Gap Plan Insurance On The Rise

Gap Plan Insurance On The Rise

Submitted by Mike Kelley on

In this week’s recent news, we offer more information about a type of insurance plan that many of you are familiar with. Gap Plan insurance is becoming more popular in the industry today. The advent of the Affordable Care Act (ACA) has helped in some areas of the healthcare industry, while it has faltered in others. “About 8 in 10 people qualify for some form of subsidy on the Obamacare exchanges, helping to make insurance more affordable”(Health Inc., NPR), however, those that don’t, businesses for example are sometimes forced to pay the full amount if an employee gets hurt. This is where Gap Plans come into the picture.

“With a gap plan, companies can offer a package of health benefits that keeps out-of-pocket-expenses for employees down. And they still spend less than they would with higher-priced plans with lower deductibles.” (Alex Forrest, Insurance Broker)

So what exactly is Gap Insurance? It is a type of supplemental health plan not ACA-compliant but can work with your clients existing ACA plan. A plan of this type can do things like, help with your client’s medical bills before their deductible has been met, pay for their prescriptions, living expenses, or copayments. The bottom line is that insurance is becoming more and more expensive as time moves forward. Gap Plans are aimed at helping those who need insurance but may not be able comfortable with a plan that has a $6,000 deductible. It’s like insurance for your insurance.

Read more about Gap Plans here and see if it is something that can help your client today!

Works Cited
"Is Medical Gap Insurance Worth It?" Is Medical Gap Insurance Worth It? Health, n.d. Web. 16 Sept. 2016.

"Would You Like Some Insurance With Your Insurance?" NPR. NPR, n.d. Web. 16 Sept. 2016.