supplementalbenefits.com

As high deductible health insurance plans become more prevalent an assortment of Hospital indemnity plans are becoming a product of choice.Because of these higher deductibles employees are turning to hospital indemnity plans to provide the needed funds should  an insured family member become hospitalized.

This is the single largest medical expense one can have. Hospital Indemnity (sometimes known as hospital income or a number of other names provides a fixed amount of funds for each day a covered person is in the hospital. Some plans pay a double benefit for intensive care unit etc. Daily benefits can range from $50 to $350. Other benefits that may be included are funds for physician visits in the hospital, rehabilitation, waiver of premium or a wellness benefit.

Underwriting may be on a simplified or guaranteed issue basis based on the number of employees and/or the number enrolled. Some plans are filed to be compliant with HSA (Health Saving Accounts) plans. Premiums are based on employee only, employee and spouse, employee and children , and full family rates.