“Expect the unexpected” is a familiar mantra. Why? Because life has a habit of throwing you a curve ball every once in a while. When that surprise comes in the form of an unexpected accident requiring a hospital stay, you and your family are hit with a double-whammy. Because not only are you concerned about getting better, you’re also worried about the financial impact of this hospitalization on your family.
There’s reason for this concern: Hospital stays are expensive with the average inpatient hospital stay in the U.S. costing $2,883 per day.1
And unfortunately, hospital stays are more common than you might think. Over 34 million people are admitted to U.S. hospitals each year.2
Fortunately, hospital indemnity insurance is here to help, offering a way to help buffer the costly effect of hospitalization on your family.
What is hospital indemnity insurance?
Hospital indemnity insurance is a form of supplemental health insurance that can pay you direct cash benefits when you’re hospitalized due to a covered accidental injury or illness. Hospital indemnity insurance isn’t meant to replace your primary health insurance or Medicare. Instead, it’s a complement to this coverage and pays regardless of your current plan.
Why get hospital indemnity insurance?
Because hospital indemnity insurance pays cash benefits directly to you, not to doctors or hospitals, you can use the money for any need. Here are a few ways you may use your benefits:
- Insurance shortfalls: deductibles, coinsurance, co-payments, benefit limitations
- Living expenses: house payments, utilities, groceries
- Special expenses: transportation, lodging, family care, special diets
- Loss of income: if you or your spouse are unable to work, or if you’re caring for another family member
Hospital indemnity insurance can lessen your financial stress in the event of hospitalization and help you focus more on your recovery.
How does it work?
Hospital indemnity insurance coverage is simple and easy to use! Here’s how it works:
- You wake up one morning with some troubling symptoms: nausea, chest pressure, lightheadedness and shortness of breath.
- You go to the emergency room, and they admit you with a heart attack. You’ll need to stay at the hospital for a couple days.
- You file a hospital indemnity insurance claim, and your policy pays cash benefits directly to you. You use the money to help cover your health insurance deductible, your coinsurance and your household bills while you recover.
What types of coverage options are available?
Depending on the policy and options you select, coverage could include a daily hospital stay, day one hospital admission, intensive care unit, emergency room visits and ambulance trips, among other choices.
We’re here for you.
Hospital indemnity insurance is a great complement to Medicare plans, Affordable Care Act plans and high-deducible health plans. Are you ready to learn more? Read about what hospital insurance can do for you or talk to a Bankers Life agent to learn more.
1Kaiser Family Foundation, Hospital Adjusted Expenses per Inpatient Day, https://www.kff.org/health-costs/state-indicator/expenses-per-inpatient-day/?currentTimeframe=0&sortModel=%7B%22colId%22:%22Location%22,%22sort%22:%22asc%22%7D, 2021.
2American Hospital Association, Fast Facts on U.S. Hospitals 2023, https://www.aha.org/statistics/fast-facts-us-hospitals, 2023.
Everything you need for the life of your retirement
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.
