Why offer group hospital indemnity insurance?
Hospital indemnity insurance provides a predetermined benefit amount while the insured is in the hospital. The average length of stay in the hospital is 4.6 days, with the average cost per stay totaling about $12,1831
- Cash benefit is paid directly to employees — to use any way they wish, including out-of-pocket, non-covered and cost-of-living expenses
- Payout doesn’t depend on income or participation in other employer insurance offerings
- Amounts of coverage available without a medical exam
What does group hospital indemnity insurance cover?
Standard benefits include:
Non-standard benefits include:
12 additional situations, including these highlighted features:
Standard and non-standard benefits paid depend on the number of benefits for which the insured qualifies, the care they receive and the terms and conditions of the policy.
How group hospital indemnity insurance works
If an employee experiences a hospital stay covered by the policy, they can receive a payout to use any way they wish — to help cover deductibles, out-of-pocket medical costs or everyday living expenses.
The payments are not dependent upon hospital charges and are paid in addition to any other benefits the employee may receive. Out-of-hospital benefits also are available.
Here’s an example of how benefits might be paid.