Hospital Indemnity Insurance
If you already have a health insurance policy, you're aware of the importance of protecting yourself with health insurance coverage. However, what many health insurance policyholders don't realize is that their standard health insurance policy won't cover all of the costs associated with a stay in the hospital. Considering the fact that recent statistics show that one in three people will require a stay in the hospital, it's scary to think that you may not be as covered as you think. Fortunately, there is an option that will provide you with full coverage during a stay in the hospital. Hospital indemnity insurance can provide you with the additional level of protection that you need. The great thing about hospital indemnity coverage is it's designed and priced to work with your current policy. Just think of it as the caulk that will fill in the one major gap in your current health insurance policy.
A major strength of hospital indemnity insurance is that it will cover many costs that you probably haven't even thought about. During a hospital stay, your family members will need transportation to see you while you are in the hospital. While you will be provided with meals by the nursing staff, your family members will have to take care of their own meals. Your hospital indemnity insurance will help cover the cost of their transportation and meals. Because you will be incapacitated, you won't be able to take care of your kids like you normally do. This type of indemnity insurance will help you cover the cost of using child care. Although being in the hospital will inhibit your ability to work, this insurance can provide you with assistance for that cost as well. When you look at everything this kind of insurance has to offer, it's easy to see that the cash benefits are quite extensive,
In addition to the wide range of costs that this insurance covers, it can provide you with additional advantages. With a hospital indemnity insurance plan, you won't have to worry about paying a deductible. Because a high percentage of hospital visits last five days or less, you will receive increased coverage during your first five days. If you have to spend time in ICU, you will receive an even higher level of coverage. A hospital indemnity plan also doesn't tie you down to specific healthcare providers. Instead, you will be covered regardless of where you receive treatment. And unlike a health insurance plan that is tied to a job, you will own your hospital indemnity policy. Therefore, even if you change jobs, you will continue to receive the same coverage from this policy.
The way this type of policy works is that if you have to go to the hospital, it will provide you with a fixed amount of coverage for each day you are in the hospital. Depending on the policy, this coverage can last up to a full two years. You can also choose what kind of hospital indemnity insurance plan you want. The available options range from basic coverage that just provides for hospitalization to extensive coverage that also covers ambulance, diagnostic and outpatient surgery costs.
If you decide that you want to protect yourself with a hospital indemnity insurance plan, there are several considerations you need to evaluate before selecting your policy. The first consideration is the amount of the daily payment that you will receive. You will also want to choose a plan that directly pays you each day instead of paying the hospital. Finally, make sure that the coverage provided by your policy begins on the first day that you are hospitalized.