Pros cons consolidating federal loans

There has been buzz around gap plans for more than a decade, says Rhett Bray, president of Beacon Path, a Mission Viejo, Calif.-based employee benefit consulting firm.

Gap plans are provided by many large insurers such as AIG, Aetna, Transamerica, and others, and most can be used to supplement your employer-provided, government-provided, or individual health care plan. Ask your benefits department if they offer a limited benefit or supplemental medical insurance plan for individuals.

In 2016, more than 90% of people who purchased health plans on the health care exchange chose plans with deductibles of ,000 or higher.

Plans with high out-of-pocket costs have grown increasingly popular with workers who receive benefits through their employer.

Make sure to do your research when considering a gap plan as the benefits and costs vary widely.

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The main purpose of medical gap insurance is to lower your overall out-of-pocket costs by providing funds to pay for a large deductible and other out-of pocket costs until your main insurance policy kicks in.

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