Gap insurance is intended to help cover the high out-of-pocket expenses normally associated with a low premium, high deductible health plan. When you purchase a GAP policy, the additional benefits help to cover out-of-pocket expenses related to coinsurance, co-pays and deductibles for inpatient and outpatient services. For example, if you have a $5,000 deductible on your major medical plan, gap coverage will pay up to $4,000 of that deductible.
Because the premiums are very reasonable on GAP policies, most employers find that purchasing the extra coverage along with a high deductible, low premium plan is much less than one stand alone lower deductible, major medical policy.
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Employee Group Benefits