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Many men and women who have Medicare don’t realize how limited their hospitalization benefits actually are until they’re discharged and receive a bill. Original Medicare typically offers coverage for only a portion of the treatments and services received during an average hospital stay. As a result, many patients are left facing substantial bills that need to be dealt with during a period of time when they should be focused on recovery. That’s when having a hospital indemnity policy in place can really help.
Hospital indemnity insurance is coverage that pays a specific amount of benefits for each day you’re hospitalized, up to a predetermined number of days. It serves as a supplement to your existing hospital coverage, which means it provides additional benefits that can help close the gap left by a primary insurance plan like Original Medicare. It can also help with the costs of hospital copays or co-insurance on Medicare Advantage plans.
The primary benefit of an indemnity plan is that it can help reduce or eliminate the often significant financial burden caused by a hospital stay. According to data from the Agency for Healthcare Research and Quality (AHRQ), in 2010 the average cost of a hospital stay for men and women between 65 and 84 years of age was $12,300. While Medicare pays for a large portion of hospital costs, a significant portion must be paid out of pocket.
In addition to providing coverage for many of these costs, an indemnity policy may also provide additional benefits that aren’t included in your primary plan, including skilled nursing home care. Your insurance plays an important role in keeping you healthy and providing peace of mind. At SeniorChoices NW, we can help you choose the types and amounts of coverage that suit your needs. To learn about the options that are available for your needs, give us a call today at 503-682-1878, or fill out the form below or email us and we'll reach out to you.