The speciality insurance division of AXIS Capital Holdings, AXIS Group Benefits, has announced the addition of a new gap insurance product to its lineup of voluntary and supplemental benefits for employees in a variety of US industries.
HealthGap is a product that supplements an employee’s qualified major medical insurance plan by paying for covered upfront and out-of-pocket expenses like deductibles and coinsurance.
According to AXIS, HealthGap’s insurance is customizable to meet the demands of both businesses and employees and has straightforward policy language and simplified procedures. After submitting a “explain of benefits” form to the AXIS claims administrator, policyholders are compensated for eligible expenses up to the policy limit in the event of a claim.
According to the business, the introduction of HealthGap signals AXIS Group Benefits’ entry into the conventional employer market.
Doug Hayes, head of AXIS Group Benefits, stated that the introduction of HealthGap “expands our capacity to give simple and simply structured insurance solutions that answer the demands of a wide range of companies across a variety of sectors.” “Every stakeholder involved in providing healthcare coverage through the workplace is aware of the financial difficulties brought on by escalating costs.
“By offering an alternative to cost-shifting, we hope to benefit firms and people who are dealing with rising healthcare costs. Our fixed indemnity plan, HealthAssist, is now joined by the expense reimbursement programme, HealthGap.
Part of the AXIS accident and health division is AXIS Group Benefits.