Definition of Gap Insurance

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GAP insurance is typically designed for things that Medicare might not cover. Get a definition of GAP insurance with help from an experienced insurance professional in this free video clip.

Part of the Video Series: Insurance Questions
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Video Transcript

Hi. My name is Susan Combs, and today we're talking about the definition of stop gap insurance. With gap insurance, it can mean different things to different people. A lot of times, people think of this as being referred to as Medicare, so lot of times, people have Medigap policies, so they're actually covering health insurance related items where the Federal program of Medicare doesn't cover. But, a lot of times what this actually refers to is more on the employer's side in terms of workers' comp. So, every single state, with the exception of Texas, require all employers to have workers' compensation insurance. And so, that type of insurance covers employees if they become injured while on the job, lost wages, medical bills, things like that. But, there's only so many things that workers' comp are going to cover. So, a lot of employers, and particularly large employers, have gap insurance so it fills in the gaps that aren't covered by workers' comp. So, if you're wanting more information on this, the best thing to do is talk to an insurance broker that specializes in small businesses and also large businesses as well.

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