The Benefit of Hospital Indemnity Plans

Although healthcare coverage does pay for some of the hospital stay, it often times does not pay nearly the entire cost, leaving you with some high out of pocket costs. Many people are forced to take money from their savings or retirement to help with these hospital bills.

Hospital stays can be expensive and unfortunately the cost rises year after year. But luckily there is a solution to the rising cost of hospital stays.

Have you ever heard of a Hospital Indemnity plan?

Most people have not, but they should look into it. A hospital indemnity policy is a type of insurance plan to help cover your portion of a hospital stay. These policies are not intended to be stand-alone healthcare coverage, rather they supplement your healthcare.

Better yet, they pay you DIRECTLY!

Healthcare coverage pays hospitals and physicians directly for the Medicare services after copays, co-insurance or deductibles are met, whereas hospital indemnity policies pay the policyholder directly, meaning a check is sent to your home.

There are many options when choosing and designing a hospital indemnity plan. Hospital Indemnity policies provide coverage in the event of a hospitalization; however, many offer additional coverage for critical care such as heart attack or stroke or even a lump sum payout to you if you get cancer. Cost for a hospital indemnity plan will vary depending on how the plan is designed but plans can start for as little as $20/month.

Most people we meet with say they did not work for their retirement just for it to go to out of pocket costs that their healthcare coverage does not cover. And statistically speaking, the older we get, the more likely hospital stays become.