Indemnity Plans
Medicare Advantage Plans are great. If you see the doctor a few times a year or get some general lab work, your costs won't be very much. But, what happens when you end up having to spend time in the hospital? All of the sudden you have the reality of incurring some very real costs. Most plans hospital copays are around $300 per day, for 4 to 6 days. To take an average, if you were to spend 5 days in the hospital, you are potentially looking at a $1,500 copay. The thing is, this could happen more than once a year. Of course, you are protected by your maximum out-of-pocket limit, but that does not begin until you reach it, which is in the thousands of dollars. If this scenario causes you concern, or could have a negative effect on you financially, there is a solution.
Hospital Indemnity Plan
What a Hospital Indemnity Plan offers is a way to pay a small monthly premium in return for knowing your hospital copays will be covered. Once you submit a claim that you had a hospital stay, a check would be sent directly to you for the amount that you signed up for. You can sign up for different dollar amounts and a different number of days. You can also include the copay for an ambulance. The plan will pay for multiple hospital stays within their guidelines. There are also other riders which are available. The plan has a 6-month waiting period for pre-existing conditions. Between 64 ½ to 68, acceptance is guaranteed. Outside of this age range, underwriting approval is required.
If a Hospital Indemnity Plan would give you peace of mind knowing that the large hospital copays will be paid for, call or leave your information to receive details.
Other Indemnity Plans
Cancer Insurance
Critical Illness: Cancer, Heart Attack, and Stroke.
Health Insurance will help pay for medical cost. Depending on what type of coverage you have, you may be responsible for copays and coinsurance that could quickly add up such as chemotherapy drugs. There are also many incidental costs associated with critical illness, such as: loss of income, transportation and lodging, over-the-counter supplies, and possible home health care.
These plans will pay a lump sum of your choosing, should you be diagnosed with any of these conditions.
Do you still have questions? Take a look at our Medicare Basics outline, or give us a call at 931-287-0799. We’d be glad to help you!
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**This is a personal website of Steve Walter and is not associated with or endorsed by any government agency. We do not offer every plan available in your area. Currently we represent 8 organizations which offer 56 products in your area. Please contact Medicare.gov, 1-800-Medicare, or your local State Health Insurance Program to get information on all of your options.