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Hospital Indemnity Insurance Advantages for Brokers

Brokers discussing the advantages of adding hospital indemnity to their offerings

With medical out-of-pocket costs rising due to increased adoption of high-deductible health plans (HDHPs), higher premiums, coinsurance, and copays, sales of hospital indemnity products are growing as much as 15% yearly.1 That presents a clear opportunity for you.

A more competitive plan

Right now, there are basically two types of hospital indemnity coverage available: expense-based (or GAP) plans and indemnity-based plans. GAP plans usually only offer a hospital admission benefit.

Guardian Hospital Indemnity Insurance, by contrast, offers more extensive coverage and flexible plan options, as well as reimbursements not limited by other insurance coverage and a simpler claims process.

Guardian Hospital Indemnity Insurance vs. GAP plans

Simplicity Guardian Hospital Indemnity is easy to understand. Guardian pays a flat amount for service or treatment due to a covered sickness or injury, even if it's not covered by the medical plan.
Flexibility Guardian's clients can customize a plan to help with expenses resulting from a covered hospital admission that other insurance may not cover.  Employers can select the benefits that best fit with their employee's medical plan, other supplemental health plans, and budget.
Utilization Management Employers can adjust the Hospital Indemnity plan benefits to increase or reduce utilization of care services.  For example, an employer who is seeing overutilization of Emergency Room (ER) services can reduce the ER benefit and maximize the Urgent Care benefit to help steer employees to use more of this type of care.
HSA Compatibility Clients can easily create a Guardian Hospital Indemnity plan that is Health Saving Account (HSA) compatible for employees that have an HSA.
Quick Claims Payment Guardian's claims are not first adjudicated by the medical provider. As a result, claims are paid quickly and directly to the insured.
Portability Employees can take Guardian's Hospital Indemnity coverage with them (same rates and plan design), if they are no longer eligible for coverage through the group's plan.

Guardian Hospital Indemnity Insurance vs. other indemnity-based plans

No Set Plan Designs With Hospital and Intensive Care Unit Admission as the only required benefits, Guardian makes it easy to cover only what's needed and stay within budget.  For instance, a group can offer a sickness-only Hospital Indemnity plan if they already have Accident coverage.
More Covered Events Clients can offer Guardian's Hospital Confinement benefit with their Hospital Admission benefit. Other optional benefits include Guardian's hospice, transportation, lodging, prescription drug, ambulance, rehabilitation, urgent care, diagnostic tests, ER, health screenings, and inpatient/outpatient surgery benefits.
No Minimum Group Size Guardian covers groups with as few as two lives.
Employee-Level Choice Guardian can help clients create several plan options, so employees can select what best meets their needs and budgets. For Example, we can offer high and low cost plans (dual choice) when competing against a base and buy-up plan.
More Optional Benefits Guardian offers optional lodging, transportation, hospice, home health care, and outpatient therapy benefits.
Guaranteed Issue Guardian's plan is always Guaranteed Issue for any case size or benefit amount.

Benefits like this are more important than ever

As companies compete to attract and retain top talent, the workplace benefits they offer can be a key differentiator. And since many benefits can be offered as voluntary or employer-sponsored, they can meet both employer and employee budgets. 

Enhance your value to your clients

Offering supplemental health insurance products is another way you can help meet employer challenges and employee demands. That can result in potential sales growth and a new stream of revenue.3

Here are some tips on how to make hospital indemnity part of your supplemental health offering mix.

FREQUENTLY ASKED QUESTIONS

  • How quickly are Guardian Hospital Indemnity Insurance benefits paid?
    Most claim decisions are made within 5 to 7 business days, provided all information is supplied and we can get any information that’s missing. Claimants should allow 10 business days from the time the claim is processed.  
  • When may employees apply for Guardian Hospital Indemnity Insurance?
    During regular general open enrollment periods.  
  • Is there guaranteed renewal for Guardian Hospital Indemnity Insurance?
    Yes, if premiums are paid and participation levels are met.

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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