Hospital indemnity insurance helps to cover the costs associated with an extended hospital stay in the event of a sickness or illness – even the cost of the ride to the hospital. It’s designed to work with an employer’s health insurance by easing the financial impact of medical costs on employees.
Hospital indemnity insurance can contribute to employee financial wellness. Medical costs, college debt, and other expenses are pushing stress levels higher. The average cost of a three-day hospital stay is $30,000.1 What’s more, roughly two-thirds (62 percent) of all bankruptcies are related to medical bills.2 And workers are turning to their employers for help: 52 percent of employees report they would face financial hardship without their workplace benefits, while 67 percent say their benefits are important because they would not be able to afford them otherwise.3
Employees want supplemental health insurance benefits like hospital indemnity insurance – in fact, offering these types of benefits could cause someone to want to work for the employer that offers them. In a recent survey, 55 percent of employees said they want supplemental health insurance benefits. Likewise, nearly as many stated that supplemental insurance offerings like hospital indemnity coverage were viewed as a welcome addition to help pay for expenses not covered by their medical plan, as well as expand care possibilities.4
Hospital stays can cost thousands of dollars. While basic medical insurance covers some of the expenses, hospital indemnity insurance can help with some of the rest, allowing employees to feel more financially protected during and after a hospital stay. As an employer, offering coverage that brings welcomed financial help with expenses such as copayments, deductibles, and prescriptions shows employees they work for a company that cares.
Health Screening Benefit. This benefit, which is also known as a Wellness benefit, can be included on all Guardian supplemental health insurance products. It encourages employees to stay healthy by including an annual wellness benefit payment when they complete certain routine wellness procedures or screenings.
When your company decides to offer hospital indemnity insurance, our approach to enrollment can help you design an experience that educates and engages employees, so they can make more informed benefit decisions.
Learn more about our active enrollment approach.