Should Employers Offer Supplemental GAP Group Medical Coverage?

Posted on: March 16, 2015 by Aegis Security Insurance

Healthcare insurance is a necessary asset for Americans, especially now after the onset of the Affordable Care Act (ACA), and many individuals are looking to their employers to help them secure the vital coverage they need to comply with new regulations. While not all American businesses will be required to offer their employees healthcare insurance, doing so can help reduce the risk of potential legal complications and act as an incentive for employees. Some employers are choosing to utilize this opportunity to provide their workers with healthcare plans that go above and beyond the basic ACA coverage mandates, in hopes of attracting and retaining top candidates and quality workers.

While purchasing a premium level health insurance program is a good strategy, an additional option is to offer employees Group Gap Coverage or medical supplemental plans that are designed to help reduce employees’ out of pocket healthcare expenses. Traditional healthcare plans only cover specific services, which are outlined in the policy. This means that an employee’s policy will help cover a portion of the expenses of medical procedures, testing, treatment, hospital visits and other services. However, there are still many expenses that an employee will need to pay out of pocket. Supplemental GAP Medical coverage is designed to help reduce the out-of-pocket expenses related to deductibles, co-payments, co-insurance and other expenses.

According to industry research, roughly a quarter of all American households have trouble paying their medical bills, especially when treatment involves long term or high intensity care. By combining a Supplemental GAP Group Medical coverage program with major medical plans, employers can offer their workers the ability to further protect themselves and their families from the rising cost of healthcare and medical procedures.

Supplemental GAP Group Medical coverages do not increase coverage limits or expand the scope of medical benefits. Instead, a GAP Plan simply follows an employer’s major medical plan. A GAP plan will 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 co-payments. It pays off the underlying medical plan Explanation of Benefits (EOB) and it pays directly to the subscriber or provider. These programs allow employers to deliver coverage their employees want and can afford.

At Aegis Security, we strive to help employers provide the best possible benefits programs. Our Supplemental GAP Group Medical coverage programs are an employer-sponsored group supplemental insurance plan. These programs are extremely flexible, allowing each group to choose the plan design and benefit amount to achieve the maximum overall premium savings for their group.  To learn more about our operation and all our offerings, contact us today (800) 233-2160.

Posted in: Group GAP Coverage