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LifeSecure Insurance Company has announced the release of its new product offering, Hospital Recovery Insurance (HRI).
In a release, the Company said that covered individuals will receive a cash benefit payment based on the number of days they are hospitalized up to a preset limit. The new product is available starting September 7th in many states and pending approval in other states.
“As the average length of a hospital stay decreases and insurance deductibles increase, the time needed for a patient’s recovery after hospitalization can be longer and incur expenses that may not be covered by traditional insurance. We designed HRI to address this need,” said Lisa Wendt, president and CEO of LifeSecure. According to the Agency for Healthcare Research and Quality, from 1993 to 2008, the average hospital length of stay decreased by about 20 percent from 5.7 days to 4.6 days.
Costs incurred during a post-hospital recovery often include home care assistance, housekeeping help, uncovered medical expenses, child care and rehabilitative services. Covered individuals can use the cash payment to assist in paying these and other expenses. “Our new offering complements traditional health insurance by offering additional peace of mind at a reasonable cost,” added Wendt.
Like the company said that its long term care insurance, HRI coverage is based on a straightforward product design. Depending on the premium amount selected, individuals can receive a benefit amount between $100 to $999 for each day of hospitalization with a limit of up to 15 eligible days in a single calendar year. Benefits automatically renew at the beginning of a new calendar year.
Through LifeSecure’s website consumers can, in just a few minutes and clicks, receive an online rate quote. Hospital Recovery Insurance will be sold to individuals and companies through LifeSecure appointed insurance agents. The company is licensed to do business in 44 states.
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