A Hospital Indemnity Plan (HIP) provides coverage for a specified fixed dollar amount for covered hospital services and duration, regardless of the actual cost of the service. HIP policies can be purchased as a standalone and do not combine with any other health care insurance coverage.
Hospital Indemnity Plans cover most additional services such as ambulance trips, second surgical opinions, and even chemotherapy. There are other plans that pay for diagnostic services such as preventive care, X-rays, urgent care and other services. Just like with any healthcare product, the benefits available to you will vary according to the plan you choose.
Who needs this?
Just about anyone who is susceptible to a major injury requiring a hospital stay. HIP can help give you the confidence for unforeseen difficulties that may not have such an impact on your financial security.
Individuals who are concerned about how they’d pay the bills if they were hospitalized should also consider the HIP insurance. Why so? It’s because even the best medical insurance may not be able to cover an entire hospital bill.
And if you end up in the hospital for an extended period, you may need cash to cover expenses such as:
- Family’s groceries and living expenses
- Child’s daycare
- Utility bills
- Mortgage
- Health insurance deductible
Having a hospital indemnity insurance plan can even help pay for insurance premiums and deductibles to ensure that you do not have a disruption in your services.
This plan also helps safeguard your savings accounts and supports your out of pocket expenses.
Facts About HIPs
- You are supported with a fixed daily cash benefit while you stay in the hospital, regardless of hospital fees.
- A hospital indemnity plan is an affordable supplemental coverage plan.
- Hospitalization benefits are determined beforehand and are paid regardless of any other insurance that you may have!
- There are several plans to choose from, ranging to basic to the most comprehensive ones.
- Cost of coverage depends on your age and the amount you choose.
- Eligible members are guaranteed an approval without the requirement of a physical examination.
- If you have any pre-existing conditions that requires care, you may be covered but its processing time would increase.
- You are directly paid any cash benefits, all tax free.
How to Buy Indemnity Coverage?
Healthcare Specialists at The Legacy Group can compare quotes and coverage options from multiple providers and help you find the right coverage. They will get to know you personally, understand your requirements and will be able to help you navigate your options for indemnity health insurance.
With an indemnity coverage you will have the confidence and peace of mind that you will be covered no matter what happens. While your health insurance plan takes care of the medical expenses, your hospital indemnity insurance plan (HIP) will take care of your living expenses.
The best way for you to compare quotes on hospital indemnity coverage and get the right amount of insurance that’s suits your needs and pockets, is by working with our specialists. When shopping for a hospital indemnity insurance plan, we will review the options for you and make sure that you don’t overpay for the same amount of coverage that you could get somewhere else for a better price.