Cutting health care costs: Is it time to switch to a ‘Mini-Med’ plan? — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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Cutting health care costs: Is it time to switch to a ‘Mini-Med’ plan?

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in Employee Benefits Program,Human Resources

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)

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