‘GAP Supplement’ Designed to Help Fill Coverage Gaps in Underlying
Major Medical Plans
PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the launch of GAP
Supplement, a new employee benefit solution that provides employers
with a cost effective way to supplement their underlying major medical
plans. The coverage provides employees with another level of financial
protection toward mitigating the burden of out-of-pocket expenses.
ACE’s GAP Supplement product is an important addition to ACE Accident &
Health’s (A&H) comprehensive line of Supplemental Health and Voluntary
Benefits products. Ranging from ACE’s Hospital Buffer Plan, which helps
employees manage the financial impact of a hospitalization, to Voluntary
Accidental Death & Dismemberment (AD&D) Insurance, which provides
high-limit 24 hour accident protection for employees and their families,
ACE’s broad suite of products offers employers a number of solutions to
manage their employee benefit plans.
“In today’s changing health insurance market, employers need a new way
to manage their employee benefit plans, which is why we are introducing
GAP Supplement,” said Jaede Barg, Senior Vice President, A&H, ACE USA.
“Many employers have been forced to make hard decisions about their
employee benefit plans — changes that can shift a greater financial
burden to employees. Few medical insurance plans pay 100 percent of the
expenses for hospital and medical care. Even qualified health plans may
require an individual to cover co-pays, deductibles, co-insurance and
other out-of-pocket expenses — which can add up to thousands of dollars
a year. ACE’s GAP Supplement is designed to help mitigate those
expenses.”
“ACE’s GAP Supplement product is just another example of how ACE is
helping to address employer concerns as they work with their broker
partners and benefits consultants to obtain the most flexible,
affordable ancillary coverage and solutions,” said Joe Vasquez, Division
President, A&H ACE USA.
ACE’s GAP Supplement coverage complements an employer’s medical plan by
reimbursing employees for covered out-of-pocket expenses for which they
are responsible*:
-
Hospital Benefit reimburses deductibles, coinsurance and other
eligible out-of-pocket expenses for covered benefits incurred during
inpatient hospitalization.
-
Optional Outpatient Benefit reimburses eligible out-of-pocket expenses
incurred for hospital emergency room visits (not admitted) and use of
outpatient surgical, diagnostic testing and other similar facilities
licensed to provide outpatient treatment.
-
Optional Ambulance Benefit reimburses eligible out-of-pocket expenses
incurred for transportation provided by a licensed ambulance company
to the nearest hospital.
Coverage is available only to employer groups that have a major medical
plan available for their employees. Coverage is also available to
dependents of employees covered under the major medical plan. ACE offers
flexible eligibility rules in order to coordinate with the eligibility
rules of the underlying major medical plan.
ACE’s Supplemental
Health and Voluntary Benefits product portfolio is designed for
flexibility, offering a variety of options to allow employers to tailor
an insurance plan to meet their own financial and insurance coverage
needs. For more information please contact ACEUSA_AandH@acegroup.com.
*Reimbursable out-of-pocket expenses must also be eligible under the
underlying major medical plan. Additional exclusions are applicable; see
policy for details.
ACE’s Accident & Health division is part of ACE USA, the U.S.-based
operating division of ACE Group, which is one of the world’s largest
multiline property and casualty insurers. With operations in 54
countries, ACE provides commercial and personal property and casualty
insurance, personal accident supplemental health insurance, reinsurance
and life insurance to a diverse group of clients. Headed by ACE Limited,
the parent company of ACE Group, which is listed on the New York Stock
Exchange (NYSE: ACE) and is a component of the S&P 500 stock index.
Additional information can be found at www.acegroup.com/us
or follow ACE on Twitter at https://twitter.com/ACEGroupNA.
Insurance is provided by ACE American Insurance Company, Philadelphia,
Pennsylvania, or, in some states, other insurers within ACE Group.
Product highlights are summaries only. Please see the actual policy for
terms and conditions. Products may not be available in all locations,
and remain subject to ACE Group’s underwriting criteria.
Source: ACE Group