Here’s a situation for you. You’re between jobs and worried about paying for your recent health office visits and procedures. Your deductible is high so there’s no way your current policy is going to cover the costs and given your current situation you’re not sure how you’re going to take care of the payments on your own. This is the perfect time for gap insurance.
So what is gap health insurance? Sometimes referred to as “insurance for your insurance”, gap health insurance is essentially a short-term limited health insurance plan. Gap health insurance allows an individual to still be covered while between jobs or insurance plans as well as those that may have high medical costs before reaching their deductible. To read more on why it’s important to always be injured and have health care please visit our blog on picking the right health insurance for you.
There are many people who find themselves in situation where choosing a traditional health insurance plan isn’t possible. As more people are job hopping and the rate of people experiencing gaps in coverage rises, gap insurance has increased in popularity. For those struggling with high deductibles, copays, or coinsurance gap insurance can help mediate some of those out-of-pocket expenses. It’s important to remember that gap insurance is not traditional major medical insurance meaning it comes with very limited benefits.
Another kind of supplemental insurance is short-term health insurance (STM). This grants temporary coverage without the need for a main coverage plan during an insurance gap. Gap insurance works best as a companion to a major plan or, as stated before, for very short interims between health insurance changes. You should also know that some of its benefits and abilities are determined by your state’s regulations so it’s best to check before deciding that gap insurance is what works for you.
For more information on health insurance and health in general please visit out blog.
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