Mini Medical Plans – Knowing the Good, and the Bad About Medical Plans
Posted at by ifydcat on category FinanceWhat do you need to know about mini medical plans? They are limited versions of the comprehensive medical plans offered by most employers. They provide coverage for many common medical situations up to a certain dollar amount each year. Most of the plans offer a fixed payment amount for each type of medical situation. They likely pay a fixed amount for a doctor’s visit for example. You would be responsible for the rest of the cost yourself. They may pay a fixed amount for every day you spend in a hospital. You are responsible for anything over than amount. They often have an upper limit as to how much they pay out each year.
Many people use these medical plans to cover potential costs for illnesses or minor accidents instead of routine checkups, though. That gives them decent medical coverage for everything except catastrophic illnesses or accidents. With the upper limit on benefits, people often bear most costs for catastrophic incidents themselves with this coverage. Mini medical plans do not usually provide for wellness visits to your doctor. That means if you go in for an annual exam you will bear the costs for it yourself. Now, the plan might help with the costs of any tests that the doctor runs. A few do cover wellness visits.
It is also a good option for people between jobs that want to maintain health care coverage. It will help cover doctors’ visits and give discounts on prescription medications. Again, education is crucial to find the right plan. Who should consider taking out one of the mini medical plans? It may be a real option for those that cannot afford a comprehensive medical plan. The patient gets some medical coverage at an affordable rate. It does not cover everything and the people considering the coverage need to be aware of what is covered and what is not. That way there is no surprises.
You will find a direct correlation to cost and coverage. The higher premiums you pay the higher the benefits you receive. A large deductible can make this easier to bear though. It is worth shopping around to find a plan that meets your needs. Do you want a plan that offers wellness coverage? How much are you willing to spend on coverage each month? Do you need prescription coverage? All of these will help determine which of the mini medical plans will fit your needs.
Mini medical plans are great for people in a financial crunch. It is also a good idea for people between jobs or school semesters. Some find it ideal between the time they retire and when Medicare kicks in. These are all people interested in these types of plans. And insurance companies are noticing this. That is why many major insurance providers offer these mini plans individually and even through some employers. They are the right option for small businesses just getting off the ground. It gives the employees affordable coverage without breaking the business’s pocketbook. Insurance companies are looking for a chance to make money and you can take advantage of it.
Sean L Johnson is a journalist for Health Insurance Buyer a referral service that connects consumers to the insurance carriers that can best fit their wants or special needs. Click on link to access your free rate quote, and apply online to qualify through the exchange system