What is Hospital Indemnity Insurance?

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How to Compare Hospital Indemnity Plans- Even with insurance, hospital bills can be more than the average person can afford. Some people consider hospital indemnity insurance. Call us at iHealthBrokers at 888-410-0344. Our services are 100% FREE
★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:27 What is Hospital Indemnity Insurance
1:12 How Does it Work?
2:12 Is it Right for Me?
3:04 HDHP
6:12 Cost
7:00 Payout
7:13 Waiting Period
7:40 Medigap
8:03 FInal Thoughts
Hospital indemnity insurance is an insurance plan you can purchase in addition to your health insurance plan sponsored by your employer, the government or a private insurer. You pay a monthly premium, just as you do for other insurance, and if you end up spending time in the hospital, you receive a fixed benefit amount directly to you to help cover the expenses. Depending on the plan you purchase, you could use the benefits for your deductible, coinsurance, transportation, medications, rehabilitation or home care costs, as well as some expenses incurred as you recover.
This type of plan doesn’t have deductibles, coinsurance or network restrictions. Generally, a circumstance that would lead to payout would be hospital, intensive care unit (ICU), or critical care unit (CCU) confinement. Depending on the plan you purchase, outpatient procedures, emergency room, ambulance transport and more could be covered.
For example, let’s say you are admitted to the hospital for a sickness. You are in the hospital for 3 days. A hospital indemnity plan may pay:
$1,000 for the hospital admittance
$3,000 for each day in the hospital ($9,000)
You receive a check for $10,000 and use the money to pay for your hospital bills and anything else.
It’s also family-friendly, meaning plans can cover you, your spouse and your children.
Hospital indemnity insurance doesn’t replace your medical insurance. But how do you know if you should purchase this supplemental coverage? Here are a few reasons to consider hospital indemnity insurance:
You have a chronic condition, like heart disease or diabetes, that could lead to hospitalization.
You have an upcoming procedure or surgery where a visit or stay in the hospital could be required.
You’re pregnant or plan on becoming pregnant, and coverage could be provided for any extra days you stay in the hospital after childbirth.
You want extra coverage in case of accidents.
You have a high-deductible health insurance plan.
You want peace of mind for worst-case scenarios.
How Much Does Hospital Indemnity Insurance Cost?
On average, hospital indemnity insurance premiums range from $50 to $400 a month. For the premium you pay, you receive a daily max payout based on the plan you choose. To get a quote most accurate for you and your needs, input your information in the calculators provided on insurance company websites.
If you’re interested in purchasing hospital indemnity insurance, here’s what to consider before selecting a plan for you or your family.
Payment Time
As you compare hospital indemnity insurance plans, find out the payment time for each one. In other words, how long after you’re confined in the hospital do you receive your payout? For example, a plan with MetLife ensures processing claims within 10 business days per hospital stay.
Your plan may have a waiting period, which is how long you have to wait before doing a procedure for the insurance company to pay the claims or reimburse you.
Individual or Family Coverage
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or ihealthbrokers.com/
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26 июл 2024

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Комментарии : 27

@elijahmeza2479 3 дня назад

One of the best explanations of Hospital Indemnity plans

@iHealthBrokers 3 дня назад

Thank you so much for your kind words!

@JulianGonzalez1974 Год назад

Im a Medicare and life agent and a few years ago my wife and I bought a HIP. Last year I spent 18 days in the hospital with COVID. I submitted my claim later that year and my plan paid me $13,600. Later in the year I had a total of 10 nights spread over 3 stays in the hospital due to a different issue. Im in the process of that claim as well. Im only 48 and have always been in good health. Last year was NOT the best for me. Im glad we bought the HIP. As an agent you need to have one as well as all of your clients.

@iHealthBrokers Год назад

Really great feedback! Thanks Julian. You're absolutely right. We can all have an unexpected bad year of health. Speedy recovery to you and best wishes!

@joejessome Год назад

How many times were you vaxed before getting c vid ..?

@tylerturner8893 5 месяцев назад

Question.. my wife just had a c section and our child is still in the NICU (almost 2 weeks now). We both have our own plans. Can we both make claims on our own individual plans for the same thing? We live in Florida.

