AXIS Group Benefits, part of the specialty insurance business of AXIS Capital Holdings, has announced the addition of a new gap insurance product to its suite of business travel, voluntary coverage and additional benefits for employees in several sectors in the United States.
The product, HealthGap, is a supplemental medical insurance policy that supplements an employee’s qualified major medical policy by reimbursing upfront and out-of-pocket covered expenses, including deductibles and coinsurance.
HealthGap’s coverage is designed to be flexible for employer and employee needs, with clear and simple policy language and streamlined processes, AXIS said. In the event of a claim, insureds are reimbursed for covered expenses up to the policy limit upon presentation of an “Explanation of Benefits” form to the AXIS claims administrator.
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The launch of HealthGap marks AXIS Group Benefits’ expansion into the traditional employer market, the company said.
“The launch of HealthGap expands our ability to provide clear and intuitive insurance solutions that meet the needs of a wide range of employers across a variety of industries,” said Doug Hayes, Head of AXIS Group Benefits. “Every stakeholder involved in providing workplace health coverage understands the economic challenges associated with rising costs.
“Our goal is to support employers and employees facing escalating healthcare costs by providing an alternative solution to offset the unintended consequences of cost shifting. HealthGap, a fee reimbursement plan, joins HealthAssist, our healthcare plan. fixed compensation, in our solutions menu.
AXIS Group Benefits is part of the AXIS Accident and Health division.