WITHOUT
Gap Medical
- ER Visit: $6,000
- Primary Health Insurance covers: $2,800 (80% after $2,500 deductible)
- Out-of-Pocket: $2,500 deductible + $700 coinsurance
YOU PAY:
$3,200
WITH
Gap Medical
- ER Visit: $6,000
- Primary Health Insurance covers: $2,800 (80% after $2,500 deductible)
- Gap Medical covers: $2,500 deductible + $700 coinsurance
YOU PAY:
$0
*This example is based on a hypothetical scenario
What is Gap Medical Insurance?
Gap Medical Insurance is supplemental health coverage that features no deductible or copay. For an average premium price of only $25, the participant can be reimbursed for up to $5,000 of out-of-pocket medical costs resulting from an injury during the covered activity. All of our participants should already be covered by their own health insurance plans.
Why do they need this?
The average deductible for employer-provided family health coverage is $2,700, with high-deductible plans averaging about $4,500. Gap Medical Insurance has no deductible or copay. This means families can be easily reimbursed for their out-of-pocket costs without having to dip into their Health Savings Account (HSA).
What about the catastrophic accident insurance that our school association already has?
Supplemental insurance obtained by your school association also does little to cover the out-of-pocket gap, with the majority of coverage still requiring a significant deductible per claim. Plus, this type of insurance is typically intended for catastophic events or injuries.
How will offering Gap Medical Insurance help our students and their families?
More than 3.5 million children reportedly receive medical treatment for activity-related injuries every year. The resulting medical bills can be debilitating for families with high deductibles, and make it more difficult for students to participate in school sanctioned activites in the future. By offering Gap Medical Insurance at registration, you can mitigate the financial risks and ultimately offer invaluable peace of mind to all of your students and their families.
What if a parent has a question above coverage or needs help filing a claim?
After a participant purchases coverage, they will receive a confirmation email from Vertical Insure containing information on how to file a claim and answers to frequently asked questions. If they have additional questions, you can have them contact us at support@verticalinsure.com and our support team will assist them in a very timely manner.