Whether you get your health insurance through your employer or purchase it privately, health insurance coverage provides essential financial protection in case you have a serious sickness or an injury. Even with that, most health insurance only covers a hospital stay to a particular extent.
Even with the widest health insurance, your coverage will be limited. You may still be responsible for paying for the medical expenses your health insurance doesn’t cover, especially if you had a long hospital stay or need specialized treatment. Now, if you find yourself with a huge hospital bill, what can you do? Before you find yourself in this situation, you might want to consider hospital indemnity insurance.
What Is Hospital Indemnity Insurance?
Hospital indemnity insurance is supplemental medical insurance coverage that covers hospital stays. While health insurance covers medical services after deductibles, copays, co-insurance, hospital indemnity insurance can pay a lump sum directly to you to cover your hospital stay, no matter any other health coverage you may have. While there are different hospital indemnity insurance plans, the most common examples of coverage these plans may provide include:
- A fixed coverage for an overnight stay
- A fixed coverage for every night you stay in an intensive care facility
- A fixed coverage for admission to the hospital
The policies may also include other types of coverage. Some policies may even cover certain specified accidents or diseases, but usually, the indemnity policies are purchased separately.
What Does Hospital Indemnity Insurance Cover?
While you can use hospital indemnity insurance however you want, payments are usually tied to certain specific medical services and events. Hospital Indemnity Insurance usually covers:
- General hospital stays
- Critical care unit stay
- Intensive care stays
- Outpatient surgery
- Outpatient X-rays and laboratory services
- Continuous care
- Outpatient diagnostic imaging
- Emergency room visits
- Ambulance services
- Emergency treatment
- Physician office visits
Some hospital indemnity insurance covers critical illnesses such as stroke, heart attack, and cancer, while other hospital indemnity insurance plans allow you to add these benefits for an extra cost.
Is Hospital Indemnity Insurance Right for Me??
Like many supplemental insurance policies, hospital indemnity insurance is usually lower in cost. Hospital indemnity plans are affordable and worth considering if your existing health insurance plan is limited when it comes to a hospital stay. Moreover, the older you get, the higher the chances of hospitalization. And this can offer peace of mind against the unexcepted.
Contact an Agent to Learn More
Interested in learning more about hospital indemnity insurance? Contact Kannonball Insurance. Our experienced insurance agents are here to assist you and work only in your best interest.