Hospital Indemnity insurance

What is hospital indemnity insurance?

Hospital indemnity insurance complements your existing health insurance plan by paying you cash benefits when you’re hospitalized due to covered accidental injury or sickness.

Why hospital indemnity insurance?

The average cost of a hospital stay is nearly $11,000.¹ If you require hospitalization, all your expenses may not be covered by private insurance or Medicare. Out-of-pocket expenses, including deductibles and co-pays, are growing—meaning you may be responsible for more of the hospital bill.

Hospital indemnity insurance plans provide payment in the event of a hospital stay, in addition to any other coverage you receive, including Medicare. As a result, the cash benefits can help reduce any financial stress during your time of need.

Product benefits

Daily hospital stay

Paid per day of inpatient hospital stay for days one through 31 per one period of hospital confinement.²

Intensive care unit

Payable per day of hospital admission in a hospital ICU. Payable only when the daily hospital stay is payable.

Observation room

Payable per day of admission for up to three days per calendar year when you receive certain services in a hospital observation room for at least 12 hours.

Optional rider (offered at an additional cost):

Day one hospital
admission

Paid once per calendar year on the first day you are admitted into the hospital for an inpatient stay.

Emergency room
visit

Payable per visit to an emergency room,³ up to a maximum of two visits per calendar year.

Ambulance
trip

Payable for up to two trips per calendar year to an emergency room only.

Product features

Renewability for life

Your policy will remain in force for life if you pay the required premiums⁴ on time.

Flexibility

Because cash payments are paid directly⁵ to you, you have no restrictions on how you use your benefit payments.

Portability

Allows you to keep your policy, even if you change jobs, move to a new state, retire, or go on Medicare.

How do I know if I’m eligible?

Step one in obtaining hospital indemnity insurance is completing an application. Our underwriters will review your medical history to determine if you’re approved for a plan. Your premium amount will be determined by the amount of insurance coverage you request, your age, tobacco classification and what type of policy you request.

Call (888) 987-9594 or visit get a quote to learn what plan you may be eligible for.

Why Bankers Life?

Simplified application process

Our knowledgeable insurance agents/producers sit down with you to understand your preferences and goals. They’ll provide you with simple, clear choices and help customize a policy that meets your individual needs.

Personalized approach

With a history dating back to 1879, there are some things that never change. At Bankers Life, that means taking a personalized approach to help protect the individuals and families we serve. As you enter and navigate retirement, we will be by your side every step of the way, helping to protect your financial security.

Service you can trust

Our agents/producers live in the communities they serve and travel to your home or business. Our goal is to provide excellent service to every policyholder and make your life easier when it comes to your claims.

Bankers Life is accredited by the Better Business Bureau with an A+ rating as of March 2023, in addition to receiving an A (Excellent) rating by A.M. Best Company for our financial strength.