An important question in view of the growth in high deductible health plans as well as the growing number of health plan designs doing away with office visit and prescription drug copayments and making such services subject to the plan deductible and/or co-insurance. The trend is clearly for higher out-of-pocket health care expenses for many people.
Properly designed GAP policies can help address many of potential medical out-of-pocket expenses a person might encounter. Poorly designed GAP policies can still leave the person with substantial out-of-pocket expenses. There are a wide variety of GAP policies currently available with more to come I am sure.
The value and cost of a GAP policy will vary depending upon the type of coverage gap(s) you are trying to fill or minimize, the premium cost associated with the GAP policy, and what is covered under the GAP policy. Each individual will have to make a risk determination as to whether the amount of financial exposure is great enough and the probability of incurring covered claims is great enough to justify the GAP plan's premium payment. Someone with office visit/urgent care and ER & prescription drug copays, a $1000 deductible and a $4000 out of-pocket maximum probably doesn't need a GAP policy. On the other hand, someone with $6350 deductible and a two office visits/yr covered at a $50 copy - that person could probably use a GAP plan.
Seek out an experienced, qualified health insurance broker to help you make the GAP policy decision and to find the GAP policy best suited to your needs if a GAP policy is an answer.
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Properly designed GAP policies can help address many of potential medical out-of-pocket expenses a person might encounter. Poorly designed GAP policies can still leave the person with substantial out-of-pocket expenses. There are a wide variety of GAP policies currently available with more to come I am sure.
The value and cost of a GAP policy will vary depending upon the type of coverage gap(s) you are trying to fill or minimize, the premium cost associated with the GAP policy, and what is covered under the GAP policy. Each individual will have to make a risk determination as to whether the amount of financial exposure is great enough and the probability of incurring covered claims is great enough to justify the GAP plan's premium payment. Someone with office visit/urgent care and ER & prescription drug copays, a $1000 deductible and a $4000 out of-pocket maximum probably doesn't need a GAP policy. On the other hand, someone with $6350 deductible and a two office visits/yr covered at a $50 copy - that person could probably use a GAP plan.
Seek out an experienced, qualified health insurance broker to help you make the GAP policy decision and to find the GAP policy best suited to your needs if a GAP policy is an answer.