An insurance plan for hospitalization due to an injury or critical illness
Are you prepared to pay around $10,400 out of pocket for a 4-to 5-day hospital stay?
The average cost of hospitalization can easily exceed the average major medical deductible amount of $4,328 (2017).
Are you able to pay a $4,000 medical bill in order to reach your deductible and access your major medical plan benefits?
Whether as a stand-alone alternative to major medical hospitalization benefits or to supplement a primary medical plan, a hospital indemnity plan with additional critical illness insurance benefits helps cover the costs associated with being admitted to the hospital when you become sick or injured.
What does Hospital Insurance Cover?
Hospitalization insurance plans generally provide benefits for medical services associated with being hospitalized due to an injury.
Some plans include coverage for critical illness like cancer, heart attact, stroke, major organ transplant, coma, and kidney failure, while others allow you to add these coverages to your plan for an additional cost.
Because these plans are highly customizable, you may also be able to obtainadditional coverage for outpatient services like preventive care and urgent care, and diagnostic (X-rays and lab tests).
Pros and Cons of Short Term Health Plans
Here are a few of the pros and cons to consider when you're thinking about applying for a hospital indemnity + critical illness insurance plan.
Think a hospital indemnity isurance plan may be right for you?
Get an instant quote and select a plan that meets your needs.
Who Should Get Hospital Insurance?
Hospital plans may be beneficial to people who:
How long can you stay on your parent’s plan? Do you really need insurance if you're young and healthy?
Learn the 7 best health insurance options are for young adults and how to decide which one is best for you.
COBRA is not your only option for health insurance if you find yourself unemployed.
Losing your job qualifies you for a special enrollment period for major medical, and there are alternatives like short term health (available year round) as well.
What should you do if you don't get health insurance through your employer?
You may need to purchase major medical coverage on your own, or enroll in an alternative health plan.
Can you buy health insurance that isn’t Obamacare? Yes.
It’s important to note that Obamacare alternatives are not comprehensive health plans and have less coverage than Obamacare plans.
Are you stuck with a high deductible health plan, wondering how to pay for your deductible should you need to use your insurance?
Medical Gap can help by paying a lump sum benefit that can be used towards your HDHP deductible.
How Hospital Insurance Works
Hospital insurance is a “fixed indemnity” plan, meaning you receive a set benefit amount regardless of amount charged for eligible medical expenses from your provider. Fixed indemnity benefits may be paid per day, per week, per month, per visit or per event.
For example, your plan may pay $500 per day for inpatient hospitalization (hospital room and board) and cover one doctor’s visit per day while hospitalized at a rate of $100 per visit. If you are hospitalized for 5 days and see the doctor one time each day, your fixed benefit payment amount will be $3,000 for these services.
A Hospital Plan can help you feel more in control when being admitted to the hospital.
Got More Hospital Insurance Questions?
Some policies have no yearly or lifetime limit while others do include limits. Generally, as long as you continue to pay your monthly premium, you will receive a fixed benefit amount for any eligible expenses you incur. Check any policy you are considering for full details.
There is no annual enrollment period for hospital insurance, so you may apply for coverage at any time. The application process can take just a few minutes to complete, and if you are approved for coverage, your policy can take effect as soon as you pay your first premium. Get an instant hospital insurance quote to compare different plan options that may meet your needs.
Also known as hospital insurance or hospitalization insurance, this type of indemnity plan typically provides a “fixed” or set benefit amount for costs you may incur when you are hospitalized due to an injury or condition covered by your policy. Hospital insurance is not available in every state. In some states, you are required to have an Affordable Care Act (ACA)-compliant major medical plan before you can enroll in a hospital insurance plan.
How Much Does Hospital Insurance Cost?
Hospital plan premiums vary depending on the benefit level selected.
Plans can range from $50 per month to over $400 depending on your age, health and the level of coverage and any additional benefits you opt for.
It’s important to read and understand the coverages and benefits included in any plans you’re considering in order to know if the plan makes sense for you and your budget.
Ready to apply for a Hospital Indemnity Health Plan?