Group hospital indemnity insurance

Coverage that helps pay expenses related to hospitalization and treatment due to a sickness or injury.

Forms for employers
Help employees financially prepare for the unexpected with hospital indemnity insurance.

When it comes to the health of employees and their families, the stress of out-of-pocket expenses related to unexpected hospital stays should not be something they need to worry about. Hospital indemnity insurance helps reduce some stress caused by hospital bills, allowing them to better focus on recovery. 
What is hospital indemnity insurance?

Depending on the coverage, hospital indemnity insurance can help alleviate financial worries from a hospitalization due to a sickness or injury. A lump-sum cash benefit is paid to the insured person to help pay for added expenses that may come while recovering.
Why offer group hospital indemnity insurance?

The average overnight hospital stay runs $13,262 regardless of insurance type, so it’s not surprising that 60-65% of all bankruptcies are related to medical expenses. Health insurance may help to cover hospital bills in case of hospitalization due to a sickness or injury. But it may not cover all of the costs associated with a hospital stay, such as deductibles and co-pays, transportation, or lodging. Hospital indemnity insurance may help employees by protecting their financial wellness in this time of need.
How does group hospital indemnity insurance work?

It’s easy for your employees to sign up for hospital indemnity coverage. If they’re admitted to the hospital for a sickness or injury, they receive a lump-sum cash benefit to use any way they choose—regardless of other insurance they have. 
What is covered?

Flexible design options allow you to tailor the hospital indemnity insurance benefits to your employees’ needs. Some examples of covered benefits include daily hospital confinement, inpatient surgery, and therapy. Customization allows you to give your employees a choice to decide what plan design meets their needs.
Who pays the insurance premium?

There are options available to design the coverage, including voluntary, employer-paid, and contributory. Employees choose who to cover and if they’re paying the premium, it will be paid through payroll deduction. 
Key features of Principal® group hospital indemnity insurance.

Flexible design, minimal paperwork, and simplified claims.

Proof of good health is not required.

Employees can buy protection for their spouse and/or kids.

It is portable coverage employees can take with them.
Build upon your benefits package.

Talk to your financial professional about offering group hospital indemnity insurance. And, consider combining group hospital indemnity insurance with other offerings for a more comprehensive benefits package.

Group accident insurance

This coverage helps supplement key benefits by providing employees with a lump-sum cash benefit after a covered accidental injury.

Group critical illness2 insurance

Helps employees protect their financial security when diagnosed with a serious illness by providing them with a lump-sum cash benefit.

2. Specified disease in New York. 

HOSPITAL INDEMNITY INSURANCE PROVIDES LIMITED BENEFITS. This is an overview of the benefits hospital indemnity insurance provides, but there are limitations and exclusions.  For cost and coverage details, contact your Principal representative. Insurance products issued by Principal Life Insurance Company®, a member of the Principal Financial Group®, Des Moines, IA 50392. Not available in all states. Oregon policy GC 2200 (GHI) OR 0123.

Principal®, Principal Financial Group®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and service marks of Principal Financial Services, Inc., in various countries around the world.

For AZ residents, see Hospital Indemnity Insurance Limitations and Exclusions.