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what is hospital indemnity insurance???
- Thread starter anonymous
- Start date
Hospital Indemnity policies are also called "Income Policies" because you get paid for procedures, admission etc depending on the policy. I have mine thru Combined Life which pays $50./day while in the hospital & the same amount a day for home recovery up to a max of 4 times the number of days in the hospital. So if I am in the hospital for 7 days then I get 28 home recovery days. I did have a 1 year waiting period on the policy for any CF claims. I currently pay $18./mo & it started at $15./mo. It goes up a bit every year, but so do the payable benefits. There are many insurance companies that have policies. Physicians Mutual & Pioneer are two others. You can even google this & find more, but I would stick with reputable companies. My insurance company hasnt made any $$ off of me that is for sure! I also have coverage for Outpatient Procedures & ER visits, but have never used them! If I wanted more benefits I have to pay more premium!
We have ours through AFLAC and it is two parent family coverage (covers everone in our family) and we pay just under $40 per month. It will cover pre-existing conditions after 6 months (this probably varies from company to company). It pays $500 per day for the first 5 days of hospitalization and $100 per day for everyday after that. It also pays extra for invasive procedures and surgeries. This ranges from $100 for biopsies to $1000 for organ transplants.
Ours from AFLAC is called Hospital Confinement Indemnity Policy (DHIPZ2)
We have only had it for about 9 months and fortunately have not had to make a claim on it yet.
Ours from AFLAC is called Hospital Confinement Indemnity Policy (DHIPZ2)
We have only had it for about 9 months and fortunately have not had to make a claim on it yet.
I'm so glad someone is posting about this... my husband and I stumbled across these about 6 1/2 years ago and I'm not exaggerating, it has caused our financial circumstances to COMPLETELY change. My husband is a 'sicker' CF - numerous hospitalizations since childhood, several near-deaths, etc... Needless to say, it's very hard for him to work full-time or go to school full-time and so I have been the one carrying health insurance thru my full-time job for the both of us with him as my dependent.
We have about 13 different 'hospital income/indemnity' policies through all different companies, a few have already been mentioned. At first we were very poor @ the beginning of our marriage and therefore VERY skeptical of whether or not this was a gimmick... you pay a premium, wait out the pre-existing condition clause (sometimes a year, sometimes 2 years), and then as long as you have paid your premiums timely and no lapse in coverage, you send in a claim form (usually about 1-3 pages plus a copy of the hospital bill) and in about 4-6 weeks you receive a check from this insurance company for the contracted amount per day of inpatient hospitalization. (We nearly fainted the first time a check actually came!!) For example, some of the ones Chris has pay him $100 per day for inpatient stays - so a 14 day stay can result in $1400 - paid directly to us. Some pay $75/day, others $150/day. Obviously, this is increased thru more policies. However, we were VERY HONEST on all the applications and completely disclosed CF and therefore waited out the pre-existing period. Some of the policies you can get through group memberships (for example, we're not pilots, but you can join the AOPA - aircraft owners and pilots association - for a annual fee just for stating that you are interested in flying). then when you are part of these 'interest groups' they contract with different insurance underwriters to offer their members hospital indemnity coverage as a 'perk'. Obviously for the average "joe" the company makes money since they never go inpatient, but for a CFer this is a dream come true.
But please understand me... DO NOT take advantage of these for 'perks' in life (we have heard of CFers using these and going inpatient more often than they need just because they want a few hundred to go on a trip or upgrade a car!?!?!?!?!?!) That is NOT US. We hate Chris going inpatient - he wants to LIVE his life. BUt we have found with all the crap that CF brings into life, this has been able to lighten our financial load of medicines, groceries and lost wages since he has been sick enough to have to go inpatient a few times per year.
To list a few companies:
- AFLAC
- Banker's LIfe & Casualty
- LIfe INvestor's
- National Benefit Life
- Physician's Mutual
- Union Fidelity Ins.
- Woodmen of the World
- Join Good Sam's Auto Club and you can get a policy as a 'perk'
- get a Sears card and you can get a policy through their company
I know there have been others that Chris has found online just through a lot of searching and phone calls. Some have gone out of business over the years, and so we no longer have those. Some have changed insurance underwriters to combine with another policy we happen to have, and so we have lost that one if they have a clause stating that you can have "x" amount of daily benefit.
