Hospital bills can create financial difficulties for the best of families and they are usually expenses we are not expecting, or can be prepared for. When people are confined to the hospital they also lose wages unless they still have vacations or sick days left. Lost wages on top of medical bills cause even more financial strain. What can families do to protect themselves against a crisis like this?
One way to protect your finances from being depleted by unpaid hospital bills is to purchase a hospital confinement indemnity policy. A hospital confinement indemnity insurance policy is a supplemental policy that can help with unpaid expenses. And they don’t necessarily have to be medical expenses.
A hospital confinement plan pays a lump sum to the policy holder and the policy holder can spend that money any way they choose. It could go to cover the out-of-pocket expense, and deductibles left over from the regular heath insurance, or it can be used to buy groceries. The whole purpose is to have money to meet needs during this time.
When you purchase a hospital confinement indemnity insurance plan you will see there are set amounts paid for each hospital confinement, so you know how much money you are going to get. You can also purchase policies that will cover outpatient surgery and ambulance transportation.
It is important to have a supplemental policy so that your medical bills always get paid in full. If they are not, unpaid medical bills can hurt your credit score. The more bills that are listed on your credit report, the lower it goes. These bad marks stay on your credit report for seven years.
By purchasing a supplemental hospital confinement indemnity plan you can rest assured that you will have money for everything you need when you, or someone in your family is hurt or sick.
A hospital confinement indemnity insurance plan is not meant to replace regular health insurance, it should be in addition to health insurance. Supplemental policies are less expensive than full blown policies and make a nice addition to your health care package. If you don’t have enough savings to live on for six months, if incapacitated, then you really need to look into purchasing a supplemental policy.