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Having major medical insurance doesn’t mean paying your premium and enjoying an all-access pass to healthcare. In reality, you are responsible for coinsurance, copayments and non-covered expenses, as written in your health insurance policy regardless of whether you buy your own health insurance or get it through a parent, partner or employer.
The expenses your health insurance company doesn’t reimburse you for are known as out-of-pocket costs. The amount of out-of-pocket costs you incur is dependent on several factors including your healthcare needs and your health insurance benefits.
A 2014 study by The Commonwealth Fund found that Americans pay more out of pocket for healthcare expenses today than they did 10 years ago. According to the study:
Because it can be difficult for some of us to pay for our healthcare out of pocket, particularly when an accident or critical illness occurs and medical bills can exceed standard office-visit amounts, there are medical gap insurance plans to help with the bills your health insurance plan doesn’t cover.
What is medical gap insurance?
Medical gap insurance is a type of supplemental health plan. This coverage is not major medical insurance, nor is it ACA-compliant. However, it can work in tandem with your ACA-compliant health plan.
What benefits do medical gap plans offer?
A medical gap plan such as Metal Gap or Metal Gap 2 (i.e., the medical gap plans available through healthedeals.com) provides lump-sum benefits for covered accidents and critical illnesses. These payments can be used however the insured individual chooses, including but not limited to the following:
Medical gap plans offer additional financial protection beyond your major medical plan provides and can help lessen the financial impact when you need unexpected medical care.
How does medical gap insurance work?
When a covered accident or illness occurs, a medical gap plan will pay benefits according to the policy selected. Click here for an illustrated example of how medical gap insurance plans such as Metal Gap 2 help take the sting out of healthcare costs.
Is medical gap insurance right for you?
If you are looking to make your bronze plan benefits feel more like a gold plan—but at a lower price—a medical gap can be plan a great addition to your personal benefits package.
Ultimately, however, whether or not a medical gap plan is worth it for you depends on your healthcare needs and your financial situation. If you need help determining what health insurance coverage you need for the year to come, consult with a producer (i.e., agent or broker).
It is worth noting that your pre-existing conditions won’t impact your eligibility for the Metal Gap and Metal Gap 2 plans available at healthedeals.com. These plans are guaranteed issue, which means you qualify regardless of your health history.
How much is a medical gap plan?
What you pay for a medical gap plan at healthedeals.com depends on which plan you select. Metal Gap plans cost about $1 per day, while the cost of a Metal Gap 2 plan will vary.
While you can’t apply your premium tax credit to a medical gap plan premium, some individuals who receive subsidies turn around and use the savings to buy additional healthcare benefits such as those available through a medical gap plan (or a dental plan, critical illness policy or telemedicine package).
To learn more, determine which plans are available in your state, and get a quick and easy quote, visit healthedeals.com and call 888-839-7679 to speak with an IHC representative.
 The Commonwealth Fund. “Too High a Price: Out-of-Pocket Health Care Costs in the United States.” http://www.commonwealthfund.org/publications/issue-briefs/2014/nov/out-of-pocket-health-care-costs
This document is for general informational purposes only. While we have attempted to provide current and accurate information, this information is provided "as is" and we makes no representations or warranties regarding its accuracy or completeness. The information provided should not be construed as legal or tax advice or as a recommendation of any kind. External users should seek professional advice from their own attorneys and tax and benefit plan advisers with respect to their individual circumstances and needs.
Metal Gap and Metal Gap 2 THIS PLAN IS NOT CONSIDERED TO BE MINIMAL ESSENTIAL COVERAGE AS DEFINED BY THE PATIENT PROTECTION AND AFFORDABLE CARE ACT (ACA). ENROLLING IN AND MAINTAINING THIS PLAN WILL NOT EXEMPT YOU FROM THE SHARED RESPONSIBILITY PAYMENT (TAX) THAT MAY APPLY IF YOU DO NOT HAVE PLAN WITH ACA-COMPLIANT COVERAGE.
About The IHC Group
The IHC Group is an organization of insurance carriers and marketing and administrative affiliates that has been providing life, health, disability, medical stop-loss and specialty insurance solutions to groups and individuals for over30 years. Members of The IHC Group include Independence Holding Company (NYSE:IHC), American IndependenceCorp. (NASDAQ: AMIC), Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company. Each insurance carrier in The IHC Group has a financial strength rating of A- (Excellent) from A.M. Best Company, Inc., a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations. (An A++ rating from A.M. Best is its highest rating.) Collectively, the companies in The IHC Group provide insurance coverage to more than one million individuals and groups. For more information about The IHC Group, visit www.ihcgroup.com.
About IHC Specialty Benefits, Inc.
IHC Specialty Benefits, doing business as Health eDeals Insurance Solutions is a full-service marketing and distribution company that focuses on small employer, individual and consumer products. Health eDeals markets products through general agents online, telebrokerage, advisor centers, private label and directly to consumers. For more information about Health eDeals visit www.HealtheDeals.com.