In our current health insurance environment, gap or voluntary insurance has become increasingly prevalent and popular and rightly so.  

Gap insurance can be defined as any policy designed to fill in the gaps that major medical does not cover, especially deductibles and coinsurance.  These policies are increasingly popular as companies continue to raise deductibles and decrease benefits on their group policies.  They are also an effective way to enhance benefits of individual policies while keeping premiums reasonable

The most popular gap and voluntary policies are mainly for accident, critical illness, and disability.  Accident policies are especially popular for people that are highly involved in sports and recreation or families with small children.  Many of these policies cover all costs for anything accident or injury related with a $100 or $0 deductible!  Critical illness is also popular because it can provide a lump sum benefit of up to $100,000 upon first diagnosis of a critical illness.  This will not only pay all expenses that the health plan will not cover, but also provides additional funds to cover for other non-medical expenses such as lost work time, etc.  The need for this is illustrated by the fact that a large percentage of medical bankruptcies throughout the country are filed by people that had major medical health insurance!

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