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How hospital indemnity insurance works for you

Staff Writer

February 27, 2020

Medical emergencies are unpredictable and expensive, and your employer health plan, private health insurance or Medicare may only cover a portion of the costs.

When you or a loved one is faced with a hospital stay, your priority should be recovery and rest, not stressing out about hospital bills. Hospital indemnity insurance offers benefits that will help protect your family financially from the high cost of hospital stays.

How does hospital indemnity insurance work? It’s as easy as 1…2…3!

1. THE UNEXPECTED HAPPENS
   Your plans to enjoy the weekend are ruined when intense stomach pain sidelines you.
2. YOU GO TO THE HOSPITAL
   You go to the emergency room and are diagnosed with appendicitis. You will need surgery and will need to stay in the hospital for a couple of days.
3. HOSPITAL INDEMNITY INSURANCE HELPS WHEN YOU NEED IT MOST
   The benefits from your hospital indemnity insurance policy are paid directly to you. You can use the cash for ANY PURPOSE.

Watch here to learn more about how hospital indemnity insurance works:

What are the common costs associated with a hospital stay?

The cash benefits from a hospital indemnity insurance policy can help pay for costs associated with a hospital stay, which could include:

• Deductible—amount paid for covered health care services before your health insurance starts paying benefits.
•  Co-pays—fixed amounts paid for covered health care services after the deductible is met.
• Surprise billing—a common medical billing practice that occurs when someone goes to an in-network hospital, but receives treatment from an out-of-network doctor, surgeon or specialist.
• Hospital parking costs—which can really add up after a several-day hospital stay.
• Lodging—if an out-of-town family member or friend visits to help during recovery.
• Everyday bills and expenses—which don’t stop while you’re out of work due to an injury or illness.
  
  When it’s all said and done, the average hospital stay costs over $10,700!¹
  

How to buy hospital indemnity insurance

Many supplemental insurance carriers offer hospital indemnity insurance, but not all carriers and policies are created equal. Here are some features to look for when shopping around for a policy:

• Portability—This allows you to keep your policy, even if you change jobs, move to a different state, retire or go on Medicare.
• Premiums stay the same—Your rates cannot be increased unless all rates of that kind are raised in your state.
• Guaranteed renewability for life—Your policy is guaranteed renewable as long as you pay the required premiums on time.
• Waiver of premium—This feature waives your premium payments after you’ve been in the hospital for a specified amount of time.

Shop around and find a policy that meets YOUR needs! There are plenty of options available with unique features. If you’re planning a family, some policies even cover pregnancy or childbirth that occurs after a waiting period.

Or if you have pets, you may want to find a policy that offers a pet boarding benefit. With this benefit, you could receive a daily benefit payable for each day you’re confined to a hospital to help cover boarding for a cat or dog in a kennel.

Discover how Washington National can work for you!

Are you ready to learn more about how hospital indemnity insurance can help protect you from the financial impact of a hospital stay? One of our agents is happy to help! Contact us here to get paired with a local Washington National agent.

LIMITED-BENEFIT POLICIES. These policies have limitations and exclusions. For costs and complete details of coverage, contact your agent. Premiums based on the level of coverage selected. Subject to state availability. Underwritten by Washington National Insurance Company.

¹Business Insider, The 35 most expensive reasons you might have to visit a hospital in the US—and how much it costs if you do, http://www.businessinsider.com/most-expensive-health-conditions-hospital-costs-2018-2, March 1, 2018.

IMPORTANT: This is a fixed indemnity policy, NOT health insurance

This fixed indemnity policy may pay you a limited dollar amount if you’re sick or hospitalized. 
You’re still responsible for paying the cost of your care. 

•   The payment you get isn’t based on the size of your medical bill.

•   There might be a limit on how much this policy will pay each year. 

•   This policy isn’t a substitute for comprehensive health insurance. 

•   Since this policy isn’t health insurance, it doesn’t have to include most Federal consumer protections that apply to health insurance.

Looking for comprehensive health insurance?
•   Visit HealthCare.gov or call 1-800-318-2596 (TTY: 1-855-889-4325) to find health coverage options.
•   To find out if you can get health insurance through your job, or a family member’s job, contact the employer. 

Questions about this policy?

• For questions or complaints about this policy, contact your State Department of Insurance. Find their number on the National Association of Insurance Commissioners’ website (naic.org) under “Insurance Departments.”
• If you have this policy through your job, or a family member’s job, contact the employer.