Hospital stays can be expensive, group hospital insurance may help reduce costs.
Group hospital insurance adds another layer to your benefits.
Planned surgeries and unplanned accidents send people to the hospital all the time. Even with a health insurance plan, hospital stays can lead to large medical bills. In fact, medical expenses are one of the leading causes of debt. Group hospital insurance can help enhance your benefit options. On the other hand, this may also lead to better employee retention and boost your recruitment strategy.
Inpatient hospital stays are just the beginning.
Depending on how the group hospital insurance plan is structured, any number of hospital-related costs may be covered. Transportation by ambulance and emergency room costs are generally billed separately from the inpatient stay. In addition, inpatient or outpatient surgeries may also be covered under the plan. Diagnostic procedures and advanced care in the intensive care unit are typically covered as well.
Reduce the financial burden on employees and their families.
Many insurance policies offer a lump sum payout rather than paying on a reimbursement basis. These payouts may then be used to cover expenses that may or may not be related to the hospital stay, such as child care costs, transportation, and lodging. It may also be used for regular expenses and bills to help them cover the necessities.
Do you need group hospital insurance?
Even if you have health insurance, the costs of hospital stays can be a financial burden. Having this coverage may help cover some of the costs or may even allow employees to get a lump sum.
What makes hospital stays so expensive?
Some of the most expensive parts of a hospital stay may include ambulance rides, unplanned surgery, and emergency room visits. A group hospital policy may help pay for these costs.
Additional considerations for group hospital insurance.
Coverage for spouses and children is commonly available under these plans for employees who may want to add their family members to the plan. For instance, coverage may be portable in some cases, allowing employees the option to take the policy with them should they leave the company. While not a substitute for major medical insurance, plans can be designed to fit snugly with health insurance, even HSA-compatible models.
Do you have questions about offering group hospital insurance to your employees? Contact us to go over your needs and your coverage options.
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