18 million Americans are hospitalized each year. We’ve heard about how expensive it is to receive healthcare—in fact, over half of all bankruptcies are the result of high medical expenses—but just how much do overnight hospital stays cost?
The average hospital stay lasts for five days and can accrue bills in excess of $10,000, a price that does not include ambulance expenses or major surgical procedures. The price of an overnight hospital stay varies by state. The averages are listed below:
New Hampshire: $2,171
New Jersey: $2,212
New Mexico: $2,175
New York: $1,906
North Carolina: $1,616
North Dakota: $1,341
Rhode Island: $2,325
South Carolina: $1,961
South Dakota: $1,113
West Virginia: $1,444
With these prices, it’s no surprise that some people struggle to decide between their health and their financial wellbeing. Even a few nights in the most inexpensive states may be enough to drain some families’ savings.
Many well people never think that a hospital stay is their imminent future, but accidents and illnesses can occur at any time. The best way to protect yourself against the possibility of incurring similar costs is to purchase a comprehensive health insurance policy that includes medical, hospital and hospital indemnity coverage. What is included in this coverage?
- Medical coverage: This is what you typically think of when purchasing health insurance. This covers preventative care, procedures and prescriptions, after meeting deductibles and co-pays. This coverage often includes a list of in-network doctors, which require less out-of-pocket spending than doctors that are out-of-network.
- Hospital coverage: This covers extended hospital stays and the extensive charges that are related to a hospital stay. It may even cover home healthcare as well.
- Hospital indemnity coverage: This covers the daily expenses of the insured’s family, such as bills, childcare and meals. While this coverage is not as important as the first two, it can help out families who may struggle if a matriarch or patriarch falls ill for an extended period of time.