What are the pros and cons of signing up to a hospital indemnity insurance plan? Is it considered a good choice for a young women (in her 20s)? What about other household members?

If she's married and having kids it could be a solid choice. They usually cover L&D hospital stays

I am referring to a married women having children. Are there any downsides to be aware of?

The same downsides of any insurance. They cost money and if you don't end up using it it's a "loss". Unless you're paying for the peace of mind which applies if there would be a financial hit

In addition to health insurance right, not instead? If its on top of all the normal good zachim, i agree, if one is going to give birth in that year its a great choice

Lol, nothing to be medayik from my extra words

👍

Read the fine print, the plan my company was offering excludes L&D or any planned procedures

the plans my insurance broker offers all exclude births

My plan excludes labor and delivery within 9 months of starting so they’ll only pay it out if the baby is born October-December

sometimes employers have "richer" hospital indemnity plans that would cover births

I definitely have seen plans that cover delivery at least at the big companies.

My wife has a plan that pays for labor and delivery and we used it a few times. No downsides that I’ve experienced.

@lemon-hairdresser-11869 the plans have a 9 month wait time, which could be a good reason for getting it if you plan to have a child in the next two years. The 9 month wait time does not start again every january if you are keeping the coverage from the previous year

The one I have does not allow for more than one year :)

When I started working at one of my jobs they offered hospital indemnity and it allowed preexisting conditions for new employees and my wife was already pregnant so I made out well that year. Overall though insurance isn't meant to be a way to make money. It's there to prevent having an unusually large expense that you can't cover. The cost to payout for indemnity plans is usually pretty poor. And if the indemnity plan premiums are tax deductible then the payout is taxable so you don't get as much as you think. Personally I lump it in with things like dental and vision. Generally not worth it.

My friend's Lakewood office offers their employees 3 hospital indemnity plans. She ends up getting 10k for each birth by using all 3 of them.

@lemon-hairdresser-11869 you can't sign up for two years in one shot, but are you saying you can't renew the coverage when the first year is over?

You probably can but I wonder if the nine month count resets then?

The payout to premiums is probably about 3:1. So even having a child every 2 years nets very little, especially if you need to pay taxes/maaser on the money you get.

I had an APL plan that was $70/month with a $7k payout. And I ported it so I was paying for it privately with pre-tax money, so the payout wasn't taxable 🤑 Unfortunately APL did an audit and determined that I wasn't allowed to port it after all, so they cancelled it 😔

@lemon-hairdresser-11869 the nine month wait generally does not reset every year if you are maintaining coverage

Can someone have a hospital indemnity insurance plan along with an HDHP insurance plan and still be eligible for an HSA? What are people's thoughts about such an arrangement? What about pairing a hospital indemnity insurance plan with United Refuah?

re: united refuah, it sounds fine, maybe just don't tell the insurance company about united refuah

@high-scientist-15078 Can you elaborate? Why can't they know about URH?

in my example, the hospital network refused to give us aid because they said that the healthshare should pay. Meanwhile URHS didn't want to pay until the price was reduced. AKA the catch 22 of the decade 😄 Anyhow there's no benefit to your insurance company being aware of your URHS plan, and a potential risk, so I'd suggest not to tell them

Can someone have a hospital indemnity insurance plan along with an HDHP insurance plan and still be eligible for an HSA?

I'm doing this for the upcoming year. The hospital indemnity would be completely unrelated to your medical insurance policies. Also I've read that HDHP + extra insurances (like hospital indemnity) is a common pattern, since it reduces your financial hit from the HDHP.