What is the Premium Saver?
The Premium Saver is an employer sponsored group medical gap insurance plan designed to help reduce the cost of group medical coverage. Combining the Premium Saver with certain high deductible health plans can deliver the health coverage groups want and can afford.
Premium Saver Coverage and Plan Details
Supplemental Deductible and Coinsurance
Premium Saver plans have a supplemental deductible and coinsurance per insured which must be satisfied before benefits are paid. After the insured's deductible has been satisfied, the plan pays the benefits described in the policy until the payments reach the Maximum Benefit Amount.
Benefits for Hospital and Outpatient Expenses
Our most frequently selected Premium Saver plan pays the amount applied to your major medical deductible, coinsurance and copayments. It covers the same expenses as your major medical plan, with the exception of charges for professional fees in a doctor's office or medical clinic, or for outpatient prescription drugs.
What Premium Saver Plan Designs are Available?
Each group can choose the plan design and benefit amount to achieve maximum overall premium savings. Premium Saver is extremely flexible.
- Maximum Benefit Amount Options are any amount from $1,000 to $9,500 per person per calendar year
- Deductible Options are from $250 to $3,000 (higher deductible available upon request)
- Coinsurance Options are 0%, 90/10%, 80/20%, 70/30%, 75/25%, 50/50% from $0 to $10,000 Out-of-Pocket
Are there any participation requirements or waiting periods?
Everyone (employees and dependents) enrolled in the group's major medical plan must be enrolled with the Premium Saver plan. On the Premium Saver effective date, everyone covered by the group's major medical plan will be covered by the Premium Saver plan.
What are the underwriting guidelines?
There are no excluded groups. The minimum group size is 5.