GAP Insurance Plan Coverage and How Can It Benefit Your Employees?

You put careful thought into crafting robust health insurance and ancillary benefits for your valued workforce. But what happens when an unexpected condition falls outside of your major medical insurance? Out-of-pocket medical bills from gaps in coverage could still fall back on employees.

But there may be another layer of protection to provide hardworking families with additional peace of mind: a GAP insurance plan. While you didn’t find these bundled in the employee handbook, GAP plans fill overlooked holes where core health coverage stops short.

(Life pro tip: read all packing accessories included with big purchases to avoid headaches later!)

This article explains what a GAP plan health insurance option is, how it supplements major medical policies, and key advantages that make your workforce cheer louder than on sneaker day in middle school.

What is a GAP Insurance Plan Exactly?

First, a quick vocabulary check. GAP plan insurance (don’t confuse it with those khakis at the mall) is specialized supplemental coverage that pays cash directly to covered members in the event of an unexpected health incident. These may include:

• Critical illnesses like cancer, heart attack, or stroke
• Major accidents or trauma events
• Hospital stays from sickness
• And more, depending on your selected package

So when an unpleasant surprise like that crops up that isn’t fully protected by someone’s health insurance, the GAP plan bridges this gap in care financially. This supplemental safety net applies directly to premium costs and other everyday urgent bills piling up.

Think of it like AAA for health events; GAP insurance kicks in when you need it most with fast cash flow relief.

Key Advantages of Offering GAP Insurance Benefits

As supplemental protection for incidents that likely fall outside of standard health insurance, GAP plans provide special financial assurances lacking in anchor medical plans.

Key Advantages For Employees

• Alleviates crushing out-of-pocket costs that arise during already vulnerable health events when focus should be on recovery rather than financial turmoil
• Bridges the gaps in medical insurance by helping cover expensive copays and replacing lost wages through extended hospital stays or short- or long-term disabilities
• The fast and relatively simple claims filing process gets cash payouts to recipients precisely when financial urgency is highest during medical crisis

Key Advantages For Employers

• Much lower premium rates for group GAP plans compared to comprehensive health insurance make this economical supplemental coverage worth taking on
• Attract top talent by demonstrating additional coverage protections beyond standard medical benefits for life’s surprises
• Boost loyalty and goodwill among your workforce by showing this extra level of employee care through supplemental support they likely won’t utilize but will appreciate as a safety net

How Can Employees Use GAP Plan Payouts?

One underrated superpower of GAP insurance plans is the flexibility in how payout money can be used. Whenever a covered employee is hospitalized or stricken with a critical sickness or injury triggering benefits, they maintain control over prioritizing the payout funds where needed most.

• Can help cover steep medical copays or medical bills that insurance didn’t address, which may otherwise get sent to stressful collections calls
• Provide supplemental income, replacing lost wages from being out of work for an extended period staying home and healing while regular paychecks pause
• Pay for necessary special equipment like crutches, wheelchairs or hearing aids or home modifications like grab bars and ramps required for mobility post-trauma
• Hire trusted home health aides to assist with activities of daily living during early recovery period when getting back on your feet

The flexibility and choices remain with the GAP insurance recipient, empowering people to take back some sense of control over their crisis situation when unforeseen hardship strikes.

Your major medical coverage keeps foundational health safeguarded. But surprising gaps still occur. Give your team supplemental confidence, flexibility, and peace with specialized GAP plans during turbulent events. (Cue emotional support gap plan commercial.)

They’ve earned that extra blanket of care and financial cushion when the going gets tough. Let’s connect to explore how GAP coverage could simplify employees’ lives and provide you with extra recruitment leverage in one fell swoop.

To evaluate supplemental GAP insurance plans and pricing for your employee benefit offerings, click below for an introduction call with me, Luann Allen, your health insurance consultant:

Talk To Luann Today!

That covers the core basics, explaining what GAP plans can offer valued workers. Let me know if any plan or protection jargon went over your head! I’m happy to re-explain with even simpler terminology to ensure concepts are 100% clear. I’m just trying to help improve your benefit toolbox.