Podcast: Benefits of Hospital Indemnity Plans (HIP) with Blake Denby

A visit to a hospital can be a nerve-wracking experience. Some shudder at the sight of needles. Some faint at the idea of surgery. What about the bill you receive in the mail once it’s all over? Well, to most of us, that’s the part we dread the most.
Thankfully, there are more and more benefits popping up on the market to help combat a heart-pumping hospital bill. One of which is the Hospital Indemnity Plan.
In this new podcast installment, Blake Denby, Consultant at Financial Benefit Services, will dive into the ways Hospital Indemnity Plans can ease the minds of employers and their employees.

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Here are some highlights from the podcast:

What is a Hospital Indemnity Plan? (1:15) “A Hospital Indemnity Plan is a plan that pays you an amount of benefit upon hospitalization and an amount of benefit per day that you’re in the hospital.

Are hospital indemnity plans meant to help meet a medical plan deductible? (2:39) “Absolutely. It also helps with any other expenses that might come along with a hospitalization. The monies are paid directly to you, not to the hospital. It’s not an assigned benefit, so you can really use the money however you see fit in whatever needs that you have.”

What makes Hospital Indemnity Plans now more popular than Medical Supplement Plans? (3:57) “The simplicity of it…Once you’re hospitalized, you receive an amount of money and you receive an additional amount of money per day. That’s the full encompassing [scope] of that benefit, as opposed to a medical supplement where there might be a lot of other moving parts. There’s a lot more to the claim process.”

What are some significant budgetary benefits employers see when they move to a Hospital Indemnity Plan? (7:17) “If you offer a Hospital Indemnity Plan, you encourage your employees to move towards a high deductible medical plan, and as we know, high deductible medical plans are the way of the future and those are going to cause the most savings for the employer.”

What is a major takeaway for listeners regarding Hospital Indemnity Plans? (8:08) “It allows the employer to offer a benefit that is very simple to understand [and] that an employee is very likely to receive a benefit from.”

Listen to the podcast as Blake expands on these points, as well as offers his advice on what features employers should look for while shopping for Hospital Indemnity Plans.