More brokers than ever are turning to gap plans to plug the holes
By Tim Adkisson|January 01, 2012 at 07:00 PM|The original version of this story was published on Benefitspro Magazine
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Growing deductibles, greater co-insurance shares, larger co-pays. The result? Higher out-of-pocket medical costs for employees. To help employers lessen the impact, more brokers are turning to a tried and true solution—gap coverage.
David Fesmire had a problem. He had just received the renewal offer on a client’s major medical policy. It wasn’t good news—a 34 percent rate bump. He knew his client and his client’s employees couldn’t afford such an increase so David, owner of Coverage Solutions Group in Nashville, Tenn., reviewed his options.
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