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.
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.
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.
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.
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.