Mini Med Health Insurance — Small Solution and Big Problem
What are Mini Med Policies?
Mini med policies are also called limited or specified benefit policies. They usully have a specific benefit amount they will pay, either by day, by year, or for the lifetime of the policy. This specified amount will also vary by the type of service. For instance, they may have one benefit for a hospital stay and another benefit for a doctor’s visit or outpatient care. An example might be a $2,000 daily benefit in the hospital, a $50 doctor’s benefit per visit, and a $1500 yearly maximum on outpatient services besides the doctor’s visits.
You can see that mini med policies are distinct from major medical policies. A major medical policy will have copays and deductibles, but in general, has a maximum coverage limit of millions of dollars for the life of the policy.
Are Mini Med Policies Enough?
Well, a lot of people argue that the hospital benefit will not cover a bill. A three day stay in a hospital may end up costing $30,000, and a $2,000 a day benefit will not meet that. The article Mini Med Health Insurance has one solution to this problem. They suggest buying a supplemental critial illness and accident or hospital policy in case of major expenses. Premiums for these policies are usually fairly low, and they can kick in and provide cash to cover the rest of the bill.
My major problem with mini-meds is, however, the outpatient coverage. Chemotherapy, for cancer, can cost thousands of dollars a visit, but is usually performed on an outpatient basis. A small outpatient benefit will not go very far. A critical illness policy, that covers cancer can help solve this problem.
I would choose major medical in an ideal world. However, mini med policies accept some applicants that will be declined by major medical health insurance companies. Also, in general, premiums are lower. The choice of a small business health insurance plan is yours, but just understand what you are buying first!
If you are shopping for health insurance, look at individual health insurance quotes for your family or small business.
health insurance, medical plans
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