What is Supplemental GAP Group Medical Insurance?
Posted on: February 9, 2015 by Aegis General
Healthcare costs and premiums are on the rise in American and many employers are looking for ways to help reduce employment and operational costs while still being able to offer their employees the essential health insurance benefits necessary to comply with the Affordable Care Act requirements. At Aegis General Insurance Agency, we are proud to offer a solution designed to help reduce the cost of group medical coverage. Our Supplemental GAP Group Medical coverage (GAP Plan) is designed to help ensure that employers can offer their workers quality health insurance coverage without breaking the bank.
Like group healthcare and other group benefits plans, our Supplemental GAP Group Medical coverage is an employer-sponsored insurance plan designed to work in conjunction with certain major medical plans. These policies allow employers to offer additional financial assistance to their employees by providing more affordable and comprehensive health insurance plans. While it may sound unnecessary or convoluted, GAP Plans actually offer important supplemental coverage for medical costs and expenses which could otherwise fall to the insured.
A GAP Plan follows an employer’s major medical plan and essentially pays the amount applied to the insured’s major medical deductible and/or coinsurance. GAP Plans cover the same expenses as the major medical plan with the exception of charges for professional fees in a doctor’s office or medical clinic, outpatient prescription drugs, vision, dental and plan copayments. These policies pay for the underlying major medical plan Explanation of Benefits (EOB) as well as the benefits described in the Schedule of Benefits up to the maximum benefit amount. These plans are typically very flexible, allowing each group to choose the structure and benefit amount to achieve the maximum overall premium savings.
To learn more about the benefits of Supplemental GAP Group Medical Insurance coverage and to find out more about our operation, contact us today at (855) 399-0966.