Election Uncertainty, Employers Holding Steady, GAP Can Help
Speed Quoting with OptiRater Could Be Key in 1/1 Renewals
Common ground in politics achieved: Democrats and Republicans seem to agree the Presidential Debate was a disaster. For those of us in the health insurance business, we watched attentively for any clue on where the government healthcare policy is headed. After watching two people talking at once with a moderator attempting to regain control,[i] the conclusion is as clear as mud.
Moving past that, three other healthcare impacting events are unfolding, balance of power within congress, Supreme court scheduled to hear a case[ii] November 10 that may uphold a lower-court ruling overturning the Affordable Care Act, and whether that overturn is in whole or in part. Covid-19 is compounding all of this will there be a vaccine? Will there be resurgence?
In the face of overwhelming uncertainty, businesses are expected to hold steady in basic framework of group plans. But face with premium increases the Harvard Business Review projected to range between four and forty percent[iii], many will be seeking lower cost alternatives.
In 2021, the ACA allows up to an $8,350 deductible for employees on a group plan. Employees are vulnerable to exorbitant out-of-pocket medical expense – unless OptiMed Gap is attached as a secondary insurance.
GAP Now Even More Customizable
OptiMed is pleased to introduce two new lower-priced GAP options. GAP combined with an HDHP is now more economical typically than a lower-deductible major medical plan. Emphasize typically because GAP offers numerous options and riders, all of which effect its cost.
GAP gives employers the opportunity, perhaps more so than any other health insurance, to just about custom-design an overall plan (remembering that GAP is secondary, and must be combined with major medical insurance). Some of the primary options include:
- Inpatient Coverage – covers eligible expenses if insured person is hospital confined under the regular care and attendance of a physician.
- Outpatient Coverage – covers eligible expenses for treatment at a licensed facility, including physician’s office, diagnostic clinic, urgent care clinic, outpatient surgical center and others.
- Prescription Drug Rider – may cover generic only or generic plus brand drugs.
- Combined Benefits Option – offers one limit over both inpatient and outpatient eligible expenses.
- HSA Compliant Option – add a deductible to satisfy IRS regulations and allow employer to offer GAP along with HSA qualified medical plans.
- Cost sharing – employer can choose to pay all or a percentage of the premium, making the coverage optional for employees.
- Physician Services Copay – fixed amount and fixed occurrences to reimburse copays.
- Mental Nervous and Substance Abuse – include or exclude coverage for these services.
OptiRater Makes Option Shopping Feasible
OptiRater is an online rating tool making a broker’s job of finding affordable GAP options much easier. You can now do in minutes what used to take days. You can even formulate a plan – quoting and requoting until the optimal blend of cost to coverage emerges – while sharing your screen online with clients.
This brief video clip demonstrates the ease and efficiency of OptiRater.
Licensed group health insurance brokers not yet oriented on the OptiRater should contact their OptiMed sales rep to get started. The uncertain state of health insurance law makes speed quoting all the more vital.