I’m really confused about hospital indemnity insurance. I’ve watched videos and read about it, and I understand it’s meant to help you get back to your financial situation before a medical incident.
But what I’m seeing is a $10 monthly deduction from my paycheck for coverage that gives me $1000 for one day in the hospital and $100 for each additional day. So basically, you get a payout. I checked, and this benefit isn’t taxed, which means I don’t have to pay taxes on it.
My question is, I’m only paying $120 a year for the chance to get $1000 back, and there are no other costs? I don’t have to pay taxes on the payout?
Insurance often seems like it’s all about making money, so I’m not sure how this works or if I’m missing something.
I’m trying to figure out if it’s better to put more money into my HSA or if getting hospital indemnity insurance is a good idea.
If you almost never go to the hospital, why do you want to bet that you will go to the hospital at least every five years? I’d guess most adults probably go less often than that.
If you don’t usually go at that frequency, then I’d personally pass. You could get it if you want the insurance, but it doesn’t seem like an ‘absurd’ deal to me.
hi brother listen to my advice,It’s an individual choice. If you’re thinking about hospital indemnity insurance, make sure to obtain quotes from multiple insurers and thoroughly evaluate their plans before deciding.
Without knowing more about what these actually cover or do No, I wouldn’t say that because I’ve only ever paid for your basic programs. Additionally, it seems strange and unnecessary to have indemnity insurance when most “longer” term hospital stays will almost certainly result in you meeting your deductible.