Voluntary Hospital Indemnity

Do the math: In 2014, more than 1 in 10 Americans were admitted to the hospital, with the average cost of a hospital inpatient day totaling $2,2121.
1Kaiser Family Foundation, 2016.
 
No one likes to think about the possibility of hospitalization, but the likelihood – as well as the stress it can cause for families – is very real. Whether caused by injury or illness, a hospitalization can bring about now only lifestyle challenges but tangible economic ones as well.

Major medical insurance plans can offset some of the treatment expenses, but there are hidden costs as well: time lost from work, satisfying deductibles, costs for co-pays, medications, and transportation, and continuing to provide for a family.

VHI can be offered by employers at no direct cost, and employees can enjoy the convenience of easy guaranteed issued overage and convenient payroll deductions.

Given that 25% of employers are now only offering high-deductible health plans (HDHPs) to their employees – nearly a 40% increase over 2014– conscientious employers are seeking ways to continue to provide employees with cost-efficient financial protection against rising health care costs.
 
Often, Health Savings Accounts (HSA) simply aren’t enough to cover all expenses given how quickly medical bills can add up, even for a one-day hospital stay – and the average cost for a hospital stay is $2,346 per day.2 In fact, 63% of Americans with medical insurance used all their savings for out-of-pocket medical costs.3 That’s where our Hospital Indemnity insurance can help.
 
1 PricewaterhouseCoopers Health Research Institute. “Medical Cost Trend: Behind the Numbers 2016.” Accessed April 25, 2016.
 2 Kaiser Family Foundation, November 2016 Adjusted expenses per inpatient day include expenses incurred for both inpatient and outpatient care; inpatient days are adjusted higher to reflect an estimate of the volume of outpatient services. http://kff.org/health-costs/state-indicator/expenses-per-inpatient-day-by-ownership/
 3 Kaiser Family Foundation and the Health Research & Educational Trust, 2015.

Plan Features Include

  • All coverage is Guaranteed Issue – no medical underwriting
  • No pre-existing conditions or mental/nervous/substance abuse exclusions or limitations
  • No deductibles
  • COBRA-eligible, administration included
  • Available customization for groups of over 2,000 eligible lives
  • HIPAA compliant
  • Available Wellness Benefit

Additional Benefits

  • Hospital admission, daily room and board benefits to all employers
  • Option to add critical care and wellness screening benefit coverage

Eligibility

  • Active full or part-time employees
  • W-2 employees