Keeping finances in good health
Hospitalization is a lot more common than people may realize. When it happens, it can be costly. Along with rising healthcare costs and deductibles, a hospital stay can mean lost wages and other unexpected bills.
Group hospital indemnity insurance empowers employees to plan ahead financially with flexible, affordable options for offsetting out-of-pocket expenses resulting from an unexpected hospital visit. And it adds value to overall benefits packages while being prudent about the bottom line.
Hospital indemnity insurance provides a predetermined benefit amount while the insured is in the hospital. Benefits can be used in any way to help pay out-of-pocket and non-covered expenses, as well as help with additional cost of living expenses.
Why offer group hospital indemnity insurance?
- The average hospital cost per day in the U.S. is $5,2201
- Average length of a hospital stay in the U.S. is 5.5 days2
- Fifty-eight percent of consumers are concerned or very concerned about their ability to pay medical expenses. Six percent say it's their largest financial concern.3
- Payout doesn’t depend on income or other insurance
- Cash benefit is paid directly to employees – to use any way they wish
- Amounts of coverage available without a medical exam
- Spouse and dependent coverages are available
- Easy enrollment at work
- Available at group rates
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.