Did you know that nearly 70% of all bankruptcy’s come from medical bills? Unexpected illnesses can come out of no where, or they can be long diagnosed but lay dormant. There could be underlying triggers, some more sever than others. Then there are the associated hospital bills!
No matter what type of medical insurance you have one of the highest costs in using the plan will be the co-pay or co-insurance for a Hospital admission.
Many plans have a set co-pay amount. Original Medicare in 2019 your first day in the hospital is $1364 or on a Medicare Advantage plan the costs will vary widely. On major medical or Affordable Care Act coverage some plans will have a per day cost others will may just be a set %.
Getting to the Hospital
What about your cost for getting to the Hospital?
- An ambulance ride?
- At a minimum a few hundred dollars or it could be a % of the bill.
- Going through the Emergency Room?
- Hopefully there is a co-pay but it could be another co-insurance
- What about a Helicopter ride?
- Some plans don't cover it at all, but many are a co-insurance percentage of the bill.
What about the non-medical costs of getting to and being admitted to the Hospital?
- Time away from work for you or a spouse?
- Travel to the hospital/hotel costs for family?
- Pet Boarding?
- Help around the house cooking/cleaning/maintenance while a spouse works or you are sick?
A Hospital Indemnity plan can help cover or offset these costs at a very trying time in your life.