What is Hospital Indemnity Insurance?
Hospital Indemnity Insurance pays a daily benefit amount for when you’re admitted to the hospital by a set number of days which you choose when taking out a Hospital Indemnity Insurance policy.
These plans usually have minimum health-related questions and are very easy to qualify for. They are guaranteed renewable and the premiums have a low premium outlay. These plans are based on your current age at the time of purchase saving you money for years to come.
Hospital Indemnity plans are very popular for alleviating the financial stress when admitted to the hospital. Just one hospital stay can more than exceed the premiums you’ve paid over a period of time, which becomes increasingly beneficial as we age.
You choose the daily benefit amount and number of days, this is the determining factor for your premiums as well.
For example:
$700 daily benefit amount X 7 day hospital stay = $4,900
You would receive a check from the insurance company shortly after your hospital stay for $4,900. It’s your money to use however you want.
For more information, contact Cole Insurance & Senior Solutions today!