Again, if your motives are pure, I highly suggest utilizing these resources - they actually work. You just have to make quite a sizable investment for the first year or two to wait out the pre-existing clause. When in doubt, always disclose CF - you don't want to waste premiums on a company that is going to give you a hassle come payout.
Good luck & to any CF parents out there... this could have completely saved Chris' parents a LOT of debt when he was growing up with major medical expenses and cruddy insurance.
Interested to know if anyone else has had success with these,
Elizabeth M.
wife of 7 years to 29 year old Chris with CF
We have about 13 different 'hospital income/indemnity' policies through all different companies, a few have already been mentioned. At first we were very poor @ the beginning of our marriage and therefore VERY skeptical of whether or not this was a gimmick... you pay a premium, wait out the pre-existing condition clause (sometimes a year, sometimes 2 years), and then as long as you have paid your premiums timely and no lapse in coverage, you send in a claim form (usually about 1-3 pages plus a copy of the hospital bill) and in about 4-6 weeks you receive a check from this insurance company for the contracted amount per day of inpatient hospitalization. (We nearly fainted the first time a check actually came!!) For example, some of the ones Chris has pay him $100 per day for inpatient stays - so a 14 day stay can result in $1400 - paid directly to us. Some pay $75/day, others $150/day. Obviously, this is increased thru more policies. However, we were VERY HONEST on all the applications and completely disclosed CF and therefore waited out the pre-existing period. Some of the policies you can get through group memberships (for example, we're not pilots, but you can join the AOPA - aircraft owners and pilots association - for a annual fee just for stating that you are interested in flying). then when you are part of these 'interest groups' they contract with different insurance underwriters to offer their members hospital indemnity coverage as a 'perk'. Obviously for the average "joe" the company makes money since they never go inpatient, but for a CFer this is a dream come true.
But please understand me... DO NOT take advantage of these for 'perks' in life (we have heard of CFers using these and going inpatient more often than they need just because they want a few hundred to go on a trip or upgrade a car!?!?!?!?!?!) That is NOT US. We hate Chris going inpatient - he wants to LIVE his life. BUt we have found with all the crap that CF brings into life, this has been able to lighten our financial load of medicines, groceries and lost wages since he has been sick enough to have to go inpatient a few times per year.
To list a few companies:
- AFLAC
- Banker's LIfe & Casualty
- LIfe INvestor's
- National Benefit Life
- Physician's Mutual
- Union Fidelity Ins.
- Woodmen of the World
- Join Good Sam's Auto Club and you can get a policy as a 'perk'
- get a Sears card and you can get a policy through their company
I know there have been others that Chris has found online just through a lot of searching and phone calls. Some have gone out of business over the years, and so we no longer have those. Some have changed insurance underwriters to combine with another policy we happen to have, and so we have lost that one if they have a clause stating that you can have "x" amount of daily benefit.
Again, if your motives are pure, I highly suggest utilizing these resources - they actually work. You just have to make quite a sizable investment for the first year or two to wait out the pre-existing clause. When in doubt, always disclose CF - you don't want to waste premiums on a company that is going to give you a hassle come payout.
Good luck & to any CF parents out there... this could have completely saved Chris' parents a LOT of debt when he was growing up with major medical expenses and cruddy insurance.
Interested to know if anyone else has had success with these,
Elizabeth M.
wife of 7 years to 29 year old Chris with CF
I have a policy through Physicians Mutual. I have had it since 1994. I have been fortunate enough that I haven't had to use it. I haven't really read my policy lately, but I think they pay $75.00 per day (in patient stays) and will pay a higher amount if I am in intensive care. The intensive care policy was an add-on rider policy that I added later. My premium has never been raised other than when I added the rider policy. I pay $20.70 per month. Mine also has the 1 year pre-existing clause. I'm not sure what other companies have these policies; I'm sure there are several. I actually got mine through the mail. They sent me an application (not sure how they got my name) and I filled it out and sent it back. They gave me the policy, but anything that was CF related would not have been covered for the 1st year.
Good luck; hope you find one that works for you.
Good luck; hope you find one that works for you.