Medical Gap Plans Can Ease the "Bite" of High Deductible Group Health Insurance Texas Plan
Probably everyone in Dallas Fort Worth knows someone who had a major illness or accident that wasn't totally paid for by their company's group health insurance plan.
Group health insurance rates have climbed abut twelve to fifteen percent per year, and employers have had to raise deductibles and coinsurance to reduce the expense.
The result is that today, employees in Dallas Fort Worth with group health insurance have two to three times as much financial risk from a major medical accident or illness claim as they did a decade ago.
An employee with a family working for a company with group health insurance is often exposed to over $10,000 in major medical expense risk, and there appears to be no end in site to rate increases and deductible increases.
And today in Dallas as in the rest of the country, medical expenses are the highest reason for personal bankruptcy.
With that as a backdrop, Colonial Voluntary Insurance introduced in Texas in August a new medical gap plan that takes the "bite" out of major medical expense risks.
What medical gap plans, or medical insurance gap plans do is pay the employee cash to cover major medical insurance claims.
Thus the employee has the money to cover their medical bills, and the employer has an employee who is more productive and not as stressed.
The Colonial medical gap plan is very affordable, and has a number of options that allow the employee to reduce much or all of their group medical insurance plan's out of pocket risks.
Like most of Colonial's products, the new medical insurance gap plan is a group product that is offered by the employer, and the employee can purchase voluntarily and have deducted from their pay check.
Dallas area employers can also purchase and pay for the Colonial Life and Accident medical insurance gap plan for their employees.
In fact, by combining Colonial's medical gap plan with a high deductible group health plan, we have found that employers can lower their employee's medical out of pocket expense risk at a lower cost than if they purchased a group health health insurance plan with a lower deductible.
Colonial even offers a version of the new medical gap plan that is compatible with health savings account group health insurance plans as well as traditional copay group health insurance plans.
Medical gap plans offer Dallas area employers another way to offer their employees more benefits and save money.
Group health insurance rates have climbed abut twelve to fifteen percent per year, and employers have had to raise deductibles and coinsurance to reduce the expense.
The result is that today, employees in Dallas Fort Worth with group health insurance have two to three times as much financial risk from a major medical accident or illness claim as they did a decade ago.
An employee with a family working for a company with group health insurance is often exposed to over $10,000 in major medical expense risk, and there appears to be no end in site to rate increases and deductible increases.
And today in Dallas as in the rest of the country, medical expenses are the highest reason for personal bankruptcy.
With that as a backdrop, Colonial Voluntary Insurance introduced in Texas in August a new medical gap plan that takes the "bite" out of major medical expense risks.
What medical gap plans, or medical insurance gap plans do is pay the employee cash to cover major medical insurance claims.
Thus the employee has the money to cover their medical bills, and the employer has an employee who is more productive and not as stressed.
The Colonial medical gap plan is very affordable, and has a number of options that allow the employee to reduce much or all of their group medical insurance plan's out of pocket risks.
Like most of Colonial's products, the new medical insurance gap plan is a group product that is offered by the employer, and the employee can purchase voluntarily and have deducted from their pay check.
Dallas area employers can also purchase and pay for the Colonial Life and Accident medical insurance gap plan for their employees.
In fact, by combining Colonial's medical gap plan with a high deductible group health plan, we have found that employers can lower their employee's medical out of pocket expense risk at a lower cost than if they purchased a group health health insurance plan with a lower deductible.
Colonial even offers a version of the new medical gap plan that is compatible with health savings account group health insurance plans as well as traditional copay group health insurance plans.
Medical gap plans offer Dallas area employers another way to offer their employees more benefits and save money.
