Over the last decade the cost of a hospital stay has continued to rise, and there doesn’t seem to be any sign it will be slowing down soon. Depending on the hospital, length-of-stay and the illness you’re being treated for, you could be left with out-of-pocket costs that leave you with little or no savings. The stress of worrying about trying to pay those bills when you’re trying to recover from illness can add to the time it takes you to fully recover. Many people actually end up in bankruptcy court before they’re able to meet their obligations.
The solution is a Hospital Indemnity Insurance Policy. As costs continue to rise, you have the coverage you need to fill the gap between what your health insurance covers and your out-of-pocket costs. The policy pays a daily benefit for hospitalization with no deductibles or coinsurance, and lets you choose which hospital or doctor you use.
This isn’t a substitute for health insurance, but a supplement to it, and gives you the peace of mind, that should you be hospitalized you don’t return home with tens of thousands of dollars in bills left to pay. The cost of one day in the hospital, depending on the location can be over $2,000. If your deductible and co-pays are high, after a few days you could be left with hundreds, just in room costs. Laboratory tests, radiology, physician fees and medications are all separated and come with their own bills and fees.
With the hospital indemnity policy, you receive the benefit of $50 to $1,000 per day, depending on your policy, and since this is not dependent upon whether you have employer provided health insurance coverage, it is portable from one employer to another. You also have the benefit of choosing additional riders like:
- First Hospital Admission Benefit Rider, which pays for the first hospital confinement each calendar year,
- Emergency Accident Benefit Rider, which allows you to choose a benefit paid up to four times per year when emergency treatment is received within 72 hours of an injury.
- Outpatient Sickness Benefit Rider, which allows you to to choose a benefit paid up to four times per year for treatment of an illness in a physician’s office or out-patient facility.
- Private Duty Nursing Benefit, which pays a private duty nurse when required for up to 30 days a year for at least 8 hours a day.
There is also a Critical Illness Benefit, and other riders to help make sure your policy is tailored to meet your needs. Call 800-564-3136 to talk to an AC Financial Adviser about making sure you have the right coverage.
