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Hospital Indemnity Insurance
What is Hospital Indemnity insurance?
Hospital stays are expensive. From room charges, lab work and pharmacy fees, to medical supplies, imaging fees – such as CAT scans and EKGs, and nursing care, the cost of anything not covered by your primary insurance is your personal responsibility.
When you are hospitalized, hospital indemnity insurance pays you cash benefits that you can use in any way you see fit. The benefits are paid directly to you unless you assign them to be paid to the provider. The plans are designed to pay a specified amount each day you are hospitalized and help cover many of the out-of-pocket expenses that are not covered by your primary health insurance like coinsurance, deductibles and private room charges.
What else can Hospital Indemnity insurance be used for?
We tend to think of expenses related to treatment when we think of a hospital stay. However, there are also many costs unrelated to treatment that can quickly add up such as an in-room TV, expenses for travel and lodging for family members who want to be close by, parking and meals, medicine, and specialists or consultants. The list goes on. The benefits from hospital indemnity insurance can be used to help offset these expenses in addition to everyday living expenses that don’t stop just because you are in the hospital. These can include utility bills, childcare, pet care and other incidentals.
The Hospital Confinement Benefit* pays you money for each day you are confined to a hospital for a covered sickness or injury.
The Hospital Admission Benefit pays in addition to your hospital confinement benefit. You will be paid a lump sum benefit when you are admitted to a hospital for a stay of at least one day.
The Intensive Care Benefit pays you a daily benefit if you admitted to the intensive care unit of a hospital.
The Ambulance Benefit helps to cover those expensive transportation charges. This benefit is paid when you are transported to or from a hospital, or transported from a hospital to a rehabilitation facility.
If you require same day or outpatient surgery, the Same Day Surgery Benefit will pay you a daily benefit equal to your hospital confinement benefit.
If you require rehabilitation following your confinement of at least one day, the Rehabilitation Facility Confinement will pay you a daily benefit for your treatment in a covered facility.
Policy Form Series SLAHI10 may not be available in all states. The policy has exclusions and limitations. Benefits may vary by state.
*Hospital does not include certain facilities such as nursing homes, convalescent homes or extended care facilities.