Gap Plans

If you ever wonder about what would happen during an extended hospitalization? Then you understand the importance of a Gap Plan. The correct term for Gap insurance is Hospital Confinement Indemnity and in general it pays a set amount – either per day, per week, per month, or even per visit – that your employee will be reimbursed for a hospital stay. Unlike medical insurance and group health plans, a Gap plan pays a lump-sum directly to the insured for a covered hospital confinement, outpatient surgery, emergency injury, or even sickness.

While typically there is a waiting period for reimbursement from Gap plan benefits, after your qualifying incident you submit a claim form along with accompanying receipts for services received. You will receive the lump-sum payment described in your policy.

Similar to any type of insurance, there are conditions and requirements that must be met. Consult with your Las Vegas Nevada West Business Insurance agent for more information about Gap Insurance Plans and how offering them in your employee benefits may also benefit your business.

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