ACA Alternatives | Dental, Vision, Hearing | Hospital Indemnity
Not everyone can afford to pay the full monthly premium for comprehensive major medical health insurance, which is why the Affordable Care Act (ACA), otherwise known as Obama Care, makes subsidies available to those within certain income brackets. These include premium tax credits and cost-sharing reductions.
If you earn too much to qualify for a health insurance subsidy but not enough to offset the costs of rising health insurance premiums, deductibles, and healthcare costs, you may have some options depending on your healthcare needs and finances, but it’s important to be careful when considering health insurance that is not ACA-compliant. We help you make sense of it all.
Medicare does not cover routine or comprehensive dental, eyeglasses or vision exams or hearing exams and hearing aids. It does, in most cases, cover services related to the health of your eyes, ears, and smile.
There are various ways to cover dental, vision, and hearing once you begin Medicare coverage:
- Through a stand-alone dental plan or vision plan
- Combined dental, vision, and hearing coverage
- Discount dental plans (Individual or household coverage)
- As part of an MAPD plan
A standard hospital indemnity insurance, also called Hospitalization insurance or Hospital insurance, is a plan that pays you benefits when you are confined to a hospital, whether for planned or unplanned reasons or for other medical services, depending on the policy. A plan may include coverage for hospital admission, accident-related inpatient rehabilitation and hospital stays, convenient payroll deduction, and portable coverage should you leave your employer. It can help you fill gaps in your medical coverage by providing cash to help cover deductibles, pharmacy prescriptions, and other non-covered expenses that may arise from hospital stays and services.
Helps Your Budget
Hospital stays can strain even the healthiest of budgets. And in many cases, you can’t ignore the care you need even if it pushes you financially. Hospital Indemnity insurance plans provide payment for each day spent in the hospital, and for some other qualified expenses as well. That’s money you can use as you choose, whether for hospital bills or those other costs that come up while you’re recovering.
Payments Following Specific Events
Health insurance pays for specific medical services after the deductible or copayment amounts are satisfied. By contrast, hospital indemnity insurance triggers payments when specific events associated with hospital visits occur. A type of supplemental insurance, hospital indemnity plans pay out when a policyholder checks into a hospital for an overnight stay, entitling him to claim a certain amount against the policy for each 24-hour stay. In addition to a hospital per diem, a plan may feature payments per ambulance trip, surgery, or increased payments for intense ailments such as stroke or cancer. Benefits can disburse in lump sums for short admittances or on a daily or weekly basis during longer visits. Payments can be used for whatever purpose the beneficiary chooses. Unlike medical health insurance, hospital indemnity plans are not tied to specific services but rather pay policyholders upon the occurrence of certain events.
Costs Start Low
Monthly costs for individual hospital indemnity coverage for the young and healthy start quite low. Premiums increase as policyholders age. And while it can’t make you stop worrying about your loved ones, combined with the right health plan, hospital indemnity insurance can make the unexpected more tolerable to encounter.