Hospital Indemnity

What Is Hospital Indemnity Insurance?

Hospital Indemnity insurance helps keep your finances on track when you're in the hospital. Planned or unplanned, a trip to the hospital can be scary. It can be even more frightening to know that your medical insurance probably won't cover all your costs. Group Hospital Indemnity insurance can help cover unexpected out-of-pocket expenses such as copays, deductibles and out-of-network charges, as well as everyday living expenses. It pays a benefit directly to you for hospital-related events, regardless of your treatment costs or other insurance coverage you might have.

How Does Hospital Indemnity Insurance Work?

Hospital Indemnity insurance provides a cash benefit when you need it. Even the best budgeters can forget to set aside money for medical expenses. Hospital Indemnity insurance can help cover unexpected out-of-pocket expenses when you end up in the hospital. It also allows you to:

  • Choose how to spend your benefit. It's your money — spend it however you want, whether it's to pay for your groceries, rent or medical bills.
  • Lock in your rate. For example, if you're 35 when you apply for coverage, you'll pay a 35-year-old’s rate for as long as you have the coverage.
  • Take it with you. If you leave your job, you can take your coverage with you.

 

Key Benefits
Helps pay expenses not covered by medical insurance
Pays money to directly to you, not medical providers
You can choose to cover your children and spouse
Covers hospitalization due to childbirth, illness or injury
Premium waived if you're hospitalized more than 30 days
Benefit Examples

Back surgery
Back Surgery
See Example
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Lower back pain had been nagging Marie for years, and it got to the point where the pain was unmanageable. Other treatments had failed her, so she was forced to have back surgery. Because of the complexity of the surgery, she was confined to the hospital for an extended period and was unable to work for months. Having the cash payout from her Hospital Indemnity coverage gave her the buffer she needed to pay for unforeseen expenses incurred during her recovery.

Marie's insurance paid benefits for:

  • Hospital admission
  • Anesthesia
  • Spinal fusion surgery
  • 10-day hospital stay
  • Physician follow-up
Pregnancy
Pregnancy
See Example
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Brooke's pregnancy took an unexpected turn when the baby had to be delivered via C-section. Both she and her baby were in good health, but extra time in the hospital was required as she recovered from the surgery. Her benefits helped her meet her deductible without cutting into her funds for diapers, clothing and the other costs of raising a newborn.

Brooke's insurance paid benefits for:

  • Hospital admission
  • Three-day hospital stay
  • C-section surgery
  • Anesthesia
  • Physician follow-up
Asthma
Asthma Attack
See Example
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Esperanza's son started suffering from occasional asthma attacks, and while at school he had a particularly bad one. The school called 911 and he was taken to the emergency room, where he was admitted to the intensive care unit for one day and put on a ventilator. Within a couple of days he had recovered but needed to see a specialist to make adjustments to his medication. Her Hospital Indemnity benefits helped her cover the extra out-of-pocket costs related to seeing a specialist and the alternative treatments for her son's condition.

Esperanza's insurance paid benefits for:

  • Ground ambulance
  • Emergency room
  • Hospital admission
  • Critical care admission
  • One-day critical care stay
  • Two-day hospital stay
  • Physician follow-up
Hospital
Ruptured Appendix
See Example
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A dull pain developed in Jeremy's abdomen, but he hoped it would go away after a good night's sleep. In the middle of the night he woke with intense, sharp pain and a high fever. He went to the ER, and it soon became clear that his appendix had ruptured and that he needed emergency surgery. After the surgery, he had to spend time in the hospital because of potential infections. His benefits helped him meet his deductible and protected his financial stability, which was threatened by lost wages.

Jeremy's insurance paid benefits for:

  • Emergency room
  • Hospital admission
  • Five-day hospital stay
  • Anesthesia
  • Appendectomy surgery
  • Physician follow-up

Interested in this coverage? Talk to the benefits administrator where you work.

Legal

This is a limited benefit policy. Hospital Indemnity insurance is not available in all states and is not available from The Standard Life Insurance Company of New York. Not all benefits are available in all states.

The products and coverages have exclusions, limitations, reductions of benefits and terms under which they may be continued in force or terminated. Please contact your HR representative for additional information, including costs and complete details of coverage.

Group Hospital Indemnity Insurance underwritten by Standard Insurance Company is provided under policy form number: GP0614-HI.

The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.

© 2018 StanCorp Financial Group, Inc.