Chubb, a property and casualty insurer, has introduced a new supplemental healthcare insurance product, which will repay consumers for qualifying out-of-pocket expenses.
Dubbed Gap Supplement Medical plan, the new offering addresses the problems of high co-payments and co-insurance associated with high-deductible health plans (HDHPs).
Chubb healthcare insurance
With the new proposition, co-payment and co-insurance costs are eligible for coverage. These include costs related to certain hospital, outpatient as well as doctor’s office visits.
Commenting on the new product, Chubb North America Accident & Health senior vice president of affinity solutions Chris Howard said: “The changing healthcare marketplace continues to challenge employers who are looking for efficient and cost-effective benefit solutions for their employees. As a result, rising healthcare and coverage costs are increasingly being borne by consumers.
“Through Chubb’s extensive experience and deep industry knowledge, this Gap Supplement product helps to fill holes in coverage associated with high out-of-pocket deductibles, co-payments and co-insurance expenses – especially those that may be a result of unanticipated medical events.”
In announcing the new product, the insurer cited data from the Centers for Disease Control and Prevention.
The data found over 43% of people below 65 years of age with private health insurance enrolled in a HDHP in the first nine months of 2017.