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Hospital Indemnity Insurance


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Hospital Indemnity Insurance pays a benefit each day you are in a hospital.

If you have other health insurance, some policies will pay the benefit regardless of other insurance you have. Other policies will coordinate benefits so when all benefits are added together, you do not receive more than 100% of the cost of the hospital bill. Other features of a Hospital Indemnity Policy are described in the next section.

Benefits are usually $100 to $200 dollars per day, and are not subject to income tax.

Premiums for a Hospital Indemnity Insurance Policy are not tax deductible.

You can purchase Hospital Indemnity Insurance in spite of your health history. Expect that these policies will have a waiting period which generally range from 6 to 12 months during which you're not eligible for benefits.

Consider purchasing this insurance if  you may need hospitalization in the future. Unfortunately, as noted, if you know you're going to go in the hospital next month, you can't go buy a policy tomorrow and expect to be covered. Even if you don't anticipate a hospitaliztion, if you don't have disability income insurance, consider buying Hospital Indemnity Insurance because it can at least partially replace lost income if you become ill enough to be hospitalized. Hospital Indemnity policies generally cost only a few hundred dollars a year.

For more information, see:

NOTE:  If you check into a hospital overnight to receive a chemo treatment, for purposes of a Hospital Indemnity policy that is two days in the hospital (the day you check in and the day you leave).

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