As an agent, we all know that no policy can cover any and every situation a client may run into. Protecting your clients to the best of your ability, making them away of gaps that may exist and how you will navigate them together can bring them major peace of mind and trust you at their side through whatever life throws at them.
Identifying the Coverage Gaps
The most important step in protecting your clients is to identify the gap in current coverage that may exist and determine how large of a gap and potential risk/financial burden the gap may be for the individual. Below we will identify a few of the common coverage gaps that exist.
Underinsurance
In this situation, the current insurance coverage may insufficently cover the client in the unfortunate event of a major illness or accident. Due to a limited amount of coverage this would leave the client with a handsome responsability to financialy cover themselves in this case.
Exclusions
Exclusions come in the form of the policy specifically naming medical situations in which the client will not receive coverage.
Lifestyle Change
A change in the client's lifestyle could leave them needing a change in coverage too, it could be in the fashion of adding coverage or removing it. Situations that may require changes include; financial hardships, divorce, death, marriage, health needs change, ect.
Gaps Between Policies
Certain health insurance policies may have waiting periods attached to them that can leave your client exposed between pick up of the new plan after termination of their prior plan. During this situation they would be exposed to serious financial risk during the gap.
Taking Action to Cover the Gap
After identifying the gap, you must have a strategy to eliminate or limit your client's exposure to it. Here are a few strategies to consider:
In the case of a gap, having a variety of ancillary products or alternative coverage options to your traditional healthcare can be advantageous for the agent. Having good, better and best bundles of coverage options while experiencing a gap can help your client find the package that best fits their budget and needs.
Getting Ahead of the Curve
Frequently reviewing your clients' coverage for any new gaps that could appear with their needs is the best way to stay on top of coverage gaps and to ensure your client has the coverage they need.
Supplemental Insurance
This form of insurance may cover specific health risks or illnesses not covered by traditional primary insurance.
Bundling Policies
Many insurance carriers or providers offer discounts for bundling policies, which can help to cover clients in the case of a gap while also helping out their wallet.
Working With an Agent
Navigating insurance is often confusing and complex for folks, that is why working with a licensed agent in the field can help you understand your options, the gaps that may exist, and how to protect yourself in the case of them. Reach out to a Poindexter agent today for assistance.
