The rising cost of health plans is a real challenge to everyone. Affordable healthcare coverage often means more risk to employees through increased deductibles and high out-of-pocket expenses.
The solution can be a GAP plan paid by the employer or employee. The benefits provided by the plan help pay for out-of-pocket expenses due to hospital confinement, out patient medical procedures and more.
Many brokers make the mistake of offering plans providing inpatient benefits only, or with reduced out-patient benefits. Some even try to solve the problem with a Critical Illness or Hospital Indemnity policy. We find this short sighted and leaving the employees financially vulnerable.
For the same or reduced cost, we can design a plan to match the out-of-pocket cost of deductibles and co-insurance – inpatient or outpatient. The policy is guaranteed issue, can include a Critical Illness Rider and can even be designed to be HAS compliant if these accounts are available.
Many of our employers have found by increasing the deductible, they save enough premium to pay for the policy and still have a company cost savings. The plan can be offered on a voluntary basis. There are big differences in policy benefits, so dare to compare.