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Medico Lowers Hospital Indemenity Rates, Increases Benefits

Apr 3, 2018

Effective May 1, 2018, Medico will have a new Hospital Indemnity insurance policy to sell with richer benefits and 19 percent lower rates.

New plan benefits:

  • Confinement benefit periods of six, seven, eight, nine, 10, 21, or 31 days and daily benefit amounts from $100 to $600 (in $25 increments)
  • An observation unit benefit of 100% of the hospital confinement indemnity benefit for up to six days
  • A transportation and lodging benefit of $100 per day for up to 10 days
  • An emergency room benefit of $150 per day for up to four days

Rider options:

  • New outpatient surgery rider, urgent care center rider, and lump sum hospital confinement rider
  • A chiropractic care benefit has been added to the outpatient therapy benefit
  • Skilled nursing coverage for up to 50 days
  • Lump sum cancer rider
  • Benefits for up to four ambulance service days per calendar year

Note: Benefits are slightly different in some states. See the new Hospital Indemnity policy highlights here .

As of April 2, 2018, the new Hospital Indemnity policy is approved in the following states: AL, AR, FL, GA, IA, IL, IN, KS, KY, LA, MI, MN, MS, MT, NE, NV, OK, OR, PA, TX, WI and WV.

Policyholders who enrolled in the Hospital Indemnity product prior to May 1, 2018 will see the following enhanced benefits:

  • Effective May 1, 2018, the hospital observation benefit will be increased from 50% to 100% of the hospital confinement amount and from three days to six days
  • Premiums will decrease by 20% effective on the policy's next premium renewal date
 

 

 


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