Quotes for Hospital Indemnity Insurance

What exactly is hospital indemnity insurance?

Hospital indemnity insurance (also referred to as supplemental hospitalization insurance or health insurance liability insurance, health care indemnity, medical benefit indemnity, fixed liability insurance medical insurance, liability insurance medical plan, or medical benefit indemnity insurance)is a policy for individuals and families that pays a predetermined amount of money when you receive covered medical services.

It is principally money that you can use to help cover the expenses or lost income if you have a covered healthcare emergent situation or illness.

Because the benefit is spent to you directly, it can also be used to pay bills such as the mortgage, childcare, or whatever other expenses you have. It is best utilized as an adjunct to a comprehensive medical health plan. In addition to financial security, the low-cost plans we provide include non-insurance healthcare services such as telemedicine access and prescription drug discounts to assist bridge coverage gaps. Many purchasers of hospital indemnity insurance policies state that the fundamental value of the plans is the freedom to use the plan payouts as they see fit. The benefit can be used to offset your deductible or missed wages while you were ill. The bottom line is that it is entirely up to you how you use it.

Major medical insurance vs. a fixed indemnity plan

Obamacare
Hospital indemnity insurance is not the same as most consumers' short-term medical insurance or Obamacare health plans. The vast majority of health benefit liability insurance policies offer first-dollar benefits. That is, there are usually no deductibles, coinsurance, or prescription costs that must be paid before the insurance provider will begin paying for healthcare treatments. The insurance company begins paying for your first service straight immediately, allowing you to avoid having to delve into your bank or savings account for healthcare-related charges. Indemnity insurance supplements, not replace, major medical insurance.

How can I compare hospital payment plans?

You should shop for healthcare coverage based on your medical needs, the insurance plan's benefits plus monthly rates, and the cost-sharing requirements, just like you would for any other type of insurance. The following are the most important plan benefits to look for in a hospital insurance indemnity quote (which include emergency care services):

• Sickness coverage: With hospital indemnity insurance, you have reimbursed a monetary sum for a certain number of doctor's office visits during each coverage term.

• Accidental injury coverage: Examine the plan's coverage for accidents that result in an injury that necessitates medical care in a hospital or by ground transportation to the emergency room.

• Critical sickness coverage: Find out what the plan will pay for if you are diagnosed with a covered critical condition, such as a new cancer diagnosis or a heart attack.

• Telemedicine: Does the plan include access to healthcare providers by phone or the internet 24 hours a day, seven days a week? Many hospital indemnity plans offer, and the service can help you save even more money by allowing you to get medical care from the comfort of your own home.

• Reductions on pharmaceuticals: Does the plan offer discounts on the retail price of medications? Is your community serviced by a network of participating pharmacies? If you take general maintenance medications, particularly generic medications, you may be able to save a few bucks by enrolling in an Rx discount prescription program.

If you have any questions about whether a health benefit indemnity insurance plan is correct for you, talk with a professional health insurance adviser.

Is hospital indemnity insurance required?

It all depends on your situation! The fact that often hospital indemnity insurance policies do not even have a deductible or coinsurance is a significant benefit: you receive immediate assistance with medical-related expenses from the start. If your doctor or facility costs more than the fixed amount covered by your major medical insurance, you must pay the difference. An indemnity plan can assist bridge that financial gap. If it sounds appealing, perhaps you do require one!

Because you gain additional financial relief from medical expenditures, this form of affordable supplemental coverage is well-suited for individuals and families with lesser incomes or who do not have a large sum of money set aside for a rainy day Only 40% of Americans have $1,000 set aside for an unexpected medical expense, according to Bankrate. Medical bankruptcy accounts for 66.5 percent of all bankruptcies filed each year. That means that over 530,000 Americans file for medical bankruptcy during a year, which is a staggering amount given the stressful circumstances that led to the consequence.

Is it a good idea to purchase hospital indemnity insurance?

Individuals that could be interested in indemnity plan insurance include:

• Someone who has a larger deductible on their health insurance plan

• Someone seeking the convenience of direct payments for benefits.

• Individuals who have an Obamacare Bronze plan (the most affordable plan available) who desire supplementary coverage for additional charges may spend at the doctor's office or in the hospital.

What is hospital indemnity insurance and how does it work?

Hospital indemnity insurance plans are so named because they supplement important medical hospital benefits in the event of an emergency. Hospitalization insurance policies are intended to give financial assistance for expenditures that may be incurred during an in-patient hospital stay. Fixed payments for services such as these can be included as benefits.

• Hospitalization coverage is a key feature of hospital indemnity insurance. If you have an in-patient hospital stay, the plan will pay a specific dollar amount for the covered service regardless of why you are there (Pre-existing circumstances are not covered in the first year, but unexpected injury issues or new illnesses are).

• Access to emergency rooms: Whether or whether you need to check into the hospital, you will almost certainly begin in the ER. In 2016, around 42.2 million people visited the emergency room. On most plan levels, hospital indemnity insurance considers this a hospital expense and covers the charge with a flat dollar amount (but check to see if it's a covered benefit based on the tier level you choose).

• ICU room coverage: While no one wants to wind up in a critical condition in the ICU, life may be unpredictable. Because this is a hospital charge, fixed indemnity health insurance covers a predetermined dollar amount for ICU stays up to a certain number of days (but check to see if it is a covered benefit based on the tier level you purchase).

• Ground or air ambulance coverage: Ground or air ambulance transportation to a hospital is considered a hospital expense and is normally covered under most hospital indemnity plans (but check to see if it is a covered benefit according to the tier level you purchase). There is normally a limit of one transportation ride per policy term if the benefit is covered.

• Surgery coverage, both inpatient and outpatient: Surgery is an important aspect of any hospital stay. Every year, around 250,000 people undergo appendectomy surgery, which removes a diseased appendix. However, the surgery will set you back thousands of dollars. With hospital indemnity insurance, a lump sum of money is paid to help offset the risk of a large medical cost.

• Inpatient and outpatient anesthetic coverage: If you have traditional, permanent health insurance, anesthesia can result in a large "surprise payment" from a hospital. Many times, even if a patient goes to an in-network hospital and sees an in-network surgeon, the anesthesiologist is out of network, resulting in a large surprise cost for out-of-network treatments. Because there is no network, the fixed-rate remains the same regardless of where you obtain medical treatment.

• Advanced diagnostic, X-rays, and laboratory tests: Whether you have testing done in-hospital or go for a lower-cost outpatient imaging clinic, X-rays and labs are deemed an essential hospital expense and have a fixed dollar amount built-in as part of this indemnity insurance coverage.

A set number of doctor office visits each coverage period is also covered in most fixed indemnity health insurance policies, as is a one-time wellness office check on some plans.

Can I keep my doctor if I have an indemnity plan?

The absence of network requirements is the last benefit of hospital indemnity insurance. You are not bound to a network of contracted doctors when you have an open, all-access agreement. You don't have to worry about integrating your indemnity plan with the network of your major medical plan. A hospital indemnity plan's fixed dollar amount per service structure allows you to use the money to pay medical expenses or other bills incurred as a result of sickness or accident. The funds are yours to retain and spend as you see appropriate.

Hospital indemnity insurance plans are not major medical insurance, and they do not offer the ten basic health benefits that Obamacare plans must include. They are intended to augment major medical insurance and provide additional protection. If you believe they are appropriate for your case, obtain an online quotation right away!