IMPORTANT: This is a fixed indemnity policy, NOT 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.
Hospital indemnity insurance
Be prepared John is hospitalized after a heart attack, and has to cover the cost of five days as an inpatient.
Hospital indemnity insurance can cover some of the cost associated with a hospital stay, letting you focus on recovery. Being hospitalized for illness or injury can happen to anyone, at any time. While medical insurance may cover hospital bills, it may not cover all the costs associated with a hospital stay. That’s where hospital indemnity coverage can help. Who is it for? Hospital indemnity insurance is for people whoneed helpcovering the costs associated with a hospital stay if they suddenly become sick orinjured. What does it cover? If you are admitted to a hospital for a covered sickness or injury, you’ll receive payments that can be used to cover all sorts of costs, including: • Deductibles and co-pays.
Average heart attack hospitalization expense: $53,000
Average Major Medical deductible: $1,500 Major Medical covers 80% of the cost after the deductible is met, but John’s still responsible for 20%: $10,300. Total out-of-pocket amount for John (deductible + coinsurance): $11,800. John’s Guardian Hospital Indemnity policy pays him $1,000 for hospital admission. The policy gives him a total payment of $1,000 to help cover the out-of- pocket amount.
• Travel to and from the hospital for treatment. • Childcare service assistance while recovering.
Why should I consider it? Health coverage is becoming more expensive, with higher co-pays, premiums, and deductibles. Hospital indemnity insurance canhelp pay for out-of-pocket costs associated with being hospitalized, giving you more of a financial safety net for unplanned expenses brought on by a hospital stay. Plus, hospital indemnity insurance is portable and payments are made directly to you – even if you didn’t incur any out-of-pocket expenses. You will receive these benefits if you meet the conditions listed in the policy.
This example is for illustrative purposes only. Your plan’s coverage may vary. See your plan’s information onthe following pages forspecific amounts and details.
Watch our video How hospital indemnity insurance can give you a comfortable stay.
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