Hospital Indemnity
With hospital indemnity insurance, you’re covered for any emergency health payment situations. You won’t have to worry in case of a financial crisis.
What is Hospital Indemnity Insurance?
Now that you have an idea of what hospital indemnity insurance is, you should also know what it isn’t. After all, if you are considering the policy, you need to know what you are and are not getting with it.
The most important thing to remember is that it is not a standalone policy. It supplements the coverage you already have. Let’s say you go to the hospital without an indemnity policy. Let’s also say this is your first visit that year.
That means that you will not only have out-of-pocket costs not covered by insurance but a deductible as well. If you weren’t prepared for this situation (and in the case of an emergency, you likely aren’t), you would have to find a way to cover all of it on your own.
In some cases, you may do just fine. In others, the unexpected cost can really hurt you. If you had a hospital indemnity policy, you could use the money it gives you to go towards those cost-sharing fees and/or your deductible. You could not use it if you did not have a health insurance policy in the first place.
What It’s Not
Now that you have an idea of what hospital indemnity insurance is, you should also know what it isn’t. After all, if you are considering the policy, you need to know what you are and are not getting with it.
The most important thing to remember is that it is not a standalone policy. It supplements the coverage you already have. Let’s say you go to the hospital without an indemnity policy. Let’s also say this is your first visit that year.
That means that you will not only have out-of-pocket costs not covered by insurance but a deductible as well. If you weren’t prepared for this situation (and in the case of an emergency, you likely aren’t), you would have to find a way to cover all of it on your own.
In some cases, you may do just fine. In others, the unexpected cost can really hurt you. If you had a hospital indemnity policy, you could use the money it gives you to go towards those cost-sharing fees and/or your deductible. You could not use it if you did not have a health insurance policy in the first place.
What It Costs
A premium is a monthly fee you have to pay to keep your insurance coverage. Hospital indemnity insurance supplements your regular health insurance, but you still must pay a separate premium for it. It can be anywhere from $7 to more than $460 a month.
How much you’ll pay depends on a few factors. First, how much coverage you purchase — the more your policy provides you with, the more you’ll have to pay. If you anticipate frequent hospital visits, it is well worth it to purchase a larger plan.
Other factors are out of your control but still influence your premium. For instance, the state you live in may alter it from the average. If you use tobacco, or you are older, you’ll pay more. Every family member you add to the plan will also increase the price, as well as any outstanding health issues if your policy does medical underwriting.
Need Hospital Indemnity? Call Affordacare Insurance
Hospital indemnity insurance is an excellent way to feel secure in your coverage. But is it right for you? What about your other insurance options? Get the unbiased, real advice you need from Affordacare Insurance.
