- 14,809
I don't get it. That would be like dropping theft on my auto insurance to lower my rate then looking to buy something that covers theft.
Gap Policies
- Thread starter ABC
- Start date
- 14,809
Lol. The savings is associated with increased risk. When your client doesn't want to accept the increased risk and is looking for ways to reduce their risk they might as well buy a copay plan.
When I sell a HSA and my client asks "but what happens if I need to see a doctor" my answer is "the same thing that happens when you need new brake pads."
When I sell a HSA and my client asks "but what happens if I need to see a doctor" my answer is "the same thing that happens when you need new brake pads."
I wholesale several GAP plans through Brokers across the country. Several offer as much as $10k in coverage. All serve a certain niche.
We market the Trans product as a National Reform Now idea. We suggest Reform may end up operating like a Medicare model. Like Medicare, offer a "core" benefit plan and either provide your employees or allow them to purchase, supplemental GAP insurance to cover most deductibles that core plan doesn't.
Typically, we are saving around $500-$1,000 annually for every covered employee and providing them with 1st dollar coverage.
It's a great door opener and one of the few "new" ideas an Employer hasn't heard yet. Positons agent as a real creative advisor and allows for more discussion on add'l worksite marketing products.
We market the Trans product as a National Reform Now idea. We suggest Reform may end up operating like a Medicare model. Like Medicare, offer a "core" benefit plan and either provide your employees or allow them to purchase, supplemental GAP insurance to cover most deductibles that core plan doesn't.
Typically, we are saving around $500-$1,000 annually for every covered employee and providing them with 1st dollar coverage.
It's a great door opener and one of the few "new" ideas an Employer hasn't heard yet. Positons agent as a real creative advisor and allows for more discussion on add'l worksite marketing products.
- Thread starter
- #25
- 4,096
I did a detailed price comparison with the gap approach.
It does not work on the H.S.A model because there is not out patient benefit.
It is a better fit with a copay plan and a very high deductible.
I appreciate the view point on health care reform and Gap policies and there might be some truth to that. The problem is if the insured will be able to afford the premium on the health side.
I would like to hear more about the $1,000 per employee savings? What carriers do you represent?
When you come up with that estimate is that will the company paying the premium on the gap or the employee?
It does not work on the H.S.A model because there is not out patient benefit.
It is a better fit with a copay plan and a very high deductible.
I appreciate the view point on health care reform and Gap policies and there might be some truth to that. The problem is if the insured will be able to afford the premium on the health side.
I would like to hear more about the $1,000 per employee savings? What carriers do you represent?
When you come up with that estimate is that will the company paying the premium on the gap or the employee?
- 7,790
Sniff, sniff!
Ok, I'll admit I am new to this forum. I am trying to learn its rules.
I did not list my website, nor request to be contacted. However, the GAP ideas I supplied a reaccurate and are already helping lots of insurance agents come up with something new to say to a prospect.
I am a marketing "type". I give away lots of free marketing ideas that work for me and the agents I consult. I just thought it was information the original poster was requesting.
I did not list my website, nor request to be contacted. However, the GAP ideas I supplied a reaccurate and are already helping lots of insurance agents come up with something new to say to a prospect.
I am a marketing "type". I give away lots of free marketing ideas that work for me and the agents I consult. I just thought it was information the original poster was requesting.
- Thread starter
- #29
- 4,096
No rules just questions
Tell me about the $1,000 per employee savings.
Do those plan have
pre x or waiting periods?
Inpatient and out patient benefits?
Is your estimate from a contributory standpoint or voluntary?
Do you represent Transamerica?
Tell me about the $1,000 per employee savings.
Do those plan have
pre x or waiting periods?
Inpatient and out patient benefits?
Is your estimate from a contributory standpoint or voluntary?
Do you represent Transamerica?
I know I can't give my website here , but feel free to click on my profile and get it there. On my site, I have 6 different cases where we increased deductibles to $5,000 and purchased GAP coverage for the Broker/Employer.
the combination of GAP coverage and "core" coverage costs $1,000 per employee less than most renewals we are seeing.
GI contract, spreadsheet enrollment, no pre -x except for a Critical Illness lump sum "extra" benefit offered alongside GAP plan.
Trans sells its GAP coverage under the product "Healthpak".
Product can be Voluntary (50% participation)or Contributory. rates are the same.
we're finding that the real sweet spot for this kind of product is with a plan with a $2500 deductble and 80/20/% $2500 coinsurance. That's because GAPcoverage is 100% inpatient and 50% outpatient. In this case, 1st $2500 of outpatient is 100% covered and next $12,500 is 80% covered ($10,000). 100% thereafter.
I am a GA for Transamercia and several other carriers helping agents nationwide.
the combination of GAP coverage and "core" coverage costs $1,000 per employee less than most renewals we are seeing.
GI contract, spreadsheet enrollment, no pre -x except for a Critical Illness lump sum "extra" benefit offered alongside GAP plan.
Trans sells its GAP coverage under the product "Healthpak".
Product can be Voluntary (50% participation)or Contributory. rates are the same.
we're finding that the real sweet spot for this kind of product is with a plan with a $2500 deductble and 80/20/% $2500 coinsurance. That's because GAPcoverage is 100% inpatient and 50% outpatient. In this case, 1st $2500 of outpatient is 100% covered and next $12,500 is 80% covered ($10,000). 100% thereafter.
I am a GA for Transamercia and several other carriers helping agents nationwide.
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