Even with a comprehensive medical plan, many individuals may still be responsible for paying deductibles, co-pays, and other expenses due to accidents or sickness. With the rise in cost for health care coverage more consumers are opting for less expensive high-deductible health plans. AFE’s Accident & Sickness Hospital Indemnity plan pays a cash benefit for each day of hospital confinement due to a covered accident or sickness. The cash benefits can be used however the member chooses, such as paying for deductibles, co-pays, coinsurance, mortgage, rent, bills, or other living expenses. Cash benefits for emergency room visits and physician office visits are included in some plans.
Hospital Indemnity insurance provides a cash benefit in the event of a hospital confinement for a covered illness and/or injury. You and your covered dependents are paid an indemnity benefit amount, depending on your plan and the length of your stay. And you can use the payment in any way you choose – for medical expenses like deductibles, co-pays, or coinsurance – to everyday costs, like housekeeping and childcare.
Coverage is available for hospital confinement, including:
- First day confinement (hospital admission)
- Additional confinement days in the hospital
- Confinement Days spent in the Intensive Care Unit (ICU)
Even if you have one of the best medical plans out there, it’s possible that your plan will not cover all the costs incurred by a hospital stay. Aside from hospital bills, there may be additional costs attached to time away from home, like meals, travel and lodging expenses for loved ones. That’s where Hospital Indemnity insurance can help. It can give you the peace of mind to focus on what’s most important – getting better.
Hospital indemnity coverage for those under age 65 is a type of insurance policy that provides a fixed daily benefit for each day a policyholder is hospitalized prior to turning 65 years of age. It is designed to help cover out-of-pocket expenses that may not be covered by other health insurance plans. Hospital indemnity coverage can be purchased as a standalone policy or as a rider to a health insurance plan. It is intended to provide additional financial protection for individuals who may face higher out-of-pocket healthcare costs.
This is only a brief overview. Please refer to one of our brochures or our website for full information about policy plan design, limitations, exclusion, state approvals and other information.
Health benefit plans are available only to AFE members. If you're already a member, please contact us to request more information.