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Infographic: How Medical Gap Plans Work

Posted Dec 20, 2016 by Jenifer Dorsey

Now that Obamacare premium tax credits are available and high-deductible health plans have gained popularity[1],[2], you may be enjoying relatively lower premiums. You may also notice you have more out-of-pocket healthcare expenses than you are comfortable with when you use your health insurance plan.

We’ve got two medical gap plans to help ease the sting of high deductibles and other out-of-pocket healthcare costs: Metal Gap and Metal Gap 2.

Take the sting out of steep healthcare spending

When a covered accident or illness occurs these supplemental health insurance plans pay lump-sum benefits that you can use to pay your health insurance deductible, coinsurance, mortgage and car payments, childcare and more—wherever it will help the most.

 

 

How Much is Metal Gap?

 

You can click the button above for a no-obligation quote—we don’t require you to enter contact information unless you apply. If you have questions about medical gap plans and other supplemental insurance products, call the number at the top of your screen to speak with a health insurance producer. Our certified advisors are ready to provide information and offer guidance throughout the quoting, application and enrollment process.

 

This post was originally published on Oct. 31, 2015. It was last updated on December 20, 2016.


 

[1] Cohen RA, Martinez ME. Health insurance coverage: Early release of estimates from the National Health Interview Survey, January–March 2015. National Center for Health Statistics. August 2015. Available from: http://www.cdc.gov/nchs/data/nhis/earlyrelease/insur201508.pdf 

[2] Collins, Sara R. et al. “Too High a Price: Out-of-Pocket Health Care Costs in the United States.” The Commonwealth Fund. Nov. 2014. http://www.commonwealthfund.org/~/media/files/publications/issue-brief/2014/nov/1784_collins_too_high_a_price_out_of_pocket_tb_v2.pdf

 

METAL GAP
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 A PLAN WITH ACA-COMPLIANT COVERAGE.

About Standard Security Life Insurance Company of New York
Standard Security Life was founded in 1958 is domiciled in the State of New York and is headquartered in New York City. It is licensed in all 50 states, the District of Columbia, the Virgin Islands, and Puerto Rico. Standard Security Life provides various lines of life, health and disability insurance, including: employer medical stop-loss, disability benefit law (DBL), short-term medical, group major medical, individual and group dental and vision, individual accident and health insurance, group term life, specialty programs designed for volunteer emergency service personnel including group life insurance and service awards programs. Standard Security Life is rated A- (Excellent) by 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).

About Madison National Life Insurance Company, Inc.
Madison National Life Insurance Company, Inc. (Madison National Life), domiciled in Wisconsin is licensed to sell insurance products in 49 states, the District of Columbia, Guam, American Samoa and the U.S. Virgin Islands. Its core products and services are health insurance, group life and disability income, employer stop-loss, specialized individual life and annuity products.  It is rated A- (Excellent) for financial strength by A.M. Best Company, 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).

About The IHC Group
Independence Holding Company (NYSE: IHC) is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual disability, specialty and supplemental health, pet, and life insurance through its subsidiaries since 1980. The IHC Group owns three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company) and IHC Specialty Benefits, Inc., which is a technology-driven insurance sales and marketing company that creates value for insurance producers, carriers and consumers (both individuals and small businesses) through a suite of proprietary tools and products (including ACA plans and small group medical stop-loss). All products are placed with highly rated carriers.

IHC Specialty Benefits, Inc.
IHC Specialty Benefits, Inc., 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 via general agents online, telebrokerage, advisor centers, private label and directly to consumers. For more information about Health eDeals visit http://www.HealtheDeals.com.