Extra Financial Protection When a Hospital Stay Happens
Even with health insurance or Medicare coverage, a hospital stay can still leave you with unexpected out-of-pocket costs.
Depending on your coverage, you could be responsible for deductibles, copayments, coinsurance, or other expenses.
Hospital indemnity insurance is supplemental coverage designed to help with those costs by paying cash benefits when you experience certain covered hospital services.
At Senior Savings Network, we can help you understand how hospital indemnity coverage works and whether it makes sense alongside your current health insurance.
LEARN ABOUT HOSPITAL INDEMNITY COVERAGE
Hospital indemnity insurance is a type of supplemental insurance.
Instead of paying the hospital based on the total cost of your medical bill, the policy generally pays a set cash benefit when you receive covered services.
Depending on the policy, benefits may be available for things such as:
Benefits, limitations, and eligibility vary by policy.
Let's say your primary health insurance requires you to pay a copayment when you're admitted to the hospital.
If you also have a hospital indemnity policy and the hospital stay qualifies for benefits, the policy may pay you a predetermined amount.
That money can help offset the expenses your primary insurance doesn't pay.
Depending on the policy, benefits are generally paid directly to you unless otherwise assigned.
That gives you flexibility to use the money where it's needed.
Hospital indemnity benefits can help with expenses such as:
The benefit isn't designed to replace your health insurance.
It's designed to provide an additional layer of financial protection.
Hospital indemnity coverage can be particularly useful for some people enrolled in Medicare Advantage.
Medicare Advantage plans often require members to pay copayments or coinsurance when they use certain medical services.
For example, your plan may have cost sharing for:
A hospital indemnity plan may provide benefits that help offset some of those expenses, depending on the coverage you select.
Your Medicare Advantage plan remains your primary health coverage.
The hospital indemnity policy simply provides additional benefits when a covered event occurs.
No.
Hospital indemnity insurance is supplemental coverage, not comprehensive medical insurance.
It generally does not replace:
Instead, it works alongside your primary coverage to help protect your budget from certain out-of-pocket expenses.
It depends on your current insurance and how much financial risk you're comfortable taking on.
You may want to consider hospital indemnity coverage if:
The most important thing is to understand what your primary insurance already covers and where you could still have financial exposure.
Hospital indemnity insurance can be a useful addition to the right health plan, but benefits and coverage vary.
Senior Savings Network can help you understand your current coverage, identify potential out-of-pocket costs, and review hospital indemnity options we offer.
Our help costs you nothing.
Call Senior Savings Network at 1-800-729-9590.
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