How to Obtain Hospitalization Insurance

Three Parts:Comparing Hospitalization PlansCompleting the ApplicationPaying your Premium

Hospitalization insurance is available to healthcare consumers who are concerned their regular health insurance plan does not provide enough coverage for hospital stays. Some hospitalization insurance plans cover medical costs as well as other costs associated with hospital stays, such as loss of income, child care, transportation and private nursing. Obtain hospitalization insurance by comparing plans, filling out an application and paying your premium.

Part 1
Comparing Hospitalization Plans

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    Take a look at your current health insurance. Pay attention to what costs are covered if you need surgery or a lengthy hospital stay. This will prepare you for the type of hospitalization insurance you need.
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    Review plans available from your own health insurer and other insurance companies. You may be able to add additional hospitalization insurance to your current health plan, if you have one.
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    Ask for price quotes from the insurance companies you identify as having hospitalization plans that will supplement your current insurance or provide primary insurance for your healthcare needs.
    • Pay attention to 3 specific costs; the premium, the co-pay and the deductible. The premium is the amount you will pay for your insurance plan on a monthly or annual basis. The co-pay is the amount you will owe when you are hospitalized. Some plans will cover you 100 percent and others will require you to pay a portion. The deductible is the amount of money you must pay out of pocket before the hospitalization insurance kicks in.
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    Compare the quotes and plans you gather. Consider how costly they are and what kind of coverage and services you can expect in exchange for what you pay.

Part 2
Completing the Application

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    Fill out an application online. Most health insurance companies will allow you to provide the necessary information online.
    • Visit an insurance agent or call a toll free number for the insurance company you choose to work with if you are not comfortable applying online.
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    Provide information on your current insurance plan if you have one, as well as medical history and contact information.
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    Submit your application with any supporting documentation to the insurer. Your hospitalization insurance application will be reviewed by underwriters who will estimate your risk and provide you with an approval or a denial.
    • Check your cost again. Sometimes, the cost of your hospitalization insurance will change once the application is complete. The quote you receive before your full application is received is an estimate.

Part 3
Paying your Premium

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    Submit your first premium payment. Your insurer might require this with the application or after the application is approved.
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    Decide how frequently you want to pay. Many consumers pay their premiums monthly. You may also have the option to pay an annual premium or on a quarterly basis.
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    Ask when your hospitalization coverage begins. It should start as soon as the first premium is accepted.

Tips

  • Review all of your insurance policies annually. The coverage you need for yourself and your family often changes as you age, add dependents to your family and go through other personal and financial changes.

Article Info

Categories: Health Insurance | Insurance