Providing affordable employee health insurance is tough for many small companies and those employing lots of part-time workers. If that sounds like your organization, it may be time to consider offering a “mini-med” plan that covers limited health care expenses at a relatively low cost.
Here’s what you need to know about how mini-meds work:
1. Mini-meds are more limited than major medical plans and typically do not cover catastrophic care. Mini-med plans cover basic medical services, such as a limited number of doctor visits per year and prescription medicines, but max out each year at levels as low as $5,000 to $50,000. They may severely restrict hospital stays and even diagnostics such as X-rays.
2. The plans usually offer coverage limits as low as a few hundred thousand dollars. They have low deductibles and manageable premiums—both appealing to lower-income employees—but they leave workers on their own in cases invol...(register to read more)