Hospital Indemnity Insurance
Going to the hospital is something you hope you or your family will never have to experience. However, if you had to stay in the hospital, do you have enough set aside to cover the costs associated with a hospital stay? What if you have to be in the hospital for a week or more? Those charges add up. How will you pay the out-of-pocket expenses that accumulate with each day you are in the hospital?
- In 2003, the average length of stay in a hospital was 4.8 days.
Will you wait until after a hospital stay to learn about the gaps in your major medical coverage and the expenses that aren't covered, such as transportation and childcare costs?
These are expenses you will have to pay out of your own pocket. Our hospital indemnity plan can help you prepare for these and other out-of-pocket costs with benefits that can help you pay the following expenses:
- Travel expenses to and from the hospital.
- Lodging for your family members while you are in the hospital.
- Child care for your family.
Our hospital indemnity plan can be used to help fill the gaps in your major medical plan and help pay the expenses related to a hospital stay.
This plan provides coverage for the following:
- Confinement to a hospital due to a covered accident or a covered sickness.
- Outpatient surgical procedures performed by a doctor using anesthesia, administered by a licensed anesthesiologist in a hospital or ambulatory surgical center.
Benefits from our hospital indemnity plan are paid as a lump sum, per covered hospital confinement or covered outpatient surgery. These benefits can help pay co-payments or deductibles, or help cover travel expenses to and from the hospital. These benefits will be paid directly to you, unless you specify otherwise, regardless of any other insurance you may have with other insurance companies.
This plan features flexible plan options, and coverage is available for you, your spouse and your dependent children. Plus, our hospital indemnity plan offers several benefit amounts so that you can choose the coverage that best meets your individual needs.
This hospital indemnity insurance is portable. If you change jobs or retire, you can take your coverage with you.
Coverage is also guaranteed renewable for life as long as premiums are paid when they are due or within the grace period. Your premium can be changed only if we change it on all policies of this form number in force in the state of New York, subject to the prior approval of the Superintendent of Insurance.
Products are underwritten by The Paul Revere Life Insurance Company.
Policies have exclusions and limitations that may affect benefits payable. For cost and complete details, please see your benefits representative.
Policies are guaranteed renewable, as defined by the policy, as long as premiums are paid when due or within the grace period.
This policy (HCOS-NY) provides limited benefits health insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Insurance Department. The expected benefit ratio for the Hospital Indemnity policy is 55%. This ratio is the portion of future premiums which the Company expects to return as benefits when averaged over all the people who have this policy.
