Hospital indemnity insurance is a supplement policy that pays for in-patient treatment. It covers the hospital admission cost, usually not covered by any other insurance. Any company can buy it for employees to pay for admittance in a hospital or ICU due to serious sickness or injury. Organization with as few as two people can apply for this policy.
Why Do You Need Hospital Indemnity Insurance?
Every American needs a financial safety net. Majority of us do not have enough saving to cover up unexpected medical bills. However, we cannot put our loved ones life at risk thus require assistance in paying off the excess expenditures.
By enrolling your company for this, the employees can directly get cash assistance, even if they have not incurred any out-of-the-pocket expenses. They can use this amount for various other purposes related medical bills, such as:
- Food, rent and other utilities
Benefits of State Farm Hospital Indemnity Plans
Other than instant cash assistance, the hospital indemnity plans have additional benefits discussed below:
This supplement insurance is easy to apply for. You do not need to undergo any medical examinations when enrolling for state farm hospital indemnity plan. Once your employer offers it, you receive guaranteed acceptance, regardless of your health conditions. All you need to do is stay regular at work for the plan to be effective. The plan guarantees:
- No medical examinations
- No health-related questions
You will receive the benefits directly, instead of the doctor or the hospital. When claiming the policy, you will receive a check payable to you, for added convenience.
You can customize your state farm hospital indemnity plan to complement your current medical or healthcare insurance. The tailor-made insurance policy offers coverage that meets the requirement of your employee.
As a company owner, you have the right to set the payment cost to meet your budget constraints. You may pay half or a portion of the cost and even nothing at all. You can offer this plan as a voluntary benefit and if needed, the employee can pay for it.
You do not even need to wait for the plan to come in effect, as it becomes valid on the same date of your coverage as long as you are active at work. The claim process is also very simple. Once you submit the required information, they process the payment within 10 days.
How Does State Farm Hospital Indemnity Insurance Work?
Unlike any other supplement plan, hospital indemnity insurance has no restrictions. It will provide you cash benefits when you need it most. Other than covering unexpected expenses during hospitalization, it also lets you:
- Choose the way you want to spend the cash
- Take the policy with you even if you switch jobs
- Ensure acceptance to you and other eligible family members
- Conveniently pay deductibles
- Cover in-patient admission costs and hospital stays
If you are looking for a comprehensive state farm hospital indemnity insurance that will work best for you and your employees, then talk to an agent at Advanced Professionals. They can guide you with policy features, requirements and benefits to help you choose the one that meets your requirements.