Gap Health Insurance: Drilling Down to the Basics

The one thing I can predict about life is that it will be unpredictable. And the past few years have proven we can never fully anticipate health events, a job change, or health insurance transitions. Which is why having a backup plan in place is so crucial.?

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Especially if you are self-employed, work in the gig economy, or are in need of temporary insurance coverage, a gap health plan can be an affordable and flexible resource for your protection and peace of mind. Even if you are not currently in need of a gap health insurance plan, I recommend familiarizing yourself with this safeguard so that, should the need arise, you and your loved ones are prepared.

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Gap health insurance serves as a safety net to protect you from unexpected medical expenses during periods of change and uncertainty.

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If you are unexpectedly leaving a job that offered health insurance but have not yet started a new job offering coverage, read on. Designed to literally fill the gap between a previous and a new health insurance plan, gap health insurance is supplemental coverage that works in tandem with a high-deductible medical plan. Let’s walk through the basics of how gap coverage works and how you can determine whether the time is right for you to take advantage of its benefits.?

Here’s what you should know:?

1. Gap health insurance is temporary.??

Designed with the “safety net” concept in mind, gap health insurance intends to be a temporary solution for individuals between jobs, transitioning from one health insurance plan to another, who need coverage for a brief period. The length of gap coverage can vary but often lasts between three and 12 months.

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2. Gap health insurance is flexible.

One of its key benefits is that you can tailor it to meet your specific needs. For example, you can choose the length of your coverage period, the type of coverage you need, and the level of coverage you want. So, no matter your unique needs and circumstances, you won’t have to fret about fitting into a “one size fits all” plan.

?3. Gap health insurance is affordable.?

?Another significant benefit of gap health insurance is that it is generally more affordable than traditional health insurance plans. Designed to provide temporary coverage: gap coverage tends to be less expensive than traditional health insurance plans, which are intended for long-term coverage.

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It’s important to note that not all gap health insurance covers pre-existing conditions. In these cases, you may not be able to acquire gap coverage, or you may have to pay higher premiums. However, some plans cover pre-existing conditions, so it’s always a good idea to shop around and compare before deciding which is best for you -- or assuming it isn’t a viable option.

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When life changes, your health insurance probably needs to change too.

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Gap health insurance is a great option to bring peace of mind to individuals who need temporary coverage, no matter the reason. Each aspect is designed to relieve some of the pressure associated with the unprecedented and unpredictable situations that life inevitably tosses our way.?