Josh Sullivan is a Territory Manager for Morgan White Group, which creates and delivers innovative insurance products to the marketplace.  

Even though they have a full suite of solutions, for today's episode, we specifically focused on their Gap Supplemental Health Plan called the "Premium Saver Plan".

I have always been intrigued by the financials of a Gap Health Plan, which aims to lower the overall cost of an employer-sponsored health plan by providing a way to bridge the "gap" between the first dollar and the employee's deductible.

If an employer raises their employee's major medical out-of-pocket costs, the premiums will go down as a result. 

"The Premium Saver uses the money saved to fill in the out-of-pocket expense which brings the group’s plan back to its current plan design."

This type of product does have some detractors in our industry, so it was great to be able to address those with Josh and hear his perspective.

Gap Supplemental medical plans really only make sense when a group is in a fully insured arrangement, and those that are more averse to setting up a plan this way might argue that a group is better off (at least financially) by moving to a self-funded plan.

Like every insurance product, each individual employer and their consultant need to determine what is best for their specific situation.

Who knows, a Gap Health Plan might be right for you!

https://mwgbrokerservices.com/

Chapters:

0:00 Intro to Josh

9:12 Starting in Life & Disability

17:00 What is the Morgan White Group

20:41 The Premium Saver

31:45 Who are Gap Plans For?

39:15 What are the Cons of a Gap Plan?

46:00 The Future of Gap Plans

50:40 Closing Thoughts