Health Insurance Forum - Questions About Limited Benefit Plans

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Q: Questions About Limited Benefit Plans

asked by: jwduke109 on July 30th, 2007

New User

Hi Everyone,

I am doing some research on limited benefits insurance plans, also known as short-term benefits or mini-meds. They are typically low-deductible insurance plans with a very low premium. They cover basic benefits, but generally have a yearly cap of $5000-10000 and do not cover catastrophic injury or disease. I am trying to understand the demands for these types of plans in different states and in different industries. Does anyone know anything about them? I can send some more information if anyone would like to know more. The specific questions I'm trying to answer are:

1. How many people are currently enrolled in limited benefit plans in the United States? Is this number increasing or decreasing? Are these plans becoming more or less popular.

2. What types of companies are likely to offer these plans? I know that Wal-Mart, McDonald's, Friendly's, and a large hair salon chain currently offer them.

3. Have any of your companies considered offering plans like this? What is the difference between these plans and consumer-driven health plans (high-deductible coupled with an HSA)?

Any help would be greatly appreciated. Thanks a lot.

Thanks,

Josh

Replies(5)

Carifairy

replied on July 30th, 2007

Extremely eHealthy

I have Blue cross and blue shield of NC, the PPO blue advantage plan.

Typical individual health insurance.

I would think that those types of health plans would be useless, why only have partial coverage?

The "Little" things are not what get people into financial trouble, it is the 'catastrophic events' that create the most hardships.

I woudl never recommend a plan like that to anyone.

robbie25

replied on August 3rd, 2007

New User

Min-meds

I was offered one at my place of employment. They seem to cover dr. visits, portion of meds, etc. They leave you vulnerable for catastrophic coverage, I would say when you most need the coverage.

I understand they are being offered more as employers can no longer afford the huge premiums.

Obviously everyone would prefer full coverage but that coverage is becoming less and less available. I believe employers are making an attempt to at least provide some preventative care.

Carifairy

replied on August 3rd, 2007

Extremely eHealthy

A lot of Health insurance companies offer full coverage ins for LESS than what many employers offer it for, it is worth a shot.

robbie25

replied on August 4th, 2007

New User

Cari, insurance issues must vary greatly in different parts of the country. In this area employer (almost without exception) cover the entire cost of a single policy, family members are an additional charge.

Not many people here could come close to the cost of a group plan when buying individual insurance. Confused

Carifairy

replied on August 4th, 2007

Extremely eHealthy

I am a nurse, and I buy my own insurance because I always like to be insured, I refuse to be without it just because a chnage jobs.

I pay 202$ a month for an individual policy from BCBSNC, blue advantage plan. I have had it for years...

AT the hospital I work at, I would basically pay 200$ a month for the policy that they offer, it is good, but I like to sometimes work PT.. They do not offer benes for less than 20 hours a week.

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