Washington National Launches New Hospital Indemnity Insurance Product

CARMEL, Ind., Nov. 29, 2018 /PRNewswire/ -- Washington National Insurance Company, a national provider of supplemental health and life insurance products for middle-income Americans, announced today a new hospital indemnity insurance policy, Hospital Assure^SM.

Hospital Assure helps pay for expenses associated with a hospital stay that are not covered by employer-provided health insurance plans, individual major medical insurance or Medicare. Common uncovered expenses include deductibles, co-payments and other out-of-pocket expenses when consumers need a hospital stay, outpatient hospital care, emergency room visit or rehabilitation facility care for a covered sicknesses or covered accident.

Additionally, Hospital Assure complements consumers' existing health insurance plans by paying lump-sum cash benefits directly to consumers, not to the doctor or hospital. This gives families the flexibility to use their cash benefits without restrictions, including paying for everyday bills and expenses if the policyholder is unable to work.

"We designed Hospital Assure to address the needs of middle-income Americans," said Mike Heard, president of Washington National. "According to recent data from the U.S. Department of Health and Human Services, the average hospital stay costs more than $10,700. Expensive hospital stays can force many consumers to dip into their savings or even pay by credit card for these out-of-pocket expenses. With Hospital Assure, policyholders can focus on getting the care they need, rather than the costs."

For individuals who do not have a health savings account, Hospital Assure offers an optional Return of Premium/Cash Value Benefit rider, a distinctly competitive feature in the marketplace that allows customers to get 100% of their premiums paid, minus any claims incurred, at the end of the rider period.

The benefits of Hospital Assure include:

• Flexibility – cash benefits are paid directly to consumers, not a doctor or hospital, with no restrictions on how consumers use their benefits.
• Portability – consumers can keep their policy, even if they change jobs, move to a different state, retire or go on Medicare.
• Premiums stay the same – rates won't increase unless all rates of that kind are raised in a consumer's state.
• Guaranteed renewability for life – policies are guaranteed renewable as long as required premiums are paid on time.

Hospital Assure is for employees, retirees, self-employed individuals as well as spouses and families who have major medical insurance, but are faced with copays, deductibles and out-of-pocket costs.  Hospital Assure is also an ideal solution for both large and small businesses looking to offer additional medical coverage as part of their benefits package.

Hospital Assure is currently available through Washington National insurance agents in 27 states: Alabama, Arizona, Arkansas, D.C., Florida, Georgia, Hawaii, Iowa, Illinois, Kansas, Kentucky, Louisiana, Maine, Michigan, Mississippi, North Carolina, North Dakota, Nebraska, New Mexico, Nevada, Oklahoma, South Carolina, South Dakota, Tennessee, Wisconsin, West Virginia, and Wyoming with availability in other states pending. The issue age is 18 to 69 and policy benefits may vary by state.

About Washington National Insurance Company
Washington National Insurance Company, a subsidiary of CNO Financial Group, Inc., has helped Americans since 1911 to protect themselves and their families from the financial hardship that often comes with critical illness, accidents or loss of life. The company's supplemental health and life insurance products are designed to help give policyholders and their loved ones' peace of mind. Policyholders can depend on Washington National to be a strong, caring partner in helping to provide financial security for them and their families. To learn more, visit WashingtonNational.com.

SOURCE Washington National Insurance Company

Related Links

http://www.WashingtonNational.com