The Contractors Plan has found prevailing wage contractors often have a need for supplemental medical coverage, also known as gap coverage, secondary coverage and limited medical coverage. This type of plan can be purchased by itself when major medical is not affordable. It can also be used to cover a gap between the costs that high-deductible insurance will cover and the costs an employee must cover. For example, if your major medical coverage had a $3000 deductible, supplemental medical might offset the costs of doctor co-pays or part of a hospital visit. In some cases, supplemental medical coverage is offered as an option to provide limited medical coverage for dependents and your part-time workforce.
While this coverage generally offers a fairly limited benefit, it is generally affordable. Supplemental medical coverage does not meet the Affordable Care Act (ACA) requirement for the individual mandate. At The Contractors Plan, we are proud to offer supplemental medical coverage through Nationwide and Standard Security Life, a division of Independence Holding Company (NYSE:IHC).