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Hospital Confinement Insurance 101

If you’ve ever experienced an injury or illness that required a hospital visit or stay, you know how expensive the bill can be — even after health insurance pays its share. And that price tag keeps rising as costs associated with inpatient hospital services increase and a greater share of deductibles and copays shift to individuals. In fact, the average out-of-pocket price of a hospital stay was $1,813 per person in 2017, an 11 percent increase over 2016.

A hospital indemnity insurance policy gives cash benefits to you for covered hospitalizations, because even with the best health insurance, an entire hospital bill may not be covered.

What does hospital indemnity insurance cover?

Some hospital indemnity plans provide only hospitalization benefits, while others provide benefits for diagnostic procedures, outpatient surgery and ambulance costs. Features of these plans include:

  • No deductibles or copayments

  • HSA compatibility

  • No networks, so the insured can be treated at the hospital of their choice

  • No precertification requirements

  • Individuals own the policy — even if they change jobs or retire, it stays with them

How Could An Asthma Attack Affect You Financially?

Medical expenses don’t always come from an accident or critical illness; sometimes it starts with a visit to an urgent care clinic because of a sharp pain in the side. While health insurance typically covers some of the expense, your employees will likely be responsible for a portion of the bill.

The average cost of a first time asthma attack is $10,709.3. After

major medical coverage, you could still owe $4,284 in out-of-pocket medical expenses not covered by your insurance.

Aflac Choice helps with those unexpected hospital expenses that may not be covered by health insurance. That way, you may not have to sacrifice your vacation budget for those unexpected medical costs.

#HospitalInsurance #EmployeeBenefits #voluntaryinsurance #MedicalExpenses

Wimer and Associates LLC



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