Limited Medical Plans
What is a Limited Medical Plan?
A limited medical plan or "Mini-Med" plan is a lower cost alternative to major medical insurance. These plans usually include capped benefits meaning there are specific maximums attached to the benefits. For example, a plan might pay $60 for a doctor's visit and $1000 for a night in the hospital. In capping specific benefits, carriers are able to offer a lower cost plan and little to no rate increase. BSI Limited Medical Plans are underwritten by A+ rated carriers.
Who does the Limited Medical Plan benefit the most?
Limited Medical Plans are designed for the hourly wage worker as well as employees who may not be eligible for a traditional medical plan.
Limited Medical Plans are not designed to replace major medical plans.
Quick FAQ's on Limited Medical Plan
Health Insurance by the Hour
This type of plan differs from the Limited Medical Plans as they offer tiered benefits that reward those employees who work the most hours. There are three levels of benefits so as an employee works more hours, they receive more benefit.
These plans are paid in arrears so the employer has no reconciliation and self bills themselves. The employee only has to work one hour per month to be covered. The employee can move between the levels of coverage per month depending on the hours worked. There are several advantages toward hourly billing.
- Fixed Medical cost - because the premiums are based on a fixed hourly amount based on the number of hours worked, an employer knows the cost up front.
- Allows for easy administration - Simply send a monthly file with number of hours worked for each employee, no endless paperwork required.
- Allows companies to have fewer workers - With the hourly plan, the more hours worked, the higher benefits are received. Employees work more hours for higher benefits.
- No Penalty for having High Turnover Business - Many businesses, such as fast food and convenience stores may experience a higher turnover factor. Since there is no fronting of premium, there is no money lost to the employer.
- No Reconciliation of Bills - All is completed by self reporting.
- Service Industries Enjoy Benefits - Service industries avoid the "Paycheck" issue
LET BSI HELP SAVE YOU MONEY ON YOUR HEALTH INSURANCE COSTS!
Contact Us
Please complete this form for a free quote or call us directly at 800-382-2044
Click here for our offices located in Greenville, Easley, Spartanburg and Columbia, SC
Quick FAQ's on Limited Medical Plan
- What are some benefits to the Limited Medical Plan?
- Limited Medical plans are mostly indemnity based, so an employee understands what the benefits are from the start and how to use them. These plans pay first dollar in most instances, resulting in the employee not having to pay a co-pay or deductible.
- Is the plan available to associations?
- Yes, we have a product designed for legitimate associations.
- Are there any excluded industries?
- No, there are no excluded industries.
- Can the coverage be tied to my payroll cycle?
- Yes, this plan can be billed in many ways---Traditional monthly, hourly, core plan buy up, and payroll cycle. Payroll cycle billing is for companies who want to cover the employees for a shorter time then thirty days. For example, an employee would work a bi-monthly pay period and then be covered for the next bi-monthly pay period.
- Is hourly billing complicated?
- No, it is much simpler then it sounds! Please contact us for more information.
- Is the plan rated on a composite or 3 to 4 for tier rate?
- All three are available.
- Is the Policy Guaranteed renewable?
- Yes, as long as your company maintains good standing and meets all eligibility guidelines.
- Is there a network in my area?
- Limited medical plans traditionally do not restrict an employee to a network but they can be added for a small cost. BSI will use the best network for your area.
- Who is eligible?
- Any employee deemed eligible. This includes 10-99 employees in some cases. All dependants up to age 19 or 26 if they are a full time student.
- Does the plan pay the individual or the doctor/hospital?
- The plan will pay the provider if assigned, or the insured.
- Are work related accidents covered?
- No, those incidents are covered by workman's compensation unless it does not apply per state guidelines.
- Does BSI work with agents or just employers?
- BSI prefers to work with agents and will only work directly if no BSI agent is licensed in the area.
