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Fill Medicare and Medicare Advantage gaps with Hospital Indemnity riders

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Hospital Indemnity insurance riders offer Medicare and Medicare Advantage policyholders a way to lower out-of-pocket costs

Out-of-pocket medical costs can add up quickly when you go into the hospital. Medicare and Medicare Advantage (MA) cover some expenses associated with a hospital stay, but not all of them. The good news is Hospital Indemnity insurance1 and its riders can supplement these plans, helping to fill coverage gaps and lessen financial stress.

Hospital Indemnity insurance, also known as hospital insurance, pays a benefit directly to you if you’re hospitalized. You may use the payment however you want,2 which allows you to spend the money where it is needed most. The best Hospital Indemnity plan will have no deductible or pre-certification process, making it easy to obtain and access when necessary. Plus, you can add riders to help you customize your Hospital Indemnity plan for your unique situation.3

What is a Hospital Indemnity rider?

When you enroll for Hospital Indemnity insurance, you choose the number of days and the cash benefit per day. A rider is an optional add-on that provides extra coverage for such things as ambulance services and skilled nursing facility care.

Most riders can be easily added to your Hospital Indemnity plan to create additional value. For instance, when you enroll in our Hospital Indemnity insurance plan, you choose the number of days and the cash benefit per day, which ranges from $100 to $600 in $25 increments, depending on what you select and what is available in your state. The base plan includes inpatient mental health services,4 observation unit monitoring, and emergency room services for injuries.

What is an Outpatient Surgery rider?

When you consider one in four older adults age 65 and older falls each year, and falls are a leading cause of hip fractures, it’s not surprising then that nearly 450,000 hip replacements are performed every year in the United States. Medical advancements are making hip and knee replacements easier and more commonly performed as outpatient surgeries. Yet, their progress doesn’t translate to financial benefits for patients with Medicare and MA plans. Fortunately, Wellabe’s Hospital Indemnity insurance plan with an Outpatient Surgery rider5 pays a designated benefit of $250, $500, $750, or $1,000, up to two days per calendar year. It’s designed to meet most MA plans’ copays for outpatient surgeries.

What is an Outpatient Therapy and Chiropractic Services rider?

Following surgery, an injury, or a stroke, you may need outpatient therapy services. Medicare and MA may not cover all the costs. This is where Wellabe’s Hospital Indemnity insurance plan with an Outpatient Therapy and Chiropractic Services rider6 provides value. It can alleviate some out-of-pocket costs to ensure you get the help you need, whether it’s through speech, occupational, or physical therapy or chiropractic care.

Medicare has specific requirements in order to pay for chiropractic benefits. However, with an Outpatient Therapy and Chiropractic Services rider, people in need would have additional coverage, and some of those costs could be paid for with this insurance.

It’s rare for insurance carriers to cover chiropractic care through an Outpatient Therapy and Chiropractic Services rider, but Wellabe does to limit out-of-pocket costs for policyholders.

Choosing the right Hospital Indemnity plan and riders for you

Your first step is to look at the benefits of your policy to identify potential Medicare and Medicare Advantage gaps in coverage. You will likely see a need for Hospital Indemnity insurance and its optional riders to increase coverage and decrease out-of-pocket costs down the road for your financial and emotional well-being.

Next steps

For more information on our products and what is available in your state:

Photo credit: iStock

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Medicare Supplement vs. Medicare Advantage

Understanding your insurance options in retirement

Kelly Rayburn, AVP national sales and distribution at Wellabe, and Olga Villaverde, from Lifetime TV’s The Balancing Act, discuss what Medicare Supplement insurance is and how it differs from Medicare Advantage.

Learn more about Medicare Supplement

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