What is a Hospital Indemnity Plan?
A single hospital stay can result in over $2,000 in costs. Many Americans are living paycheck to paycheck and don’t have enough money saved to cover this expense. A hospital indemnity plan would provide funds to cover expenses related to your hospital stay.
Many employer health plans have high deductibles, so a Hospital Indemnity plan is a good tool to mitigate some of the financial risk associated with an inpatient admission and serious illness. Most plans provide a flat benefit per day for each day of admission. They can also be tailored to include additional coverage.
Premiums for Hospital Indemnity Plans are oftentimes more affordable than people think.
What is Cancer Insurance?
Cancer coverage is designed to protect someone from the financial risks associated with cancer diagnosis and treatment. Most health insurance policies only cover a portion of cancer treatments and could leave significant costs for the patient to cover themselves. Also, a cancer patient can be unable to work for months and could risk getting behind on their bills. A cancer policy would help protect against these risks.
Most Cancer policies will pay a lump on upon diagnosis of cancer. The proceeds can be used to cover both medical and non-medical expenses. If the patient has out of pocket expenses, not covered by their health plan, purchasing a cancer policy would provide protection against their savings. If a patient is out of work for an extended amount of time, money from the cancer policy can be used to pay monthly living expenses. A cancer policy’s monthly premiums will be based in part on the age of the individual and other factor. If you have previously been diagnosed with cancer, you will most likely be ineligible for a cancer policy.