You may be vaguely familiar with the term hospital indemnity insurance, but a lot of us aren’t quite sure what it is, how it works, and if it’s worth buying. Our latest infographic helps illustrate how this supplemental coverage can help you and your family save money out of pocket on unexpected medical expenses.
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Do you have to have an ACA plan?
Hospital indemnity plans are available to those with group or individual major medical insurance plans (i.e., Obamacare) as well as those without it. However, it is important to remember that hospital indemnity plans, which are sometimes called fixed indemnity plans, are not minimum essential coverage. That means they do not include essential health benefits or covered preventive services as outlined by the Affordable Care Act, will not prevent you from owing a tax penalty if you are not exempt, and are not guaranteed issue, which means you can be denied coverage based on your health history.
No contact information required unless you apply.
When can you enroll?
There’s no open enrollment period for hospital indemnity plans. You can purchase this coverage anytime of year, either online or through a health insurance producer.
Want more info? Call the number at the top of your screen to speak with a certified advisor.