Mini-Med or Limited Benefit Plans
The new "Mini-Med" or "Limited Benefit" plans were designed for those employer who couldn't afford a traditional fully insured medical plan, employers who desire to offer health coverage to part-time employees and those employers who have no coverage at all and to those employers who have high deductible health plans and desire some "bridge" coverage to help offset medical expenses prior to reaching the deductible.
What is a "Mini-Med"?
Mini-Meds are a defined benefit health plan. Coverage is provided for a specified number of physician visits each year at a fixed dollar amount. Inpatient care is covered at a fixed daily expense for specified number of days. Surgical, anesthesia, physician and prescription charges are all paid at fixed dollar amounts. By limiting expenses to fixed dollar amounts, insurance carriers are better able to price and predict costs. For this reason, Mini-meds are significantly lower in cost than a traditional health plan.
Click on the link below to read an article by the Wall Street Journal concerning "Mini-Meds"
Wall Street Journal Article on mini-meds
If your strapped with high premiums from traditional medical plans, need something to offer to part-time employees or just want supplemental coverage, these plans may be what you're looking for. Contact our office for more detailed informaton.