Can you afford an extended hospital stay if you are unexpectedly admitted to the hospital? Since 78 percent of Americans live paycheck to paycheck, an unexpected emergency room visit will almost certainly put you in serious financial jeopardy. And hospitalizations are not rare.

Did you know that there were 145.6 million emergency room visits in 2016? About one-third (42.2 million) of those 145.6 million visits were injury-related. Unfortunately, 12.6 million trips necessitated hospitalisation. Fortunately, hospital indemnity insurance is a supplemental insurance package that will mitigate the costs of extended hospital stays.

Hospital indemnity protection is a form of coverage that may be added to a current health insurance policy. This type of supplemental insurance gives you a set bonus amount per day for each hospital stay. They will normally pay you this regular bonus sum for a period of up to a year.

The compensation provided by your hospital indemnity benefits will be determined by the package you choose. Many proposals, in general, cover:

• confinement in a hospital (with or without surgery)

• ICU (Intensive Care Unit) confinement

• Confinement in the Critical Care Unit (CCU)

However, there are plans that cover even more. Some hospital indemnity coverage also includes :

• Outpatient surgery

• Continuous care

• Outpatient X-rays and laboratory procedures

• Outpatient diagnostic imaging procedures

• Ambulances

• Emergency rooms

• Physician office visits

The monthly cost of a hospital indemnity package is determined by the plan you choose, your size, ethnicity, and potentially your tobacco use. Plans with less perks, for example, can cost $5 to $41 a month. Plans with a broader variety of benefits will cost anything from $27 to $427 per month.

• For specific advantages and premium rates in your state, speak with a certified health insurance provider.

Is Hospital Indemnity Insurance Worth Getting?

According to the Kaiser Family Foundation, the annual inpatient hospital stay costs $2,424. You are also responsible for copays and coinsurance for a generous health care package. Furthermore, you must also incur your monthly premium before the coverage can begin paying the cost of your services. Can you estimate how much you'll owe if you don't have hospital indemnity insurance?

Are There Waiting Periods for Benefits?

The waiting times for patient indemnity benefits differ. In addition, there is a 30-day delay period before your services can be applied to a condition that necessitates hospitalisation. However, there will be no waiting time if you are hospitalised due to an injury. Before buying a hospital indemnity insurance package, be sure to inquire about delay times with your representative.

How Does It Pay Out Benefits?

Hospital indemnity cover, like most supplemental insurance policies, pays cash benefits. This ensures that the bonus number you selected is delivered directly to you rather than to your doctor or hospital.

Can You Add Dependents to a Hospital Indemnity Plan?

Yes, in some situations. Any patient indemnity arrangements allow you to include minor children. There would, though, be an extra monthly fee per dependent.