you prepare for the unexpected.
Another thing that should be considered is that a hospital stay incurs more than just a bill from the hospital. You’ll likely receive bills for the hospital stay itself, tests, procedures, medications, and more. Additionally, you may experience lost wages from taking days off of work if the hospital stay was unexpected or require childcare if you’re a parent. This is a part of what makes hospital indemnity plans so valuable — they can be used to cover any of your expenses whether they were directly or indirectly a result of your hospital stay. In fact, you can use your lump sum benefit to pay for costs that are not associated with your hospital stay.
If you’re interested in learning more about a hospital indemnity plan, the team at Medi-Solutions Insurance Agency, LLC can help. We can help you discover health insurance plans as well as supplement plans such as hospital indemnity so that you will be prepared if the unexpected happens. Reach out to Medi-Solutions Insurance Agency, LLC today and get connected with one of our independent, experienced agents.