Supplemental Insurance to help fill the gaps in your major plan.
Individual Marketplace major medical deductibles in 2020 range from $1,519 (Gold plan) to $6,506 (Bronze plan).
Do you have enough money (or funds in a health savings account) to meet your annual major medical deductible if you have a covered accident or critical illness? If not, think gap health insurance.
For example, gap insurance can include critical illness + accident insurance coverage that provides a fixed lump-sum benefit as a result of a covered critical illness. This lump-sum payment can be used any way you see fit. Accident coverage is available for covered expenses incurred, up to a maximum benefit limit, whichever is less.
What Gap Health Insurance Cover?
Individual medical gap plans vary in what they cover, so you’ll want to read the details of any plan you’re considering closely. The coverages listed below are examples that are commonly part of many gap health plans.
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Pros and Cons of Gap Health Insurance
Here are a few of the pros and cons to consider when you're thinking about applying for a hospital indemnity + critical illness insurance plan.
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Who Should Get a Gap Health Plan?
A gap plan may be a good option for you if you:
Are you stuck with a high deductible health plan, wondering how to pay for your deductible should you need to use your insurance?
Medical Gap can help by paying a lump sum benefit that can be used towards your HDHP deductible.
How Gap Health Insurance Works
Here are a couple of examples to help illustrate how gap health insurance work:
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Got More Gap Insurance Questions?
Here, “gap” insurance refers to a category of supplemental health insurance products. These types of plans may pay lump sum benefits when you experience a covered accident or illness. This type of plan is designed to supplement your major medical insurance plan coverage, not replace it. Generally, gap health insurance benefits can help cover out-of-pocket expenses (such as deductibles, copayments or coinsurance) that you may incur before your major medical insurance plan begins paying its share of your covered expenses. Please note that the type of supplemental gap insurance described here is not the same thing as a Medicare Supplement (“Medigap”) plan. Individuals that are not eligible for Medicare may still be able to obtain a supplemental gap policy.
Generally, no. Healthcare expenses related to pre-existing conditions are not covered by medical gap plans.
How Much Does Gap Insurance Cost?
Gap medical premiums are typically affordable.
And with different benefit amounts to choose from, you can customize a plan that fits your budget.
It’s important to read and understand the coverages and benefits included in any plans you’re considering in order to know if the plan makes sense for you and your budget.
Find out how much it will cost you each month to close your deductible gap.