How Hospital Indemnity Insurance Works
Hospital Indemnity Select pays cash benefits directly to the insured when covered hospital events occur.
Because the benefit is paid directly to you, approved claim payments can be used to help with expenses such as deductibles, copayments, household bills, transportation, or other costs that may arise during a hospital stay.
There are also no provider network restrictions under the plan.
Hospital Indemnity Benefits
Hospital Indemnity Select includes benefits for several types of covered medical events.
Depending on the policy selected, benefits may include:
- Hospital confinement
- Short-duration hospital stays
- Mental health hospital confinement
- Emergency room care
- Urgent care
- Ground ambulance transportation
- Air ambulance transportation
The policy's hospital confinement benefit pays a daily amount directly to the insured for eligible observation or hospital confinement. Benefit amounts and benefit periods vary based on the coverage selected.
Optional riders may also be available for benefits such as skilled nursing facility care, first-day hospital admission, and outpatient surgical procedures.
Supplemental Protection for ACA and High-Deductible Health Plans
Hospital indemnity insurance can be particularly useful for individuals with high-deductible health plans or ACA health insurance who want additional protection from potential out-of-pocket expenses associated with a hospital stay.
Hospital Indemnity Select is designed to help bridge gaps created by high deductibles and other out-of-pocket costs.
Hospital indemnity insurance does not replace your primary health insurance. Instead, it provides an additional cash benefit when a covered event occurs.
Hospital Indemnity Insurance and Medicare Advantage
Hospital Indemnity Select may also be useful for Medicare Advantage members who want additional financial protection from hospital-related out-of-pocket costs.
For eligible individuals approaching Medicare age, the plan also offers a guaranteed issue opportunity for ages 64½ through 70.
Coverage for Individuals and Families
Hospital Indemnity Select is available for issue ages 18 through 89, and family coverage options are available. The policy is guaranteed renewable for life, and rates do not increase solely because you get older.
Available configurations may include:
- Individual coverage
- Individual and spouse coverage
- Individual and children coverage
- Family coverage
Availability, benefits, and policy provisions may vary.
Is Hospital Indemnity Insurance Right for You?
Hospital indemnity insurance may be worth considering if you are concerned about the financial impact of a hospital stay, especially if your current health plan has significant deductibles or other out-of-pocket costs.
Carolina Insurance Professionals can help you review your existing coverage, understand how Hospital Indemnity Select works, and determine whether supplemental hospital coverage makes sense for you or your family.
Hospital Indemnity Select is supplemental insurance, not major medical insurance, and should not be considered a substitute for ACA-compliant health insurance.
Contact Carolina Insurance Professionals today to learn more about hospital indemnity insurance in North Carolina.