Whether you are looking for your first individual health plan, a plan for your family, or coverage to carry you over to Medicare, we are here to assist you with selecting the policy that best suits your needs. At Twin City Underwriters we work with several different health insurance carriers to provide you with options.
Our licensed agents help you determine the ideal plan for your individual needs. All health insurance plans offer different benefits, levels of coverage and utilize unique networks; with this in mind we work with you to ensure the plan you choose provides suitable coverage. For more information or to get a quote give us a call at 651-488-0172 or email us at info@tcunderwriters.com.
Glossary of Terms
Benefit Amount- The fixed cash payment your hospital indemnity plan or cancer indemnity plan pays for covered services which helps reduce out of pocket costs.
Cancer Indemnity Plan- A type of plan that pays cash benefits directly to you after a cancer diagnosis or during treatment which helps cover medical and non medical expenses.
Claim- A request submitted to your insurance provider to receive the benefits from your hospital or cancer indemnity plan.
Copayment (Copay)- A fixed amount you pay for doctor visits, treatments, or prescriptions under Medicare, which indemnity plans can help offset these costs.
Hospital Indemnity Insurance-A plan that pays cash benefits for hospital stays, admissions, and related care to help cover expenses.
Inpatient Hospital Stay- When you are admitted in to a hospital for overnight care. Hospital indemnity plans often provide daily cash benefits during your hospital stay.
Out-of-Pocket Costs- These are expenses not fully covered by Medicare, including deductibles, copays, and coinsurance costs that hospital and cancer indemnity plans can help reduce.
Outpatient Treatment- Medical services like chemotherapy, radiation, or surgeries that don not require an overnight stay.
Policyholder- The individual who owns a hospital or cancer indemnity plan.
Premium- The monthly payment required to maintain your hospital or cancer indemnity plan coverage.
Many of you may have heard about a product known as a “hospital indemnity” plan – whether you have seen them on a tv ad or have had a plan proposed to you.
What are they? How do they work? Is a hospital indemnity right for YOU?
Let’s start with discussing indemnity products in general: Indemnity plans provide cash payouts if a covered incident were to happen to you. Whether it is a heart attack, stroke, cancer, or hospital stays.
A unique feature of these products is that their payout structure is most often in the form of cash, paid directly to the client upon receiving documentation of their ailment. These funds can be used to pay your medical expenses, pay someone to clean your house while you are gone, take care of your pets, and anything else! The key to remember is that the payout is cash with no additional strings attached to how you spend it.
A hospital indemnity plan would provide you with a cash payout if you were admitted as an inpatient. They are not intended to replace your primary insurance – rather assist you with your cost sharing and other needs that you may have.
Does a hospital indemnity fit what you need? An attractive feature is that many options are tailored to mirror your cost sharing of your Medicare plan charges. Consider the below example:
Jane has a Medicare plan which covers inpatient stays. However, she would be left with a $350 copay for each day she was admitted. She could purchase a hospital indemnity plan that would pay her $350 per day in cash to help her cover those daily copays. She could choose to purchase an indemnity that would pay more than her cost sharing, say, $400 per day – she could pay her $350 daily copay, and have $50 left over to pay for her nephew to mow her lawn or feed her pets while she is gone.
Read more here: What is Hospital Indemnity Insurance and What Does It Cover?
Twin City Underwriters is excited to be able to offer Hospital Indemnities. We would love to go over your current coverage and help you select an indemnity that best suits your needs and budget!
A cancer diagnosis is something no one plans for but it is something many people will face at some point in their lives. While Medicare does provide important coverage for cancer treatment, it does not eliminate the financial impact that can come with it.
That’s where a cancer indemnity plan can make a big difference.
Cancer Indemnity plans are designed to provide direct cash benefits to you if you are diagnosed with cancer or undergo treatment. Unlike traditional health insurance, these payments are not tied to specific bills. The money is yours to use however you need, whether its covering copays and deductibles, helping to paying for travel to treatment centers, or just helping with everyday expenses.
Many plans offer a lump-sum payment upon diagnosis, along with additional benefits throughout treatment such as chemotherapy, radiation, or hospital stays. This is a added layer of support can help ease the financial strain.
For those on Medicare, this type of coverage can be especially valuable. Even with strong health insurance, these costs can add up quickly. Especially when the treatments are ongoing or require specialized care. A cancer indemnity plan helps to fill those gaps, which gives you more peace of mind.
At Twin City Underwriters, we understand that every situation is different. That is why we take the time to review your current Medicare coverage and help determine whether a cancer indemnity plan fits what you need. If this sounds like something you want to look into, give us a call, we are here to help you plan ahead!
We are happy to announce that we have created dedicated weekly webinars that focus entirely on these products – we would love for you to attend!
How Does Hospital Indemnity Insurance Work?
You pay a monthly premium for the coverage.
If you’re hospitalized, the policy pays a set amount (payments may be per day, per stay, or per event)
What Does Hospital Indemnity Insurance Typically Cover?
Hospital Indemnity plans cover:
Can I use the benefits for non-medical expenses?
Yes, because you receive the benefit in the form of cash in hand, you can use the funds to pay medical bills you've received or non-medical expenses like transportation, bills, food, care for pets while you are away or anything else that makes sense for your needs.
How much does it cost?
Hospital indemnity insurance can be very affordable. Premiums typically range between $10-$60 each month. The cost of the premium will directly impact the benefit structure, so the more you pay each month, the more you will get in the event of a hospitalization.
What does a Cancer Indemnity plan typically cover?
Most plans include a lump-sum benefit upon diagnosis and may also pay benefits for treatments such as chemotherapy, radiation, hospital stays, and follow-up care.
Get in touch with Twin City Underwriters today.
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