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What is Hospital Indemnity Insurance?


Hospital Indemnity Insurance is a supplementary insurance policy that can help to offset expenses sustained in a hospital that is not covered under an employer’s standard medical plan. Here, we explain everything you need to know before you buy hospital indemnity coverage and outline what it will and will not cover.

What is hospital indemnity insurance, and why is it needed?

While a standard employer health insurance policy will cover medical services after any co-insurance, deductibles and copay fees have been paid; hospital indemnity coverage will pay the policyholder in the event of hospitalization. There is no deductible needed in order to receive the benefits offered by hospital indemnity coverage, and a lump-sum payment is provided to the insured.

Why do employers buy hospital indemnity insurance?

Due to the rising cost of copay, co-insurance, and deductible fees, there is an increasing volume of people who will have to pay a considerable amount of money should they become hospitalized. Healthcare costs for employers have also been on the rise for some time now.

As such, employers are increasingly turning to hospital indemnity insurance as an employee benefit to help cover out of pocket expenses for employees who become hospitalized. For employers who are unable to offer lower deductible policies for their staff, they will look at adding hospital indemnity coverage as an additional benefit and to help offset the cost of any higher deductibles.

Buying hospital indemnity coverage can help to reduce employee medical-expense costs, and they are often less expensive to the business than offering low deductible healthcare plans. Not to mention, it also helps with providing an appealing healthcare insurance package that can help you to attract and retain the best employees for your business.

How much will hospital indemnity insurance cost?

If you want to find out an exact cost, this will depend on the policy you select, and the number of employees you’d like to insure. It can be provided as a voluntary benefit to your employees, or you are able to pay for all or any portion of the cost.

Contact a commercial health insurance expert to get a quick free quotation and help with any calculations or questions you might have.

What is covered by hospital indemnity coverage?

A standard level of hospital indemnity coverage will typically offer coverage for any hospital admission, in-patient rehab that is related to an accident, and hospital stays. It is supplementary insurance that pays out a lump sum of cash to the employee rather than the company. Payouts made by a hospital indemnity policy can be used for any purpose.

Can hospital indemnity insurance cover out-of-pocket costs?

Yes, it can. You are able to use your benefit payments in the way you see most fit, whether that be for copayments, insurance deductibles, household bills, and more.

Do I need to buy hospital indemnity insurance if my employer offers a good medical plan?

If you need to stay in the hospital, the costs can soon start to add up. Even with a quality medical plan in place, there will usually be extra expenses to pay. From copays for visits to doctors, insurance deductibles, or additional costs for any out of network care, these all count. This type of coverage gives you an extra layer of coverage and financial support at what will already be a worrying time.

If you are considering buying hospital indemnity coverage for your company, then speak directly with an expert commercial insurance agent to get quotes and prices for your business health insurance needs.


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