Mini Medical Insurance
Mini medical insurance is a type of health insurance policy that offers a low premium in exchange for limited benefits. A mini medical insurance plan might cover a certain number of doctor’s visits per year, routine lab work, and some prescriptions, but it would not cover expensive care like surgery, a hospital stay, or a course of chemotherapy.
With health insurance costs going through the ceiling, purchasing mini medical insurance is, for many, a sound financial move. This article examines some things to think about when purchasing a mini medical insurance policy.
Read the Fine Print
Find out precisely what is covered and what isn’t and choose the policy that best suits your needs.
Stability
Mini medical insurance is the up-and-coming thing. The market is flooded with insurance companies that offer this coverage. When purchasing your policy, though, it’s a good idea to go with an established provider that has been around for years. New companies have high failure rates, and you don’t want your health insurance provider to sink beneath your feet like the Titanic.
Reimbursement Policies
Some companies reimburse the provider directly. Others expect you to pay out of pocket and file a claim form so they can reimburse you. Although neither method is technically “right” or “wrong,” whenever possible, select a policy that works directly with your provider to save yourself the upfront expense and the burden of paperwork.
Also, be sure to ask the insurance company how long it typically takes them to process and pay a claim. The shorter the length of processing time, the better.
Healthcare Providers
Are you free to select your own healthcare provider, or do you have to use someone in the insurance company’s network? If you are expected to stay within network, make sure you get a complete list of contracted providers.