Hospital Indemnity Plans
If you are nearing age 65 and getting ready to enroll in Medicare, you may also want to consider comparing hospital indemnity plans. Hospital indemnity plans are intended to cover some of the costs related to a hospital stay that your Medicare or Medicare Advantage plan won’t. Hospital indemnity plans pay out a flat dollar amount per day of your hospital stay.
For instance, if you are interested in hospital indemnity plans and are looking at options that pay $100 per day and you have a hospital stay of 15 days, the hospital indemnity plans will pay out $1,500 directly to you. Different plans have different restrictions, but usually you can use the money for any expenses associated with the hospital stay including deductibles, coinsurance, copays, private room fees, parking, transportation and more.
Some hospital indemnity plans also payout benefits when you have outpatient surgery at a hospital or stay at a skilled nursing facility for rehab following a hospital stay. There are different limitations on different hospital indemnity plans such as that you must be hospitalized for a certain number of days before the benefits kick in or maximum annual benefits.
Some of the options for hospital indemnity plans include:
- Lump sum hospital indemnity plans that pay a flat amount for even a 24 hour stay.
- Daily benefit hospital indemnity plans pay a flat dollar amount each day up to 31 days and then after a 60 period lock-out, they are available again for a subsequent hospital stay.
- Durable medical equipment with hospital indemnity plans cover items such as wheelchairs, canes or walkers that are needed as a result of a hospital stay.
- Ambulance service with hospital indemnity plans cover one ambulance ride up subject to a maximum amount, once per each hospital stay.
- Accidental death and dismemberment riders on hospital indemnity plans provide a dollar amount in the case of losing a limb or dying in an accident.
If you are enrolling in Medicare soon, consider evaluating hospital indemnity plans to provide extra benefits you can use associated with hospital stays for expenses Medicare won’t cover.
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