A hospital stay can be traumatic to your health, your wallet, and your family. Even if you have medical insurance, you will most likely have costs that aren’t covered. That’s when a Hospital Indemnity insurance plan can provide you with supplemental cash benefits to use as needed. Hospital Indemnity insurance can be particularly helpful since a majority of Americans don’t have enough savings to cover unplanned medical bills.
The plan pays cash directly to you even if you don’t incur any out-of-pocket expenses. The payments can be used for any purpose, including:
- Medical copays
- Regular expenses, such as food, rent, and utilities
What Does a Hospital Indemnity Policy Cover?
The coverage your Hospital Indemnity insurance provides will depend on your plan choice.
In general, most plans cover:
- Hospital confinement (with or without surgery)
- Intensive Care Unit (ICU) confinement
- Critical Care Unit (CCU) confinement
Some Hospital Indemnity coverage also includes :
- Outpatient surgery
- Continuous care
- Outpatient X-rays and laboratory procedures
- Outpatient diagnostic imaging procedures
- Emergency rooms
- Physician office visits
However, there are plans that cover even more.