Everything You Need to Know About Hospital Indemnity Insurance

hospital indemnity insurance

A long-term stay in a hospital could potentially bankrupt the average American in the event of an unforeseen health crisis.

The springtime season arrived and you’ve been feeling great, enjoying the fresh air with your family and friends. Suddenly, your health takes a turn for the worse. Before you know it, you’ve been admitted to the hospital and you find yourself wondering how you’re going to afford an extended hospital stay while you undergo extensive medical testing. According to CNBC, an average of 63% of Americans have been living paycheck-to-paycheck since the coronavirus pandemic hit. A long-term stay in a hospital could potentially bankrupt the average American in the event of an unforeseen health crisis. Here’s everything you need to know about hospital indemnity insurance and how to protect yourself. 

What is Hospital Indemnity Insurance?

Hospital Indemnity insurance can be added to your pre-existing health insurance plan as a voluntary supplemental benefit. Hospital Indemnity insurance allows individuals to claim a set portion of their hospital stay against their ongoing policy, which can financially assist them through costly overnight hospital stays. As a voluntary benefit, individuals can select this benefit as an add-on to their current insurance plan.

What is Covered Under Voluntary Hospital Indemnity Insurance?

Your coverage will vary depending on your health insurance plan and what it offers under the voluntary hospital indemnity insurance benefit. Typically, most hospital indemnity insurance can cover hospital stays, ICU confinement, and CCU confinement. For a higher coverage range under voluntary hospital indemnity insurance, you’ll typically have to pay more out of pocket, which can be costly. If you’re looking for a broader range of hospital indemnity coverage, find a plan covering outpatient surgery and continuous care for complete protection.

Do I Need Hospital Indemnity Insurance?

While you may feel as though you do not need voluntary hospital indemnity insurance, it can be a great add-on to your current health insurance plan to provide additional coverage in the event of a health emergency. By opting for hospital indemnity insurance, you can protect yourself from unexpected financial expenses that may occur when you least expect them. Contact Malden Solutions today for more information!

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Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business.  Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Friday, May 7th, 2021 at 10:57 am. Both comments and pings are currently closed.