Mini Medical Insurance: A Low Cost Alternative

If you aren’t able to afford a major medical plan for whatever reason, a mini medical insurance plan may be a great option for you. These plans offer very basic coverage at a fraction of the traditional costs. Here’s what you need to know about them.

What Is a Mini Medical Plan?

A mini medical insurance plan is exactly what it sounds like. Consider it medical insurance ‘lite’. These insurance plans will pay a specified amount of money directly to the service provider leaving you responsible for the rest. For example, a mini medical plan may pay your doctor $50 per visit leaving you to cover whatever was left over. If your doctors visits are only $75, then you only need to cover the left over $25. The same works for hospitalization. If your plan covers $200 a day in hospitalization, then you just pick up the rest. The benefit to this is that you are getting a deeper discount than what’s available through a regular discount plan, and your rates are much lower than traditional insurance.

Who Benefits from These Plans?

If you work part time and don’t qualify for your companies insurance program the mini medical plan is a great idea. Part time employees who are offered medical insurance are often faced with much higher premiums. For a part time worker this doesn’t make a lot of sense. You make less money so you have to pay more for insurance? This is why the mini medical plans are a good idea. If you are in a transition period then a mini medical plan may make sense as well. These plans aren’t meant to take the place of major medical and comprehensive insurance, but they are certainly better than doing nothing at all.

Disadvantages of Mini Medical Plans

While they sound wonderful, they do have some drawbacks.

Mini medical plans aren’t designed to cover catastrophic events. There will be limitations on what is covered. Often times prescription drugs aren’t covered in these plans, and surgical care may be extremely limited if it’s offered at all. Often the plans can be confused with traditional insurance plans as well. Some plans offer deductibles and co-payments, which make them appear more like standard medical insurance. When you are looking over the insurance options you have, make sure you understand fully what you are getting in to.

How to Get a Mini Medical Plan

Many employers are starting to offer these plans to its employees. If a mini medical insurance plan isn’t available through your employer there are still ways to get them. You can go through an insurance broker to get a mini plan set up for you. You can go online and search for plans as well if you don’t mind doing the legwork on your own.

A mini medical plan may not make sense for everyone, but if you are looking for a low cost way to carry very basic medical insurance, then a mini medical plan may be the best option for you.

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