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Enhance Your Medicare Advantage Plan With Hospital Indemnity Coverage
If you have Medicare Advantage (MA), you’re probably used to out-of-pocket costs. With MA, you typically have a very low, or even $0, premium, but you do have co-pays and a deductible to meet.
For example, you’ll likely pay a $45 copay for a specialist visit or a $40 copay for urgent care. Hospital stays are more expensive; a typical copay is around $350 per day for the first five to six days.
If you were hospitalized for five days, could you comfortably pay at least $1,750?
If not, there are supplemental coverages you can add to your Medicare Advantage plan to enhance your benefits and reduce your financial risks.
What’s a Hospital Indemnity Plan?
The word “indemnity” means “protection or security against damage or loss.”
That’s what a Hospital Indemnity plan is designed to do – protect your finances from expensive medical bills that your current plan doesn’t cover. A Hospital Indemnity plan can help offset the cost of deductibles, co-pays, and additional expenses a Medicare Advantage plan leaves behind.A typical Hospital Indemnity plan offers $250-$400 per day for hospital stays.
You can also add extra benefits to your plan, including:
- ambulance transportation
- regular office visit co-pays
- skilled nursing facility charges
- dental benefits
- a lump sum cancer benefit
Why Do I Need a Hospital Indemnity Plan?
A Contra Costa Health Services study found that almost 50% of its county’s unintentional injury hospitalizations occurred among residents 65 years and older. The most common reason for hospital stays was falling.
Life happens! And hospital stays can get expensive.
Another little known fact is your doctor can order observation services to help decide whether you should be admitted to the hospital as a patient. During this time, you’re considered an outpatient. Unfortunately, this means you can’t count this time towards the 3-day inpatient hospital stay needed for Medicare to cover your skilled nursing facility stay.
In other words, you never know when you might end up in the hospital, and that stay could end up costing you thousands out-of-pocket.
A hospital indemnity plan reduces your financial risk and offers peace of mind that you won’t be stuck with a hefty hospital bill.
How Much Does a Hospital Indemnity Plan Cost?
The best part? Hospital Indemnity plans are very inexpensive, with average plans costing only $250 per year for a 65-year-old.
Since many Medicare Advantage plans are very low, or sometimes even $0 premium, adding an inexpensive Hospital Indemnity plan could round out your health coverage.
In fact, pairing these two plans could eliminate your co-pays and deductibles for the year. We can adjust the coverage amounts in your Hospital Indemnity plan to perfectly match the gaps in your Medicare Advantage plan.
Learn more about adding a Hospital Indemnity plan to your Medicare Advantage plan by calling us at 501-916-2935.
Calling the number above will direct you to a licensed insurance agent.