One of the most obvious limitations associated with gap insurance is that it is not regulated by the federal government. This means that the insurance companies that offer these solutions are not required to adhere to the rules set forth by the ACA. This includes the requirement to accept individuals who have pre-existing conditions. Many have raised concerns about these unregulated policies, but it’s important to understand that many gap insurance plans are offered by reputable, established insurance companies. 

Another limitation is the cost involved. Whether you’re seeking temporary coverage after a change in employment or gap insurance for high deductibles, you’re going to pay additional costs compared to a run-of-the-mill, ACA insurance plan. Shorter periods of coverage almost always result in less affordability, including higher deductibles and premiums. And of course, the supplemental nature of employment gap insurance means that you’re going to pay more fees per month in addition to your employee plan premiums. Of course, the trade-off is that your deductibles will be lower in the case of a medical emergency. 

Cost-sharing plans represent a notable exception, as this option may be more affordable than even the cheapest ACA plans. Some crowdfunding plans require no deductibles and much lower average monthly fees compared to the premiums of a traditional insurance plan. This is why some individuals choose to stay with a cost-sharing plan permanently – even if they initially selected it as a temporary solution. 

Speaking of temporary solutions, the most obvious limitation associated with traditional, temporary gap insurance is that it is not designed to last forever. This type of solution only gives you enough time to consider your options, wait for an open enrollment period, and select a more appropriate long-term insurance solution. Again, health sharing plans are a notable exception – as they can be effective either as short-term or long-term solutions.

To find the cheapest possible gap insurance, you will need to shop around in the private marketplace and compare various plans offered by insurance companies. To assess your options, consider things like maximum annual out-of-pocket, monthly premiums, and deductibles. Many people make the mistake of only considering monthly premiums when trying to select the most affordable gap insurance, but this strategy can backfire. It’s important to consider the bigger picture and take into account all of your various potential costs. 

If you’re willing to consider alternatives to the traditional health insurance system, the cheapest way to cover gaps is with a health sharing plan. If you’re attempting to cover gaps in insurance while you wait for an open enrollment period or Medicare eligibility, a health sharing plan can definitely provide the same general benefits of an insurance policy – even though it’s technically not the same thing as insurance.

Health sharing plans can never replace gap insurance because they are not the same as insurance. If you’re looking for a solution that is identical to insurance, you may need to consider other options. However, a health sharing plan can offer many of the same benefits as a mainstream gap insurance brand at a fraction of the cost. In some cases, these sharing plans can be used in place of insurance – whether you’re looking for a long-term insurance solution or short-term coverage while waiting for Medicare eligibility or an open enrollment period.

What health sharing plan should I use to replace insurance and cover a gap?

If you’d like to try a health sharing plan to cover your insurance cap, consider CrowdHealth. This new healthcare solution uses crowdfunding technology to facilitate easy, seamless funding of medical bills between members. One of the most notable benefits of CrowdHealth is that there are no deductibles. Many employees facing the possibility of high deductibles can use this option as a form of supplemental gap insurance without incurring significant additional monthly fees. In fact, the monthly fees for CrowdHealth can be as low as $175.

But CrowdHealth’s benefits are not simply limited to covering gaps and offering low premiums. With this option, you can also say goodbye to doctor networks and choose whichever provider you prefer. CrowdHealth will even negotiate bills on your behalf, pushing the cost of your healthcare even lower. Additional benefits include unlimited virtual health, unlimited talk therapy, discounted prescriptions, and personal care advocacy. If you’re searching for a viable alternative to traditional health insurance, reach out to CrowdHealth today to learn more.