@ftrkhan Год назад

Thanks for everything you are doing to keep seniors informed. Quick two fold question about drug plans 1. If one medicine is not listed or mentioned in the list and middle of year doctor prescribed it and is expensive 2. If my total medicine cost about $10 to 15 a month what r options available 1.

@iHealthBrokers Год назад

You should be able to check on Medicare.gov to at least see what tier a medication would be on your plan. If you can, always request a generic. They are much less expensive. You may also qualify for the Extra Help program with will help with costs for prescriptions through Medicare Part D. Eligibility it determined by your income. Then there are also State Pharmaceutical Assistance Programs and Pharmaceutical Assistance Programs. These sound similar but they are actually very different. Check out this website to learn more: www.ncoa.org/article/prescription-help-from-states-and-drug-manufacturers I know that is a lot of information, but I hoped it helped!

@Geppetto-xj1td 8 месяцев назад

I have an Indemnity coverage..lets say im hospitalize... do I have to let someone know so the CHECK/MONEY gets sent to me? What triggers the check to be send.

@iHealthBrokers 8 месяцев назад

If the insured files the claim themselves, then the money is sent to them. If they provide their insurance card to the facility, then the money will be sent to the facility. Thanks for your question!

@ItsAlwaysSkorpioSzn Год назад

When marketplace plans say "rewards $$$" in their title what do they mean?

@iHealthBrokers Год назад

There are so many plans to choose from, carriers may try to use flashy titles with buzzwords to attract your attention. Without knowing the specifics of the plan, I couldn't answer your question in more specific terms, unfortunately. If there's a specific plan you are looking at feel free to give us a call at 888-410-344 or email us at support@ihealthbrokers.com. We can take a look at the plan in question and answer your specific questions about the "rewards $$$" or anything else!

@mlebk 4 месяца назад

What if you don’t have traditional insurance coverage, would this hospital indemnity still reimburse for days spent in the hospital during the delivery? Thanks!

@iHealthBrokers 4 месяца назад

A hospital indemnity plan does not require traditional insurance. It pays directly to YOU (not the hospital or provider).

@mlebk 4 месяца назад

@@iHealthBrokers thanks for your reply! Is it possible to get a hospital indemnity if you are currently pregnant and still receive a payout for that pregnancy or would it be considered pre-existing and void of a payout? Thank you

@iHealthBrokers 4 месяца назад

It would be considered a pre-existing condition@@mlebk

@jessicahardison2197 Год назад

would this include going to the hospital for child birth?

@iHealthBrokers Год назад

Hospital Indemnity Plans can be great for expecting mothers! Your regular medical insurance should cover labor and delivery though. Since it sounds like you have a specific need, please work with a broker to ensure you pick a plan that will provide you the coverage (or payout) when you need it. Reading and comparing benefits can be a little confusing and you want to make sure you pick the right plan! If you'd like assistance, please feel free to give us a call at 888-410-0344. We are happy to answer any questions you may have. Best of luck and congratulations!

@phsx2890 Год назад

I have accident insurance supplement plus heart and stroke extra coverage 50k payout

@iHealthBrokers Год назад

Sounds like you have definitely done your research!

@phsx2890 Год назад

@@iHealthBrokers wish it covered more than accidents though. Like indemnity .

@alexfromarchitecable 10 месяцев назад

Some of this information is not correct, many hospital indemnity plans exclude pre-existing chronic condtions as well as pending upcoming surgeries.

@iHealthBrokers 2 месяца назад

Thanks for your feedback!

@Geppetto-xj1td 8 месяцев назад

whats the difference between: CRITICAL ILLNESS COVERAGE and HOSPITAL INDEMNITY COVERAGE

@iHealthBrokers 8 месяцев назад

Great question! They both provide a lump sum but a critical illness plan would payout if you are diagnosed with one of a specific list of critical illnesses (you don't need to be hospitalized). A hospital indemnity plan would pay out if you are hospitalized (but you don't necessarily have to have a critical illness. It could be an injury or surgery). There is a LOT of crossover.