Mini-Meds Insurance

Mini medical insurance is also referred to as supplemental health insurance. It’s available in individual and group plans and best works in tandem with another policy that covers catastrophic losses.

It’s also less expensive than major medical insurance.

Following are some features of Mini Med policies:

Overview of Mini-Meds

A mini-med is a health insurance plan with limited benefits. With very few restrictions, it can be issued up to the age of 64.

The process is that medical bills get submitted to the insurer for reimbursements up to the policy limits per procedure.

It can be used with any medical provider and is not limited to any specific PPO network.

Keep in mind that mini-meds are considered a supplemental policy. They’re not designed to replace any major medical policy you may have.

In fact, it’s commonly used in conjunction with a high deductible major medical policy.

Mini-Med Coverages

Mini-meds include reimbursements for in-patient hospital procedures, surgical benefits, doctor’s visits, life and accident benefits and more. You can select your desired level of coverage.

Mini-Med Payouts

With mini-med there are no deductibles, copayments or coinsurance. The policies pay you a fixed amount for each service you receive.

For example, if your mini-med pays out $250 a day for a hospital stay, that’s the amount you will be reimbursed. If the hospital stay actually costs $400 per day, you’ll have to come up with the other $150.

Another thing different about mini-meds is that the payouts come direct to the insured as opposed to going direct to the doctor or hospital.

Mini-Med Premium Cost

Because of their reduced benefits and coverage, mini-meds are an inexpensive form of health insurance. In fact, you may be able to find a policy that costs under $100 per month. Again, that will reflect in the benefits. For example, a mini-med may only payout $1,000 per hospital stay.

Some mini-meds provide discounts on certain services instead of covering them like a traditional policy might. These services could include dental, chiropractic care or prescription drugs reimbursement.

Other mini-med policies could include a monthly allowance for prescription drugs or health club discounts.

Some policies may allow you to purchase supplemental coverages for maternity care or specified conditions related to a critical illness.

Advantages and Disadvantages of Mini-Meds

Advantages of a mini-med include:

• It provides supplemental coverage for a full medical plan
• If no major medical care is needed it can save you money on insurance
• It usually offers coverage on preexisting conditions (after a waiting period)
• It’s low cost
• There are usually no deductibles, copayment of coinsurance
• The payout includes one amount that goes straight to you

Some disadvantages to these plans are:

• It provides less coverage than other options such as high deductible and government health plan programs
• It does not cover all of your costs if you get seriously ill or injured
• If you get sick while on the plan and try to purchase a comprehensive major medical plan, you may be denied coverage because of a preexisting condition

Steve Wyrostek -MedicalInsurance.org Expert A 20 year plus veteran of the insurance industry, Steve managed departments in the personal and commercial lines areas of major insurers. He’s familiar with how insurance—ranging from boat to workers compensation—works.