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Jeremy Specht from Elkin Insurance is helping people understand the Hospital indemnity insurance world and navigating all of their insurnce needs

HOSPITAL INDEMNITY

Hospital Indemnity Insurance Explained

Hospital indemnity insurance is a supplemental insurance plan designed to pay for the costs of a hospital admission that may not be covered by other insurance like ACA or Medicare Advantage Plans.  This plan covers those who are admitted to a hospital or ICU for a covered sickness or injury and is paid directly to the policy holder to use as they choose.

A financial safety net

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 the patient even if they don’t incur any out-of-pocket expenses.

 

This payments can be used for any purpose, including:

  • Medical copays

  • Deductibles

  • Regular expenses, such as food, rent, and utilities

Here’s an illustration of how a Hospital Indemnity Insurance works

Carol goes to the ER for severe abdominal pain and nausea. She has a CT scan that reveals she has gallstones. She is admitted and has emergency surgery to remove her gallbladder. She stays for one night and is released the next day. 

While Carol has medical insurance, she still needs to pay $2,815 of out-of-pocket expenses due to her deductible ($2,500), coinsurance, and other expenses not covered by her plan. Since she has a Hospital Indemnity insurance, she is paid $2,500* her out-of-pocket cost is reduced by 88% to $315.* She could also choose to use that payment for other bills or however she see fit, as it is paid to her and not to the hospital.

Please watch the short video below for more information.

*Based upon the plan amount chosen at the time of purchase

To learn more about this and other Health related topics, talk with a professional in your community. Make an appointment to speak with one of our professionals and see for yourself the Elkin Insurance difference. At Elkin Insurance "We Care About You".

Call: 336-366-0960

Text: 336-366-0960

Email: Info@Elkininsurance.com

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MAJOR MEDICAL

Major medical health insurance is a type of health insurance that covers the expenses associated with serious illness or hospitalization.

MEDICARE

We provide all the information you need on Original Medicare and Medicare Advantage Plans so you can make an informed decision. 

LIFE

The basic building block of financial planning is protection. By getting enough life insurance you are protecting your loved ones so that the money is there to continue their lives without disruption.

ANNUITIES

An annuity is an insurance product that pays out income, and can be used as part of a retirement strategy. Annuities are a popular choice for investors who want to receive a steady income stream in retirement.

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FINAL EXPENSE

Final expense insurance is designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. 

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