Washington National Introduces New Hospital Indemnity Insurance Product

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Washington National Insurance Company

Sep 24, 2024, 09:00 ET

CARMEL, Ind., Sept. 24, 2024 /PRNewswire/ -- Washington National Insurance Company, a national provider of supplemental health and life insurance products for middle-income Americans, announced today an enhanced Hospital Indemnity Insurance product available directly to worksite and consumer customers.

The new Hospital Indemnity Insurance plan pays benefits to policyholders and their family members when they experience a hospital stay for a covered accident or sickness, now including mental illness. Washington National enhanced the base policy coverage to include a cash benefit for inpatient and outpatient care during the time an insured spends in the hospital. Policyholders may also add optional riders to the base coverage to customize their plan to help safeguard their savings due to an unforeseen hospital stay.

"Hospital Indemnity Insurance is supplemental health coverage that helps customers cover rising costs associated with unexpected hospital stays," said Karen DeToro, president, Worksite Division at CNO Financial Group. "At a time when nearly half of U.S. adults would be unable to pay an unexpected medical bill of $500 in full without going into debt¹, our enhanced product provides a much-needed layer of financial protection. Consumers and their families can have peace of mind and focus on their care and recovery without the added burden of financial stress."

Additional benefits of Hospital Indemnity Insurance include:

Flexibility: Because cash benefits are paid directly to policyholders, there are no restrictions on how they use their benefits.
Portability: Policyholders can keep their policy even if they change jobs, move to a different state, retire or go on Medicare.
Consistency: Premiums remain the same and cannot be increased unless all rates of that kind are raised in a policyholder's state.
Renewability: Policies are guaranteed to be renewable as long as they pay the required premiums on time.

For more information about Hospital Indemnity Insurance, visit washingtonnational.com/families-individuals/health-insurance/hospital/.

About Washington National Insurance Company
Washington National Insurance Company, part of the CNO Financial Group (NYSE: CNO) family of brands, 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.

1 – KFF. Americans' Challenges with Health Care Costs. https://www.kff.org/health-costs/issue-brief/americans-challenges-with-health-care-costs. March 1, 2024.

SOURCE Washington National Insurance Company