AXIS Group Benefits, part of the specialty insurance business of AXIS Capital Holdings, has announced the addition of a new gap insurance product to its suite of business travel, voluntary and supplemental benefits coverage for employees across multiple industries in the US.
The product, HealthGap, is a supplemental medical insurance policy that complements an employee’s qualified major medical policy by reimbursing covered up-front and out-of-pocket costs, including deductibles and coinsurance.
HealthGap’s coverage is designed to be flexible for the needs of employers and employees, with clear, simple policy language and streamlined processes, AXIS said. In the event of a claim, policyholders are reimbursed for covered expenses up to the policy limit upon the submission of an “explanation of benefits” form to the AXIS claims administrator.
The launch of HealthGap marks AXIS Group Benefits expansion into the traditional employer market, the company said.
“The launch of HealthGap expands our ability to deliver clear and intuitively designed insurance solutions that address the needs of a wide range of employers across a variety of sectors,” said Doug Hayes, head of AXIS Group Benefits. “Every stakeholder involved in the delivery of healthcare coverage through the workplace understands the economic challenges associated with rising costs.
“Our goal is to support the employers and employees facing escalating healthcare expenses by providing another solution to offset the unintended consequences of cost-shifting. HealthGap, an expense reimbursement plan, joins HealthAssist, our fixed indemnity plan, in our menu of solutions.”
AXIS Group Benefits is part of the AXIS accident and health division.