(Newswire.net — August 20, 2020) — Do you have a health insurance plan with a high deductible? Pricey deductibles can prevent policyholders from receiving healthcare.
This is where gap health insurance can help, as it helps you cover immediate medical expenses before paying the deductible. It also helps you pay your deductible. As a result, you’ll reduce your short-term costs and receive better healthcare in the process.
A high-deductible plan entails a minimum of $1,300 for individuals and a minimum of $2,600 for families. Gap insurance is only a supplemental policy and cannot replace major plans. This article will explore the benefits of gap insurance. Let’s explore.
Gap Insurance Limitations
Gap plans are limited in terms of coverage. However, they cost less than major plans. Typical gap insurance costs range from $30 to $40 a month. However, the cost will depend on such factors as age, location, and gender.
Additionally, the plans don’t meet standards under the Affordable Care Act. Further, the ACA doesn’t regulate gap health insurance, allowing gap insurers to deny policyholders with pre-existing conditions. Also, gap insurance is only accessible to policyholders under 64.
Gap Insurance Benefits
Despite the cons, the benefits of gap insurance make it a worthwhile investment. The gap option is helpful if you meet the following categories:
- You’re over 65
- You’re planning a hospital visit
- You’re dealing with expensive prescriptions
People over 65 should consider a gap plan because people in this age group visit doctors more often. You can only access gap insurance if you’re on Medicare, which allows you to obtain Medigap insurance. Medigap works in the same way as conventional gap policies.
It allows you to pay for copays, deductibles, among other medical costs. Go to medicarewire.com for an explanation of Medigap benefits.
For hospital stays, gap policies can cover ongoing in-patient expenses. Perhaps you’re expecting a baby soon, or you could be having surgery. Regardless, the gap option is a critical form of insurance that can cover short-term and long-term hospital stays.
Many people also rely on gap insurance to pay for expensive prescription costs. Prescriptions are long-term costs that can add up over time. With that, you should calculate how much you’ll save on prescriptions to see if gap plans are worth the buy.
Immediate Coverage
Gap insurance also covers unexpected incidents. Gap insurance is helpful in the following cases:
- Stroke
- Kidney failure
- Heart failure
- Heart surgery
- Burns
- Broken bones
- Organ transplants
- Comas
On the other hand, gap insurance isn’t appropriate for preventative care (i.e. physicals). Moreover, gap insurance typically won’t cover injuries stemming from risky ventures, such as sky diving or rock climbing. Plus, it won’t extend to any medical expenses you incurred before starting the policy.
Gap Health Insurance: The Right Choice?
Choose gap health insurance if you have ongoing medical costs, such as prescriptions. Gap policies will also cover unexpected medical needs and emergencies. Gap plans have limitations, but they’re a safeguard against high deductibles and other miscellaneous expenses.
Interested in reading more? Read more of our health section to learn more about other interesting topics.