What’s a “Mini Med” Plan?
“Mini Med Plans” or “Limited Medical Plans” are becoming increasingly popular with small business employers that want to offer affordable health insurance coverage to employees who can no longer afford the contribution costs of the employer sponsored major medical plan. These plans have been around for over 25 years. They are most widely used by restaurants, fast food chains, casinos and temporary personnel agencies. Mini Med plans can provide limited health coverage for seasonal or part time employees that do not qualify for or cannot afford traditional health coverage.
A Mini Med plan is basically a limited health insurance plan that will cover Doctor’s visits, hospitalization and even prescriptions up to a specified amount in relation to the plan designs chosen by the employee. Depending on the plan design, weekly premiums can be as low as $20.00 per employee. The employer can pay all or part of the premium or leave it up to the employee to pay for their own coverage. There are over 15 different plan designs that can be chosen from. In addition, ancillary benefits such as dental, vision and short term disability can be added for an additional cost.
Mini Med plans are available in most States with the exception of New York. If you are an employer outside of New York State and you would like more info on if a mini med plan is right for your company, feel free to contact us at: 800-514-3513