Hospital Indemnity insurance is a type of supplemental insurance that pays a set amount of money per day, week, month, or visit if the member is confined in a hospital. A hospital indemnity plan can help cover out-of-pocket expenses for hospital confinement and protect your client’s financial well-being when unexpected illnesses or injuries occur.
Is a Hospital Indemnity Insurance right for your client?
Cash benefits are paid directly to the member to help cover the costs associated with hospital confinement, ambulance trips, skilled nursing stays, or household expenses while hospitalized. Hospital Indemnity Insurance benefits are payable no matter what other medical coverage the member may have.
Hospital stays can have a lot of costs associated that are non-medical and not covered by health insurance. Having the cash benefit can offset some of those costs and greatly reduce the out-of-pocket amount your clients will end up paying for things like transportation, a mortgage, meals for the spouse, lost time at work for the spouse, or prescription drug costs.
How much could your clients save with an HI Plan?
The average person on Medicare spends $5460 out of pocket per year, and hospital stays can have a lot of costs associated that are non-medical and not covered by health insurance. There are approximately 6 million hospital stays per year by people on Medicare with the average stay length of 5 days.
With these plans, you’re able to customize them for your customer. Hospital stays are often unexpected, and costs can add up very quickly. Having this cash benefit can offset some of those costs and greatly reduce the out-of-pocket amount your clients will end up paying.
