What is Hospital Indemnity Insurance?

How to Compare Hospital Indemnity Plans- Even with insurance, hospital bills can be more than the average person can afford. Some people consider hospital indemnity insurance. Call us at iHealthBrokers at 888-410-0344. Our services are 100% FREE

★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:27 What is Hospital Indemnity Insurance
1:12 How Does it Work?
2:12 Is it Right for Me?
3:04 HDHP
6:12 Cost
7:00 Payout
7:13 Waiting Period
7:40 Medigap
8:03 FInal Thoughts

Hospital indemnity insurance is an insurance plan you can purchase in addition to your health insurance plan sponsored by your employer, the government or a private insurer. You pay a monthly premium, just as you do for other insurance, and if you end up spending time in the hospital, you receive a fixed benefit amount directly to you to help cover the expenses. Depending on the plan you purchase, you could use the benefits for your deductible, coinsurance, transportation, medications, rehabilitation or home care costs, as well as some expenses incurred as you recover.

This type of plan doesn’t have deductibles, coinsurance or network restrictions. Generally, a circumstance that would lead to payout would be hospital, intensive care unit (ICU), or critical care unit (CCU) confinement. Depending on the plan you purchase, outpatient procedures, emergency room, ambulance transport and more could be covered.

For example, let’s say you are admitted to the hospital for a sickness. You are in the hospital for 3 days. A hospital indemnity plan may pay:
$1,000 for the hospital admittance
$3,000 for each day in the hospital ($9,000)
You receive a check for $10,000 and use the money to pay for your hospital bills and anything else.

It’s also family-friendly, meaning plans can cover you, your spouse and your children.

Hospital indemnity insurance doesn’t replace your medical insurance. But how do you know if you should purchase this supplemental coverage? Here are a few reasons to consider hospital indemnity insurance:
You have a chronic condition, like heart disease or diabetes, that could lead to hospitalization.
You have an upcoming procedure or surgery where a visit or stay in the hospital could be required.
You’re pregnant or plan on becoming pregnant, and coverage could be provided for any extra days you stay in the hospital after childbirth.
You want extra coverage in case of accidents.
You have a high-deductible health insurance plan.
You want peace of mind for worst-case scenarios.
How Much Does Hospital Indemnity Insurance Cost?

On average, hospital indemnity insurance premiums range from $50 to $400 a month. For the premium you pay, you receive a daily max payout based on the plan you choose. To get a quote most accurate for you and your needs, input your information in the calculators provided on insurance company websites.
If you’re interested in purchasing hospital indemnity insurance, here’s what to consider before selecting a plan for you or your family.
Payment Time
As you compare hospital indemnity insurance plans, find out the payment time for each one. In other words, how long after you’re confined in the hospital do you receive your payout? For example, a plan with MetLife ensures processing claims within 10 business days per hospital stay.
Your plan may have a waiting period, which is how long you have to wait before doing a procedure for the insurance company to pay the claims or reimburse you.
Individual or Family Coverage


If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or https://ihealthbrokers.com/


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