GAP Insurance

What is GAP Insurance?

A potential strategy to:

Reduce an employer’s healthcare expense.
Keep healthcare benefits comparable or better for your employees.
Ensure your employees can afford the healthcare they need.

GAP Insurance combines a higher-deductible medical plan with supplemental coverage. The goal is to lower overall premiums while improving coverage for your employees.

Health Insurance costs have doubled since 2015

Health Insurance Premiums, Deductibles and co-pays have risen, which results in higher out-of-pocket costs for employees and employers.

As a business leader you need:

*Benefits that help you recruit and retain a quality workforce
*Lower overall premium costs
*Help mitigating the impact of higher deductibles on participants

As an Employee, you want:

*Benefits that fit your needs
*Cost-effective coverage options
*Help with paying for out-of-pocket expenses

Providence Benefits can help

We understand many financial professionals are not interested in engaging in employee benefits. For this reason, we offer our Concierge Enrollment Services for some professionals where Providence provided all services including:

Meetings

Meeting with the business owners.

Enrollment

Telephonic and on-site enrollment services.

Plan Design

Health Insurance business case analysis and design.

Service Work

Ongoing business relationship development.

The Benefits of Providence: The GAP Process

1. Showing the Need/Education

Gap Insurance certainly is not rocket science, but it is a highly customizable product that requires expertise. When we meet with our new / existing brokers, it is of high importance that we educate and demonstrate how GAP must be utilized by businesses to ensure steady renewals year in and year out.
2. Shopping The Marketplace

Providence has a large arsenal of A rated Carriers and multiple partnerships with TPA's in the marketplace. We are able to seek out the most competitive and stable offerings for businesses that need it most.
3. Analysis and Proposal

Our team will package our findings into a group presentation on each and every case. This proposal includes everything the broker needs to succeed: from cost benefit Analyses and claims examples to instructions on the claims paying process and Carrier/TPA Orientation.
4. Enrollment and Technology

We will work alongside carriers and strategic partnerships in order to implement and enroll cases as efficiently and thoroughly as possible. There are many routes available; Contact us for more information.
5. Welcome Kits

Providence Benefits designs a beautiful package together for employees that acts as an additional educational resource. This way, we can ensure that utilization is managed correctly and efficiently.
6. Annual Review

The team makes sure to keep an eye out on the solutions we offer every year. As a broker, this means that your solutions will always be up to date and easy to manage.