5 Reasons to Consider Hospital Insurance in 2024

Traditional healthcare insurance goes far but it may not cover everything. Supplemental health insurance policies can help fill this gap by providing additional coverage.

A popular supplemental insurance policy is hospital insurance, also called hospital indemnity insurance. This pays a cash benefit if you need to stay in a hospital as part of an injury or illness treatment.

Read on to learn more about the benefits of hospital insurance and explore five reasons why you should consider getting this type of policy in 2024.

1. Prepare For the Unexpected

We can’t see the future, but we can prepare for it.

Hospital insurance helps you prepare for unforeseen medical treatments, such as injuries sustained in an accident or an emergency procedure. The cash benefit from hospital insurance can help cover the stay, reducing the need to tap into savings, take on debt, or maintain unpaid medical bills.

Fortunately, premiums can be affordable for most supplemental insurance policies, including hospital insurance. This makes it easier to help prepare for the unexpected without breaking your budget.

2. Rising Healthcare Costs

Rising healthcare costs may make it harder for your healthcare insurance to cover the costs of procedures that entail hospital stays. The time spent in a hospital may increase in price as well. Prices may already be higher if you live in areas with higher costs of living.

Hospital insurance can help you offset the rising costs of hospital stays if you are injured or diagnosed with a medical condition and hospitalized.

3. Make Specialized Treatments More Affordable

Specialized treatments, such as chemotherapy for cancer, can substantially drive up the cost of treating diseases.

If your treatment involves a hospital stay, hospital insurance can pay out a cash benefit that you can use for anything, including other costs associated with the treatment you are receiving.

4. Pay For High Deductibles and Copays

Traditional healthcare insurance may have high deductibles and copays for certain aspects of care, including hospital stays. This can make it harder to cover medical bills since coverage doesn’t start until you have paid your deductibles.

Hospital insurance can help provide the cash needed to meet this deductible and cover any copays, enabling you to save on out-of-pocket expenses.

5. Cover Long-Term Hospital Stays

Long-term hospital stays aren’t just expensive – they take time away from earning income or taking care of children.

Even if you can cover the hospital bills with your assets, supplemental insurance policies can help with expenses during extended hospital stays. This can eliminate disruptions to your financial planning and ensure your children are cared for as you recover in the hospital.

How to Get a Hospital Insurance Policy

Here’s how to get a hospital insurance policy:

1. Assess your coverage needs: Evaluate your current health coverage and estimate the cost of hospital stays. This will help you determine how large a benefit you may need if hospitalized.
2. Research insurers: Insurers vary in coverage amounts, terms, premiums, and hospitals covered. Shop around to gather information and compare quotes and other information. Check customer reviews to see how easy it is to file a claim with the insurer and receive your payout.
3. Consider a broker or agent: Brokers and agents can show you what to look for in an insurer and policy and present you with some options to enhance your search.
4. Apply for a policy: Once you find a plan that works for you, apply for coverage. This usually involves a simple questionnaire to gather personal information about yourself.
5. Wait for approval: The insurer evaluates your information to determine if you are approved and can provide the premium costs.
6. Finalize and sign the policy documents: If approved, the insurer extends you a policy offer. Carefully review the documents to make sure you understand everything and bring up questions if necessary. If everything looks good, sign the documents and pay your first premium to begin coverage.

Gain Peace of Mind with Hospital Insurance This Year

Hospital insurance can offer additional peace of mind by helping to fill in healthcare insurance’s gaps. This type of insurance can help you prepare for the unexpected, combat rising healthcare costs, and cover high deductibles and copays for hospital stays. It can also put costly specialized treatments within reach and help with expenses while you recover in the hospital.

These policies tend to have affordable premiums for coverage amounts. Therefore, they can be a cost-effective way to supplement your healthcare insurance coverage while protecting yourself and your loved ones.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.

Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.

Hospital, B40000 series: In Delaware, Policies B40100DE & B4010HDE. In Idaho, Policies B40100ID & B4010HID. In Oklahoma, Policies B40100OK & B4010HOK. In Pennsylvania, Policies B40100PA & B4010HPA. In Virginia, Policies B40100VA & B4010HVA.

Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.

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