Voluntary Benefits
Published by Trustmark Voluntary Benefits on September 1st, 2020
The Coronavirus pandemic has caused many of us to take a closer look at our healthcare coverage, especially when it comes to hospital visits. With open enrollment season approaching, now is a great time to get a better understanding of hospital insurance so you can know how your policy works or, if it’s available, decide whether to purchase hospital insurance for the upcoming year. Let’s take a look at a few things you may not know about hospital insurance to help you make the best choice for you and your family.
It can help cover your deductible
One of the reasons COVID-19 may have you paying more attention to your healthcare coverage is because hospital stays can be expensive. To avoid being blindsided by costly medical bills from a hospital admission, start by understanding your major medical plan’s deductible. A deductible is the amount of money you pay out of pocket each year before your insurance kicks in to cover the remaining costs. This results in what we call the “medical gap”, where even with medical insurance, you could still be on the hook for expensive bills if you haven’t paid your yearly deductible yet. Hospital insurance helps cover this gap because you can purchase it in addition to your major medical coverage and it pays in addition to your medical coverage too.
It pays YOU cash
When you think of receiving healthcare coverage, you probably think of it as a as a behind-the-scenes transaction between hospitals and insurance companies; but when it comes to voluntary benefits, like hospital insurance, the money goes directly to you, not to your medical provider. That way, you can choose how the benefit is used. Many people put the extra cash toward their out-of-pocket costs not covered by medical insurance, but you could also use it for hotels, parking, food, or child and pet care needed during your hospital stay. It’s yours to use however you want.
First day confinement benefit
If you’re unfamiliar with hospital insurance, it’s good to know about the first day confinement benefit. First day confinement typically gives patients a lump sum when they are first admitted to the hospital. The amount of the lump sum ranges, but its purpose is to give an extra boost at the beginning of recovery to help relieve financial stress. Some plans even allow you to adjust the admission benefit at any time, so it can complement changes to your major medical coverage.
It’s not always just for inpatient hospital stays
So far, we’ve only mentioned coverage for inpatient hospital stays, but there are many other areas where hospital insurance can come in handy. Depending on your plan, hospital insurance could also pay benefits for the emergency room, urgent care, an ambulance, outpatient surgery and outpatient rehabilitation. On top of that, you may have access to features that will provide a payment for routine tests and services such as a mammogram or colonoscopy. Some innovative carriers also offer benefits that address mental wellness and addiction recovery for mental health or substance use disorders. So if you’re considering hospital insurance, be sure to keep an eye out for extra coverage options aside from just the hospital stay benefits.
When the future is uncertain, knowledge is power. With the current health situation, it is important to understand your coverage options and be as prepared as possible. Should you or anyone in your family require a hospital stay or any of the other healthcare services we’ve mentioned, having hospital insurance can give you the peace of mind that your finances are protected.
It can help cover your deductible
One of the reasons COVID-19 may have you paying more attention to your healthcare coverage is because hospital stays can be expensive. To avoid being blindsided by costly medical bills from a hospital admission, start by understanding your major medical plan’s deductible. A deductible is the amount of money you pay out of pocket each year before your insurance kicks in to cover the remaining costs. This results in what we call the “medical gap”, where even with medical insurance, you could still be on the hook for expensive bills if you haven’t paid your yearly deductible yet. Hospital insurance helps cover this gap because you can purchase it in addition to your major medical coverage and it pays in addition to your medical coverage too.
It pays YOU cash
When you think of receiving healthcare coverage, you probably think of it as a as a behind-the-scenes transaction between hospitals and insurance companies; but when it comes to voluntary benefits, like hospital insurance, the money goes directly to you, not to your medical provider. That way, you can choose how the benefit is used. Many people put the extra cash toward their out-of-pocket costs not covered by medical insurance, but you could also use it for hotels, parking, food, or child and pet care needed during your hospital stay. It’s yours to use however you want.
First day confinement benefit
If you’re unfamiliar with hospital insurance, it’s good to know about the first day confinement benefit. First day confinement typically gives patients a lump sum when they are first admitted to the hospital. The amount of the lump sum ranges, but its purpose is to give an extra boost at the beginning of recovery to help relieve financial stress. Some plans even allow you to adjust the admission benefit at any time, so it can complement changes to your major medical coverage.
It’s not always just for inpatient hospital stays
So far, we’ve only mentioned coverage for inpatient hospital stays, but there are many other areas where hospital insurance can come in handy. Depending on your plan, hospital insurance could also pay benefits for the emergency room, urgent care, an ambulance, outpatient surgery and outpatient rehabilitation. On top of that, you may have access to features that will provide a payment for routine tests and services such as a mammogram or colonoscopy. Some innovative carriers also offer benefits that address mental wellness and addiction recovery for mental health or substance use disorders. So if you’re considering hospital insurance, be sure to keep an eye out for extra coverage options aside from just the hospital stay benefits.
When the future is uncertain, knowledge is power. With the current health situation, it is important to understand your coverage options and be as prepared as possible. Should you or anyone in your family require a hospital stay or any of the other healthcare services we’ve mentioned, having hospital insurance can give you the peace of mind that your finances are protected.
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Written by Trustmark Voluntary Benefits
We provide innovative voluntary benefits that help our policyholders achieve greater financial security and protect what they care about most. You care. We listen.
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