How is Hospital Indemnity different from regular health insurance?
I am trying to get health insurance from state farm insurance company, it seams they only offer Hospital Indemnity and Medicare Supplement for Maryland. I'm not sure if that is a health insurance supplement or just a benefit program when you are hospitalized.
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Answer by Zarnev
A hospital indemnity pays you a set dollar amount when you use medical services.
For example, a common plan will give you $ 500 per day when you go into the hospital. You are then responsible for paying the hospital that total amount which averages around $ 3500 per day. So if you are in for a few days your portion will really add up to a lot of money, which traditional insurance would have paid but the indemnity doesn't pay.
Some plans will also have payments for other procedures, such as they'll give you $ 50 when you visit a doctor or you'll get $ 1000 if you have an outpatient surgery. Again, you are responsible for paying the total bill.
These plans are designed to be a supplement to your traditional health insurance, not a substitute.
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