J.M. Huber Corporation
J.M. Huber Corporation
Hospital Indemnity Insurance can help ease the financial burden of a hospital stay. It pays a daily benefit if you have a covered stay in a hospital, critical care unit, or rehabilitation facility on or after your coverage effective date. Hospital Indemnity Insurance is a limited benefit policy. This is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act.
What is Hospital Indemnity Insurance?
Hospital Indemnity Insurance pays a daily benefit if you have a covered stay in a hospital*, critical care unit or rehabilitation facility. The benefit amount is determined based on the type of facility and the number of days you stay. This is a limited benefit policy. Hospital Indemnity Insurance is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act.
How can Hospital Indemnity Insurance help?
You can use the benefit however you would like. While coverage amounts may vary, below are a few examples of how you could use your benefit:
Why should I enroll through my employer?
Can I purchase coverage for my spouse and child?
Coverage is available for your spouse under age 70* and children up to age 26* if employee coverage is elected.
How much does it cost?
The cost of Hospital Indemnity Insurance varies. It is very likely that your monthly premium will be less than your monthly lunch budget.
Do I need to provide health information when I apply?
No. There are no medical questions you need to answer or medical tests to take in order to get coverage. Pre-existing conditions may apply.
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Hospital Confinement Indemnity Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya® family of companies. Policy Form #RL-HI-POL-12 and Certificate Form #RL-HI-CERT-12. Form numbers, provisions and availability may vary by state.
Hospital stays aren’t cheap. And even with medical insurance, there are still a lot of out-of-pocket costs to consider.
Example expenses incurred during two-day hospital stay:
| Health insurance deductible | $1,500 | |
| Co-pays | $200 | |
| Meals and parking | + | $40 |
| Total out-of-pocket expenses | $1,740 | |
| Example daily benefit paid under policy | ||
| (Daily benefit amount x 2 days) | $400 | |
| Example Initial Confinement Benefit (5x the daily benefit amount) |
+ | $1,000 |
| Total benefits paid | $1,400 | |
The amounts shown above are for illustrative purposes only. Actual costs/results may vary.
