What is Hospital or Hospitalization Insurance?
The cost of medical care, especially hospital stays, can quickly add up. Hospitalization insurance, also sometimes called Hospital Insurance, hospital and doctor indemnity or Hospital Indemnity insurance, can help you prepare your budget for unexpected medical costs resulting from a hospital stay.
Why should I purchase hospital insurance?
On top of helping you prepare your budget for the expenses surrounding hospital stays, Hospital Indemnity Insurance has the following benefits:
You don’t have to meet a deductible to receive your benefits
No networks - payment amounts are the same regardless of whether you are in-network1 or out-of-network
Benefit payments are yours to use as you decide
Coverage is available for the entire family
Coverage is renewable until age 65
How do hospital indemnity insurance plans work?
While you have a policy in force and were admitted to a hospital. Submit a claim form and submit it with attached copies of your stay receipts for any covered items (see the plan you choose for details). You are then issued a check or electronic deposit you can use as you see fit. Benefits are paid in a lump sum directly to you, and amounts are fixed and determined by your policy, regardless of the amount of expenses incurred.
1. Submit a claim form with receipts
2. Receive a check to use as you see fit
Hospital indemnity is not ACA minimum essential coverage
This is a supplement to health insurance and is not a substitute for the minimum essential coverage required by the Affordable Care Act (ACA).Think of it as the Sidekick To Your Health Insurance
Can hospital indemnity insurance be used to cover out-of-pocket costs?
Yes, you can use your benefit payment as you see fit. Use it to help cover your household bills, medical insurance deductibles, copayments, and more.
Are benefits paid directly to me or to my health care provider?
Payments will be paid directly to you, not to the doctors, hospitals or other health care providers. You will receive a check, payable to you, for maximum convenience.
I have a good medical plan at work. Why would I need additional coverage for hospital stays?
Staying in the hospital after an accident or illness can be costly. Even quality medical plans can leave you with extra expenses to pay. Costs like plan deductibles, copays for doctor visits and extra costs for out-of-network care can add up fast. Having the financial support you may need when the time comes means less worry for you and your family.
Can I enroll in this insurance without having to take a medical exam?
Yes. If your employer offers hospital indemnity insurance, your acceptance is guaranteed, regardless of your health. You just need to be actively at work for your coverage to be effective
Is there a waiting period before my coverage begins? No. Supplemental Insurance types will be effective on the date of your coverage as long as you are actively at work.
