Insurance that will only cover you in the hospital is like the traditional hospital johnny coats. It provides more coverage than wearing nothing at all. However, you may have significant areas exposed that you wish were covered.
There are other ways to lower your costs. A high deductible health plan with or without an HSA comes to mind. These plans offer tax advantages to those who fund their optional health savings accounts. They will also typically cover some preventive care with no money out of your pocket.
As a general rule if you have a hospital stay, you can expect to have follow up visits with your doctor afterwards. Sometimes the visits can go on for years. If this isn’t the case, there is a good chance that you will have a significant number of costly doctors’ visits before you have your hospital stay.
A car accident often requires multiple physical therapy visits. A heart condition will generally require many trips to the cardiologist. You may also need prescriptions filled year in and year out. This can be a major ongoing cost.
There are quality companies that will offer plans that cover hospitalization only. Two of the companes we work, and that are approved by the Connecticut Insurance Department offer offer these types of plans. However, many of the plans are offered by less than reputable companies. Their networks will be limited, and their coverages will be as well. Many will not be approved by the insurance department of your state.
It is much better to get a comprehensive medical insurance plan that has a higher deductible, but that will otherwise cover you well both in and out of the hospital.