Health insurance is complicated, with several different types of plans and terminology that can be difficult to sift through if you’re unfamiliar with them. At Mogul Agency Services in Newburgh, NY, we’re here to help you navigate through the noise and answer the questions that you’re really asking: Will my insurance coverage protect my family in the case of an emergency?
It’s important to have health insurance, and as the landscape of care has evolved, so have the options for health insurance, from traditional plans to group supplemental health or gap insurance. But what exactly is gap insurance, and how do you know if you need it?
What is gap health insurance?
It is a type of group supplemental health insurance that works along with a high-deductible traditional medical plan. It’s known as "gap" health insurance because it fills a gap between what traditional health insurance covers and consumer needs. Not everyone will need gap health insurance; it’s supplemental and unnecessary for all traditional medical plans.
Who benefits from gap health insurance?
Gap health insurance is most useful for those with a high-deductible health insurance plan. To cover health care services, the individual or family must meet a dollar threshold, known as a deductible, before the health insurance plan starts paying for services. Other plans have copayment and coinsurance, meaning that even when a deductible is met, you’ll still need to pay for the partial service costs. Gap insurance helps cover these costs.
Everyone has unique healthcare needs, and health plans are not one-size-fits-all. When you’re selecting your health insurance, contact Mogul Agency Services in Newburgh, NY for expert advice and assistance.
