Medical Gap Plans in Dallas Fort Worth: Taking the "Ouch" out of High Deductible Texas Group Health Insurance Plans

As Dallas group health insurance rates have doubled in the last five years, employers have had to pass on more of the Texas health insurance premium expense  increases to their employees.  Many Dallas Fort Worth Texas employers have also been forced to offset the rising Texas group health insurance rates by raising the plan deductibles and coinsurance of the plans that they offer to employees. 

Studies have shown that the majority of Americans have savings of less than three months of living expenses.   The typical Dallas employee has credit card debt, car loans or leases, and mortgage, rent or lease obligations that consume most of their paycheck.

The result is that the typical Dallas area employee who contracts a serious illness or has a serious accident can be financially devastated even if their employer offers a Texas group health insurance plan as part of the employee benefits of the firm.  A family of four could easily have a group health insurance plan that leaves the family responsible for out of pocket expenses of between five to fifteen thousand dollars. 

For many employees, a major medical expense could be the cause of financial ruin, even if they have a group health insurance plan.  In fact, medical expenses are the leading cause of bankruptcy in this country.

Medical gap plans in Texas have recently been introduced by forward thinking insurance companies as a way for employees to take the "ouch" out of the out of pocket risk of their health insurance plan.  What medical gap plans do is pay the employee cash to help them pay for major medical insurance expenses.

Colonial Life and Accident, also known as Colonial Voluntary Insurance, introduced in July a very affordable medical gap plan in Texas. with a number of innovative features that take away much of the risk for Dallas area employees with high deductible group health plans.  Like other Colonial products, their medical gap plan can be a voluntary benefit that the employer can make available to their employees to purchase and have the premium taken out of their pay check. 

Texas employers may also want to purchase Colonial's medical gap plan for their employees.  A quick check of Colonial's new medical gap plan rates have shown that a Dallas employer will actually spend less money if they combine Colonial's medical gap plan with a higher deductible group health plan than if they purchased a lower deductible group health plan from their group health insurance company. 

This medical gap plan and high deductible health plan strategy can also help lower a company's future rate increases, since the group health insurance carrier bases rate increases partially on the number and size of group health insurance claims.  A higher group health insurance plan  means fewer claims will paid by the insurance company.

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For more information about medical gap plans in Texas and  how Group Benefits Advisors can help your Dallas Fort Worth Texas business save money and offer your employees better employee benefits such as group health insurance, life insurance, dental vision and disability insurance, contact Mike Chapman at (214) 764-6315 or (888) 398-6246 for a free, no-obligation consultation.  Group Benefits advisors serves small to large size businesses in North Texas, including the communities of Plano, Richardson, Arlington, Irving, Grand Prairie, Garland, Mesquite, Denton and Sherman, Texas.