Hospital Indemnity Insurance | Transamerica

Hospital Indemnity Insurance | Transamerica
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Hospital Indemnity Insurance

Helps you pay for out-of-pocket expenses that result from a covered hospital stay.

 

Enrollment is only allowed for new hires, at annual enrollment, or when you have a qualifying life event.

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Here's what you need to know

Hospital Indemnity Insurance provides you with a cash benefit you can use to help pay expenses when you have a covered hospital stay.

 

If you’ve ever been hospitalized, then you already know that your medical plan may not pay all of your medical expenses. Whatever remains is what you’ll be expected to pay on your own. Deductibles, copays, out-of-network charges, and other uncovered expenses can add up to big bills, even for a short hospital stay.

 

That’s where Hospital Indemnity Insurance comes in handy. You can use the cash benefit you receive from this policy to help you cover not just bills related to your medical care, but any other expenses as well. 

 

  • Pays a cash benefit payment to use however you see fit
  • The payment is made directly to you (unless otherwise assigned)
  • It can help pay out-of-pocket expenses related to medical care associated with covered accidents or sicknesses
  • In addition to medical care, you may use it to pay for things like childcare, lodging, or over-the-counter medication

 

You can collect this benefit in addition to whatever coverage you have, including your employer’s medical plan, any other type of medical coverage, disability coverage, or other benefits you may be eligible to collect. However, it is NOT a substitute for these coverages and does not meet minimum essential coverage as defined by federal law.

A hospital staty can be costly to your finances in 2 ways:

 

  • Medical bills. After being admitted, you have expenses for each day you’re in the hospital – and even a short stay can end up being costly. In addition to the stay itself, treatments, tests, and surgery can add to the cost.
  • Lost wages. Each day in the hospital could mean taking time out of work, or a family member may take time away from their job to help support you. If this impacts the paycheck that your family relies on, you may need to dig into savings or even borrow money. Hospital Indemnity Insurance helps alleviate these worries.

 

Since you have the freedom and flexibility to choose how you spend your benefit payment, you can use it to help pay for medical expenses or non-medical expenses. Even use it to help pay regular living expenses such as grocery bills, mortgage payments, childcare, and transportation – all of which could become a concern if you lose income while you’re in the hospital.

 

Instead of turning to your savings or taking on credit card debt to pay those medical bills, you can use the cash you receive from this policy to help pay them. That means less time spent worrying about money and more time spent focused on getting well again.

These are the periods when you are eligible to enroll for Hospital Indemnity Insurance:

 

  1. Within your new hire enrollment period
  2. If you have a qualifying life event (you get married, have a baby, etc.)
  3. During your employer’s annual enrollment

 

Check with your employer’s human resources/benefits team for specifics about these timeframes.

 

Keep in mind: If you enroll during these timeframes, you have what is called "guaranteed issue," which means you may qualify for Hospital Indemnity Insurance without answering health questions.

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Plan Overview
Hospital Indemnity Certificate

How It Works

Number one Enroll now icon

You enroll in Hospital Indemnity Insurance

Number two Hospital icon

After insurance is in effect, you have a hospital stay due to a covered accident or sickness

Number three Giving cash icon

Receive a payment

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Use your money however you want

You're admitted to a hospital for a covered accident or sickness.

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That’s when Hospital Indemnity Insurance comes in.

Because you have Hospital Indemnity Insurance, you get a cash payment you can use for any expense you want – medical or not.

Frequently Asked Questions

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  • Who is the provider?

    Transamerica Life Insurance Company

     

    With 90 years of experience in providing employee benefits, Transamerica is committed to helping people protect what matters most. We are on mission to help employees pursue a more secure financial future so they can live their best lives. And we’re here to provide support every step of the way.

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  • When is a benefit paid under the policy?
    Once your insurance is in effect, you’ll collect benefits for a variety of events related to a covered hospitalization. These benefits vary by state and may have other limitations and exclusions that may affect what’s payable. Refer to the policy documents for complete details.
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  • Who in my family is eligible for this insurance?

    All regular employees working 20 hours or more per week and eligible family members.

     

    Eligible family members are defined in the Participating in Healthcare Benefits section of our Summary Plan Description.

  • How much does the insurance cost?

    This is group insurance offered at group rates. Refer to the policy documents for complete details. 
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  • Do I have to answer health questions or take a medical exam?

    No, you don't. If you enroll during your eligible enrollment periods, you have "guaranteed issue," which means you may qualify for insurance without answering health questions.
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  • What if my employment status changes?

    Good news! If you leave or retire from your current employer, you can continue your insurance without interruption (subject to applicable law and the policy's terms and conditions). Although payroll deduction will no longer be available, you can opt for other payment methods such as direct bank account deduction, credit card billing or home billing. Higher rates may apply. 
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  • When would my insurance start?

    Your Hospital Indemnity Insurance is effective on the first day of the month after the enrollment certificate is signed. 
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  • Am I really free to use the payment any way I choose?

    Yes, you are! There are no restrictions or requirements about how you can use your hospital cash benefit. You don’t even need to use it on expenses you incur while you’re IN the hospital – you can also use it for expenses after you’re discharged. You’re free to use this money on anything you choose, including out-of-pocket medical expenses and/or non-medical expenses such as regular monthly bills if you’re out of work. 
This is a brief summary of Hospital Select® II hospital indemnity insurance policy underwritten by Transamerica Life Insurance Company (TLIC), Cedar Rapids, Iowa. TLIC is not an authorized insurer in New York. Policy Form Series TMHI10MI-0118 and TCHI10MI-0118. Forms and numbers may vary. Insurance may not be available in all jurisdictions. Limitations and exclusions apply. Refer to the policy, certificate, and riders for complete details.
EB2 264022R1 S 08/24

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Act now to put Hospital Indemnity Insurance in place to help offset expenses that may not be covered by other insurance.
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Enrollment is only allowed for New Hires or during Annual Enrollment or a Qualifying Life Event.

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