Hospital indemnity plans aren’t just for those on Medicare. The Affordable Care Act has created significant changes in the health insurance marketplace. It’s not uncommon to see plans with high deductibles, large coinsurance amounts and significant out of the pocket exposure to the insured. Simply put, many ACA plans don’t offer benefits right away.
Whether you’re Medicare eligible or on a high deductible health insurance plan, it’s nice to know there are policies for sale that will provide benefits right away. So what do indemnity health plans cover? Quite a bit, actually – things like:
- Deductibles, coinsurance and office copays
- Lump sum hospital payments
- Under Observation Stays for those on Medicare
- Emergency room visits and ambulance rides
- Outpatient rehab and surgeries
- Skilled nursing care
- Mental health benefits
- Accidents, illness and injury
- Cancer, heart attack and stroke benefits
These are just a few of the benefits hospital indemnity plans provide. You can tailor these plans in several ways to fit your needs and budget. Many also offer separate riders like dental and vision coverage.
Furthermore, some indemnity plans are available on a Guaranteed Issue basis. This applies more to those on Medicare nearing their 65th birthday, but our clients are pleased when policies offering great benefits can be purchased without medical underwriting.