With hospital indemnity coverage, employees can focus on recovery—and worry less about the cost of hospitalization or treatment.
Hospital indemnity insurance pays a lump-sum cash benefit when a covered employee or family member requires hospitalization or treatment related to a sickness or injury. The benefit can be used any way they choose—regardless of other insurance they have, or actual expenses incurred.
Insurance companies such as Principal® are now offering these plans with key features such as the following:
- Flexible design with 30+ options for covered benefits, like daily hospital confinement, inpatient surgery, and therapy.
- Proof of good health is never required.
- Choice of Health Savings Account (HSA) or non-HSA plan designs.
- Employees can buy coverage for their spouse and/or kids.
- Optional health screening benefit and portability.
- Employer-paid coverage available with as few as 2 lives, and voluntary with as few as 5 lives. Hospital indemnity must be sold with another coverage, and some provisions may vary or not be available in some states.
- States are in the process of being approved to offer hospital indemnity. See current state approvals.
For more information feel free to contact our team.