Unexpected costs could incur during a hospital stay that are not covered by your Medicare plan. In the insurance world we refer to these costs as "coverage gaps". Luckily, you do have options to fill the gaps! One option is to obtain additional coverage through a supplemental plan called Hospital Indemnity Insurance. When you combine your MA plan with Hospital Indemnity, you are giving yourself security and peace of mind to know you are covered - no matter what you may encounter.
What is Hospital Indemnity Insurance?
Hospital Indemnity Insurance describes itself! It is a supplemental insurance plan that can help relieve you from out of pocket costs acquired during a hospital stay.
It's important to note that Hospital Indemnity Insurance IS NOT a substitute for traditional medical insurance. The purpose of this plan is to provide policyholders with fixed cash benefits upon hospitalization.*
*benefits are directly paid to policyholders
What can I use Cash Benefits for?
Your benefit amount depends on your plan and length of your hospital stay. Funds can be used for any expenses related to your stay that are not covered by your primary health insurance, whether medical or not.
Medical Costs Include:
- Copays
- Deductibles
- Coinsurance
- Hospital Bills
Non-Medical Costs Include:
- Childcare
- Groceries
- Lodging
- Travel
Who Might Benefit from a Hospital Indemnity Plan?
While it's impossible to know who may need hospital care, there are some circumstances that would indicate a person might benefit from this type of plan, including individuals:
- With high-deductible health plans
- Who are planning a medical procedure
- Who are pregnant or planning to be
- Who participate in a high risk sport
- Who may need childcare, travel or housing during a hospital stay
- Who have chronic conditions
Is Hospital Indemnity Right for You?
If you're considering whether you should pair Hospital Indemnity with your current Medicare Plan, ask yourself:
"If I were to be hospitalized, have health issues or need surgery, can I afford to pay the out-of-pocket costs?"
If the answer is no, then it's time to consider Hospital Indemnity.
You can read more about Hospital Indemnity here....and as always, your Tidewater team is available to discuss coverage options at 888-622-9122.