Hunt Valley, MD—September 8, 2020—ArmadaCare (www.ArmadaCare.com), a nationally recognized leader in the specialty supplemental health insurance market, announced it has created a new group supplemental medical gap insurance product. Called ComplaMed Gap, this true expense reimbursement product is designed to help employers address the financial strain that high deductible health plans (HDHPs) can cause employees.
For more than a decade, ArmadaCare has been a national market leader in providing fully insured supplemental health insurance solutions to strategic-level employees. “Now we are entering the group gap market because we want to help solve a pressing problem for employers and employees at all levels, and we can leverage our experience in this space to do it better than most,” says Ed Walker, CEO of ArmadaCare.
While HDHPs can help control the benefit budget for employers, they can also inadvertently cause employees to delay getting care, which can affect their productivity. Even the wait and worry about having the funds available to seek care can lead to health issues. “Essentially, winning on cost savings in one place causes losses in another, much like a game of tug of war,” adds Walker. “Employers need answers other than HSAs, which have drawbacks such as timing and portability issues, and employees need the security of valuable insured coverage.”
ComplaMed Gap is similar to other product offerings in that it offers a secondary insurance card that supports paying providers directly, so employees don’t have to pay out-of-pocket at the time of service. ComplaMed Gap does have notable differences. To help protect employees, ComplaMed Gap offers coverage for routine care (including medical provider co-pays), the option to include prescription drug coverage with a swipe-and-go Prescription Visa® Card, and no waiting periods. ComplaMed Gap has the flexibility employers are looking for with fully customizable medical coverage limits and the option of deductible and/or coinsurance to meet their target premium.
“Both employers and employees will appreciate our dedicated, in-house service teams who are known for providing award-winning service,” says Walker. “We consistently have the highest service levels in the industry, gauged by our remarkable client retention rates and 70+ Net Promoter Score that’s on par with Apple, Southwest, and other world-class service brands.”
ComplaMed Gap is the ninth product ArmadaCare has launched this year, adding to its full range of supplemental health insurance solutions at various coverage levels and price points.
ArmadaCare is a managing general underwriter (MGU) for Sirius Group (Nasdaq: SG), a global multi-line insurer and reinsurer. A pioneer in the supplemental health insurance industry, ArmadaCare creates and delivers a broad range of insured specialty employee benefits. Specifically designed to address limitations of primary health insurance coverage, ArmadaCare’s solutions provide the ability to offer health insurance coverage tailored to the contemporary needs of employers of all sizes and budgets. In addition to offering health insurance coverage for various types of out-of-pocket healthcare expenses, many of ArmadaCare’s products include additional health support services and convenience features, all of which are delivered with ArmadaCare’s hallmark world-class service. Learn more at www.ArmadaCare.com.