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The Value of Hospital Indemnity Insurance

brokers discuss hospital indemnity plans

What can employees do when faced with unplanned or uninsured expenses resulting from a hospitalization due to sickness or injury? Hospital indemnity coverage is designed to help. It reduces the impact of high deductibles and additional out-of-pocket costs that other insurance may not cover.

Plans that provide a cash payment

Guardian’s Hospital Indemnity plan provide a lump-sum payment directly to employees, even if they don’t incur any out-of-pocket expenses. And the money can be used for any purpose, medical or non-medical.

Coverage that’s needed now

A growing number of people are considered underinsured — having high out-of-pocket costs or deductibles relative to their income. And half of American families are living paycheck to paycheck.1 

Not surprisingly, many people are putting their health at risk by:

  • Skipping doctor visits
  • Delaying surgery
  • Avoiding x-rays and blood tests

Highly flexible benefits 

Guardian Hospital Indemnity Insurance provides a core hospital admission benefit that covers members who are admitted to a hospital or intensive care unit (ICU) because of a covered sickness or injury. You can help your clients customize a plan to complement other Guardian supplemental health products or plans from other providers. And you can offer attained or issue-age rates.

It can be part of a total solution for your clients

With Guardian’s comprehensive suite of supplemental health insurance products — Accident, Cancer, Critical Illness, and Hospital Indemnity — your clients can count on a single provider to help cover the costs medical insurance may not cover. And all are available from one of America’s most respected insurance companies.

FREQUENTLY ASKED QUESTIONS

  • Why should brokers consider offering supplemental hospital indemnity insurance?
    It’s considered to be a growth product for the next one or two years.4

  • What range of Hospital Indemnity coverage can you offer?

    • Hospital Admission Benefit:
      Coverage levels from $500 to $10,000 per day (in $250 increments) for 1 day per covered person and 3 days per covered family or unlimited days per covered family.
    • Intensive Care Unit Admission Benefit:
      Coverage levels from $500 to $10,000 per day (in $250 increments) for 1 day per covered person and 3 days per covered family or unlimited days per covered family.
    • Hospital Confinement Benefit:
      Coverage levels from $100 to $500 per day (in $100 increments) for up to 15 or 30 consecutive days.
    • Intensive Care Unit Confinement Benefit:
      Coverage levels from $100 to $500 per day (in $100 increments) for up to 15 or 30 consecutive days.
  • When can employees apply for Guardian Hospital Indemnity plans?
    All enrollments must be done during the open enrollment period.

  • How much does Guardian's supplemental Hospital Indemnity insurance cost?
    Sample coverage for an employee starting at: 

    Age Bracket Employee
    <50 $10.76/mo.
    50-59 $15.96/mo.
    60-64 $25.72/mo.
    65-69* $35.55/mo.

    *Employees over age 69 are not eligible to enroll in hospital indemnity coverage. State variations may apply.

Overview

The Value of Hospital Indemnity Insurance
Key Hospital Indemnity Coverage Features
Hospital Indemnity Advantages for Brokers
Making Hospital Indemnity Part of the Mix

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