Gap insurance

A member asks:

My new employer's health plan consists of a consumer driven major medical plan with an HSA. My annual deductable is $3000, and my employer's annual contribution is $1000. I am seeking a health insurance product to cover the $2000 that I am expected to pay out of pocket each year, if such a product exists.

OnlineAdviser responds:

While there are no polices that cover exactly the $2000 gap. it is easy to add a small supplemental policy that provides cash reimbursement in addition to any other benefits from the HSA or the insurance policy.

While the specific options vary depending on your state of residence, try Basic Health Insurance as a likely option because the maximum benefit is typically in the range of $2000, depending on your medical expenses. Otherwise, check your state-specific listings of small supplemental insurance policies. The site map contains links to each state's available policies.

Columnist Tony Novak answers guest questions in a wide range of consumer finance issues. Health insurance questions and responses are published here to help others with the same issues. Personal information is removed from the question prior to publication. Novak has addressed more than 50,000 consumer finance questions in newspapers, radio television and Internet over a span of 24 years. An expanded biography is published at www.tonynovak.com. Novak is frequently compensated for endorsement of the companies covered in the forum. Advise is from sources believed to be reliable but cannot be guaranteed. OnlineAdviser comments represents the opinion of the adviser only and not represent the position any other person or business. This service is provided without charge on a best-efforts basis. Neither Freedom Benefits nor the adviser assume any liability for the effects of reliance on this advice.

Gap insurance

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