Hospital Indemnity Insurance is one of the new perks that my company is offering as part of its provider change for health insurance. It covers $1000 for each hospitalization (up to eight times a year) plus $100 each day while hospitalized, for a total cost of $8.10 biweekly ($210/year). A 25% greater compensation at our hospitals, $200 per day for critical care, and 100% more for deliveries are some additional benefits. Hospitalization once every five to six years would benefit me.
It is only affordable because the thing it covers doesn’t happen often. It’s not crazy to skip it, but it’s not a super great deal either. If you work in healthcare, I’m guessing you already have health insurance, disability coverage, and earn a decent income. So, if you have those things, you might ask yourself if you really need an extra $1000 plus $100 a day in case you end up in the hospital.
Supplemental health insurance products such as hospital indemnity are rapidly growing and highly desired employee benefits for good reason: While medical insurance covers hospital expenses, hospital indemnity insurance provides an additional layer of coverage.