Gap Plans

Jul 4, 2015

  1. mschlange
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    mschlange Super Genius

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    It's high deductible looking for a gap plan that can be sold on a individual basis and cover maternity
     
  2. DS4
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    DS4 Guru

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    No such product........
     
    DS4, Jul 5, 2015
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  3. SamIam
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    SamIam Guru

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    Common sense tells you their is no way a product can exist like that. I can see a client asking but how can a agent think that would exist if it wouldn't make mathematical sense. The client needs to get an agent that knows what they are doing.

    :goofy:
     
    SamIam, Jul 5, 2015
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  4. Dave020
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    Dave020 Super Moderator Moderator

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    IHC Metal Gap Plan is available through Cigna. Requires a separate Cigna producer contract (supplemental) to sell.

     
    Last edited by a moderator: Oct 10, 2017
    Dave020, Jul 5, 2015
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  5. SamIam
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    SamIam Guru

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    That plan won't cover maternity.
     
    SamIam, Jul 5, 2015
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  6. FLM2
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    FLM2 Guru

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    Hospital indemnity plans usually cover maternity, I used to use Humana's for that.

    I don't see anything in the Medico HI benefit summary that excludes maternity so it is most likely covered (6 month pre-ex waiting period). The max benefit is $5K for one hospitalization in a year.
     
    FLM2, Jul 5, 2015
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  7. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    The issue I have with that plan is it only covers Critical Illnesses and not normal illness. So imo it is not a true gap plan that would cover the gap of a hdhp in many cases.

    I would like to see a gap plan that covers $1k-$5k in accident or illness after maybe a $250-$500 deductible. No extra frills such as vision/dental discounts or hospital coverage or maternity or ad&d or anything like that. Just a true no frills Gap Plan.

    Of course most visits are for illness and not accident or critical illness... so the math probably would not work out well for a plan like that.
     
  8. AllenChicago
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    AllenChicago Guru

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    There's high demand for a true GAP plan that covers total annual Out-of-Pocket and doesn't cost more than 25% of the OOP per year. Unfortunately, there isn't such an animal. Lots of C.I. and Accident GAPs, but nothing that's blanket open-ended. United American has one for Small Group, but not for Individual.

    There's more than one thread on this subject in the "Individual Insurance" sub-forum. Some references to products there too, if anyone is looking.
     
  9. healther
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    healther Guru

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    I expect somebody to jump into this market with an underwritten product. There has to be margin underneath the community rated bench mark, especially in some of the poorer, less healthy, states.
     
  10. somarco
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    somarco That Medicare Guy

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    Designing a plan with a low premium is not a problem. Finding a plan with an affordable premium that actually PAYS is the challenge.

    A contractor friend told me years ago you can always find a painter that will charge less than the next guy. Use cheap paint and water it down. The house will look good for maybe a year if you are lucky.

    Same with insurance.
     
    somarco, Jul 6, 2015
    #10
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