Employee Benefits

Disability & Medical Gap

This service is not provided by LPL Financial

In addition to the regular group insurance you offer to your employees, you can also elect to offer temporary health insurance–also referred to as short-term health coverage–in case of special circumstances.

Why Offer Short-Term Health Insurance

Short term health insurance, also known as Medical Gap insurance, is designed to help those in transitional phases of their lives, such as when someone is between jobs, is in university but doesn’t qualify to remain on their parents’ health insurance plan, or is simply attending university out of state. Someone who is waiting for the annual Open Enrollment period to begin while being un-insured may also benefit from short term health insurance.

How Does Medical Gap Insurance Work?

Medical gap insurance is typically utilized as supplemental health coverage when someone has a high deductible insurance plan. According to the IRS, a high deductible plan usually has a deductible of $1,400 for an individual or $2,800 for a family. Total out of pocket costs, such as deductibles and copayments, must be less than $7,000 for the individual or $14,000 for the family.

Simply put, medical gap insurance can provide coverage on medical expenses that otherwise wouldn’t be covered until a high deductible has been met.

Group Disability Health Insurance

As a business owner required to abide by ERISA Law, you must create employee benefits packages and secure providers–both of which need to be in the best interest of your employees. One benefit you may want to consider adding to your package is that of group short term disability insurance, another type of short term health coverage.

The talent you recruit is responsible for helping your company succeed, so it’s important to act in their best interests and look after them. Employees also want to know that if they become too sick or injured to work for a temporary period of time, they can still pay their bills while they focus on getting better so they can soon return to work.

How Does Group Short Term Disability Insurance Work?

If one of your employees becomes too sick to work or has sustained an injury that may impede them from doing their job for a period of time, they may be eligible for short term disability insurance.

As the employer, you can define which circumstances qualify for short term disability. If the affected employee meets this criteria, they can file a claim. Once approved by the insurance provider, they will be able to be on leave while still earning a portion of their pre-disability income through weekly checks.

Pangea Financial Group is Your Financial Advisor for Life 

Headquartered in Texas and Florida and serving clients in California, Georgia, Indiana, New Jersey, New York, Ohio, and other states, we exist to better serve you and your business by helping you design an employee benefits package that attracts and retains talent. If you’d like our assistance, please contact us. We would be more than happy to help!

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Pangea Financial Group

Our financial advisors provide employee benefits plans, insurance analysis, financial planning, investment management, and financial consulting.


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