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Hospital Indemnity Insurance
Hospital Indemnity Insurance
Hospital Indemnity insurance provides a range of fixed, lump-sum daily benefits to help cover costs associated with a hospital admission and hospital confinement. These benefits are paid directly to the insured following a hospitalization that meets the criteria for benefit payment.
Plan Summary
Hospital Indemnity Insurance
Highlights
Coverage is Guaranteed
Guarantee issue means you can elect coverage without having your current or past medical history taken into account nor will you have to submit an Evidence of Insurability form. Please refer to your policy for more information.
Portability
Portability allows you to continue your coverage without going through Evidence of Insurability.
Nursery Care Benefits
Routine well baby care is provided to an insured person’s newborn baby while the baby is confined in the hospital from birth.
No Pre-Existing Condition Limitations
Why Hospital Indemnity Insurance?
Example – For Illustrative Purposes Only
Hospital Indemnity Insurance Example
| Example of Out-of-Pocket Expenses | |
|---|---|
| Deductible | $2,000 |
| Co-pay | $750 |
| Misc. | $550 |
| Total Expenses | $3,300 |
| Hospital Indemnity Benefit | |
|---|---|
| Hospital Admission Benefit | $1,000 |
| Daily Confinement | $300 |
| Nursery Admission/Confinement | $800 |
| Total Benefit Paid | $2,100 |
Julio and Maria knew they would be starting a family so Maria was sure to elect Hospital Indemnity insurance during her open enrollment. 10 months later the happy couple welcomed Alexander into the world. Because Maria elected the Hospital Indemnity plan, they received a check for $2,100 to help pay towards their out of pocket expenses of $3,300.
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Frequently Asked Questions
How do I qualify for the Hospital Indemnity Insurance?
As long as you are actively at work and meet your employers eligibility requirements, you can elect the coverage. The Hospital Indemnity does not have a waiting period or pre-existing condition limitation.
What is Hospital Indemnity Insurance?
Hospital Indemnity Insurance pays a daily benefit if you have a covered stay in a hospital or intensive care unit, on or after your coverage effective date. The benefit amount is determined based on the type of stay and the number of days you stay.
Does this replace my major medical insurance?
No. Hospital Indemnity Insurance is a limited benefit policy. This is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act.
What does Hospital Indemnity cover?
Hospital Indemnity plans pay a set benefit for confinement, admission, and services rendered when admitted to the hospital.