In a time where most Americans are looking for ways to increase their frugality, having medical insurance is seen by many as a luxury rather than a necessity. However, a serious accident, illness or injury could occur at any time, and without medical insurance, savings will be eaten away and financial ruin could result. Hospitalization insurance is a viable alternative to comprehensive medical insurance. Although it has pros and cons like any other type of coverage, hospitalization insurance could be an attractive option for many.
What is Hospitalization Insurance?
A hospitalization insurance plan is an alternative type of medical coverage, available to most people. It exists to provide coverage only for hospital stays. This offers the advantage of low prices on premium payments while protecting you in the case of a serious medical emergency. Hospitalization insurance plans are typically offered through private insurance companies. Getting a hospitalization insurance plan can be a good way to make sure you are taken care of in case of illness or accident without spending lots of time and money on a full plan.
How to Find a Hospitalization Insurance Plan
Since most hospitalization insurance plans are offered through private insurance companies, identifying and contacting a trusted insurance carrier is the best way to start. It is also wise to contact the local hospitals to ensure that they accept that particular carrier. Private insurers typically refer to hospitalization insurance as a basic plan. Generally, the best hospitalization insurance plans have deductibles of about $2,500. There may be some available with smaller deductibles, but they may not offer quite as much quality protection for you.
Purchasing a Hospitalization Insurance Plan
The process of applying for and purchasing a hospitalization insurance plan is relatively simple, especially when compared to the process of applying for comprehensive insurance. To begin, complete the application, submitting the first premium payment along with it so that the coverage will be in effect immediately upon acceptance. Since hospitalization insurance plans have much less strict underwriting than comprehensive plans, it is relatively easy to get accepted for coverage, even if there are some pre-existing medical conditions in the picture.
Other Options in Hospitalization Insurance
While a hospitalization plan can be a great start while deciding what type of insurance coverage is right for you, someday there may be a need to upgrade to a more comprehensive plan. One of the good aspects of hospitalization insurance plans is that coverage upgrades can be requested after acceptance by the carrier. However, this may only work if no claims have been made after a certain length of time. If a request for a coverage update is denied, try speaking to the insurance agent about the options available to you.
Hospitalization Insurance Necessary as Basic Coverage
Being without medical insurance is risky, but many people are choosing to take that risk due to sky-high premium payments and stressful insurance application processes. However, hospitalization insurance is the most basic type of protection that offers reasonable coverage for some of the cheapest prices in the insurance world. Purchasing medical insurance is an important personal decision that should not be taken lightly.