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What’s a Hospital Indemnity Plan and is it Right for You?

According to a recent study, even though more people are insured than before the law went into effect, the Affordable Care Act (ACA) has not reduced the number of people filing for bankruptcy tied to medical issues. In fact,“medical bankruptcies” rose slightly after the ACA went info effect, from 66.5% to 66.7%.

So what gives? The ACA was supposed to help more people gain access to affordable healthcare, right? The study researchers attribute the problem to “inadequate healthcare insurance,"] meaning that the qualifying health coverage most people can afford or that their employers provide still leaves them exposed to high out-of-pocket costs.

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Articles of Interest

Hospital indemnity maintains its momentum

As healthcare costs continue to rise, and employers pay more attention to the financial wellness needs of their employees, the future of hospital indemnity looks promising.

What does Hospital Indemnity insurance cover — and other questions answered

When you’re researching supplemental health insurance options, you may find yourself asking questions like, “Does it cover X?” or “Does it pair well with Medicare?” And if you come upon cost-share plans like Hospital Indemnity insurance, you may just wonder “Is it worth it?” We’ve gathered answers to the most common Hospital Indemnity questions so you can enter a discussion with your agent feeling well-informed and ready to customize a plan that promotes your financial well-being.

Hospital Indemnity Insurance -- Too Good to be True?

So then with this insurance, I calculate I will make money if I land myself in the hospital more often than once every 5 years, based solely on the initial payout. increase that to once every 6 years if I assume I will be hospitalized at my org's hospitals (pretty safe assumption). On the flip side, if someone was hospitalized 8 times in a year they would make out with $7800. Am I missing something, or is this absurd not to take?

What Is Hospital Indemnity Insurance?

Hospital indemnity insurance provides a payout to you based on circumstances related to hospitalization or other specific health care services. Typical health insurance has specifications on covered services whereas hospital indemnity insurance can be distributed in whatever way you need. This type of plan doesn’t have deductibles, coinsurance or network restrictions.

Resources

4 Facts You Need to Know About Hospital Indemnity Insurance

No one ever accused a hospital indemnity plan of breaking his piggy bank, but many take solace from the knowledge that while unexpected admittances may temporarily cut into personal cash flow, their indemnity plans are there to help to stanch the bleeding.