Plus, there are other costs to consider that can affect you financially, like childcare when you're in the hospital and recovering at home, transportation costs if you can't drive, additional healthcare needs like physical rehabilitation, and even grocery and food delivery costs. Although health insurance may cover a portion of hospital bills, it may not cover an entire stay. It's a smart step in financial planningĮven the savviest of budgeters can run into unforeseen expenses. As long as you continue making your premium payments - and your employer doesn’t terminate the group policy - you’ll be covered whenever you might need to use it. You may be able to take your benefits with you if you change jobsĪlthough most hospital indemnity coverage plans are provided through an employer, you can often take your plan with you if your employment status changes. It’s an easy way to ensure you’ll have extra financial protection in the case of a hospital stay, without the added stress of remembering to make monthly payments. This means you never have to worry about missing a payment or having your policy lapse. Insurance premiums are also often handled directly through payroll deductions if the policy is provided by your employer. Unlike other insurance policies that may involve a medical screening, hospital indemnity insurance is typically a voluntary benefit that’s guaranteed without the need for a medical exam or health questionnaire. Coverage is typically guaranteed, and payments are easy Once the money is in your possession, it’s entirely up to you how you spend it. You can use these funds in any way that might help you and your family with both unexpected and planned expenses.įor example, you might need it for food deliveries, childcare, hospital co-pays, or other essential bills. When you make a qualifying claim on your hospital indemnity insurance policy, you receive a payment from your plan that’s paid directly to you. You can use the benefit payment as you see fit Plus, paying a monthly premium that's deducted from your paycheck can make financial planning easier than you think.Ĭonsider the following four advantages of hospital indemnity insurance: 1. Hospital indemnity insurance can offer financial support to you or your family for an unforeseen large expense or during an emergency and help keep your family's finances on track. What are the benefits of hospital indemnity insurance? Lodging or transportation costs (if you need to travel for care).Here are a few expenses you might want to use it for: Payments from a hospital indemnity plan can cover costs from an extended hospital stay, transportation to and from follow-up appointments, and more. What can hospital indemnity insurance be used for? Hospital indemnity insurance can help cover these unforeseen costs and provide some financial relief. These costs can add up quickly and may negatively impact a tight household budget. The average cost of a three-day hospital stay is around $30,000. We may also underestimate how expensive it is. It's easy to be caught off guard by the variety of hospitalization-related expenses that aren't covered by medical insurance - from co-pays and deductibles to groceries and childcare. Who may need hospital indemnity insurance? Once the money is in your hands, you can spend it however you see fit. Hospital indemnity insurance is a supplemental insurance offering that pays directly to the insured person, not to medical providers, for covered occurrences. This is where hospital indemnity insurance may help, by giving you a payment to help cover expenses that result from a hospital visit and unexpected emergencies. Even a quick trip to the hospital can result in unexpected expenses that your existing health coverage may or may not cover.
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