Many people wonder what hospital indemnity insurance is and if they need it.
Oh, John, you say. Stop right there. I have health insurance. I’m covered.
Many people think they are. However, did you know your health insurance likely does not cover everything? Here’s what I mean.
Let’s say you are in the hospital for a few days because of an accident. The pre-insurance bill is $50,000. After it is all said and done, you owe $7,500 which includes your $6,000 deductible you will need to pay and $1,500 of coinsurance.
Do you have the money to pay for that? How would you pay for these unexpected medical expenses? A hospital indemnity insurance policy is an option.
Having a baby is a new and exciting moment. Your life definitely changes! (I speak from experience.) If you are a first-time parent, the process can be an exciting yet nervous one. There are checkups to make, ultrasound appointments to attend, and so much more. You also need to get the baby’s room ready. Let’s not forget the baby shower. That is always a fun time with friends and family. What a great way to share your joyous moment.
Having a baby is expensive. You can look no further than the back page of the summary of benefits of your major medical policy. There, you’ll see an estimated cost of your pregnancy. Most pregnancies command out-of-pocket expenses into the thousands – after your major medical insurance paid its share. This excludes any high-risk testing, a cesarean birth, or a high-risk pregnancy. While the potential costs seem overwhelming, supplemental pregnancy insurance helps pay for these out-of-pocket expenses. A supplemental health insurance policy (like supplemental pregnancy insurance) pays for these costs “gaps” that your underlying health insurance doesn’t pay.