AXIS Group Benefits, part of the specialty insurance business of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS), has added a new gap insurance product to its suite of business travel, voluntary and supplemental benefits coverage for employees across multiple sectors in the US.
HealthGap is a supplemental medical insurance policy that complements an employee’s qualified major medical policy by reimbursing covered upfront and out-of-pocket costs, including deductibles and coinsurance.
HealthGap’s coverage has been designed to be flexible to the needs of employers and employees, with clear and simple policy language and streamlined processes. In the event of a claim, policyholders are reimbursed for covered expenses, up to the policy limit, upon submission of an “explanation of benefits” form to the AXIS claims administrator.
As a long-established provider of limited benefits products to under-served industries, the launch of HealthGap marks AXIS Group Benefit’s expansion into the traditional employer market.
Doug Hayes, Head of AXIS Group Benefits, 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 employees across a variety of sectors.
“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 (A&H) division.