An overnight stay in the hospital due to a general sickness may result in out of pocket expenses. These out of pocket expenses often relate to a co-pay or deductible which you are required to pay as your share of medical expenses as defined by a major medical plan. A hospital indemnity benefit pays you a lump sum amount typically on a daily basis. This cash is paid to you. You can use it to pay your share of medical expenses.
If a covered person, while insured, is confined in a hospital because of a sickness, the plan will pay the Daily In-Hospital Indemnity Benefit amount, as shown in Certificate of coverage on the schedule of benefits for each day of confinement, up to the maximum number of days of confinement per calendar year. No benefit will be paid if the covered person is not under the regular care and attendance of a physician.
Why FlexBenefits?
By Brian Dow, President When asked why we created FlexBenefits, the answer is clear: to address the growing burden of out-of-pocket expenses faced by many individuals in various health plans. This issue is not limited to the individual ACA market but extends to the Medicare Advantage market and the small group markets. Deductibles continue to […]
15 Aug, 2024
FlexBenefits on BenefitsPRO: Protect Workers From Medical Debt
In a new article for BenefitsPRO, FlexBenefits founder Jeff Smedsrud draws attention to the crushing out-of-pocket costs faced by many people and discusses the need to protect people from medical debt. Smedsrud, a longtime benefits player, makes the case for supplemental insurance as a needed solution to help consumers safeguard their health and family finances. […]
25 Jul, 2024
The Financial Burden of a Critical Illness Diagnosis
Critical illnesses like cancer, heart attack or stroke are a huge burden not just emotionally and physically but also financially. The cost of initial care, prescription drugs, and follow-up treatment can run in the hundreds of thousands of dollars. No matter your health insurance coverage, this burdens patients and caregivers. What’s in this article How […]
24 Apr, 2024