2008
Limited Benefit Medical Plans
One of the voluntary industry’s responses to the uninsured crisis is the development of voluntary medical products; specifically, the limited benefit medical plan (also often called a “mini-med” plan). The mini-med product was originally designed for employees who do not generally have access to traditional medical insurance—part-time, seasonal, temporary, hourly, and 1099 employees. This meant the product was sold primarily in industries with high concentrations of these types of employees. Today, however, the product is quickly becoming an alternative for all uninsured workers.
The objective of the Limited Benefit Medical Plans Spotlight Report is to help carriers stay current on the evolving limited benefit medical market. The report includes competitive intelligence on these products (i.e., products that have a hospital indemnity product at the core with wrap-around non-insured discount plans and services). Specifically, it covers the following topics:
- Plan structure and benefits
- Underwriting requirements for both employee- and employer-paid plans
- Plan design limitations
- Billing practices including handling short premiums
- Open enrollment period practices
- Average plan premiums
- Commissions
In addition, this report looks at the market overall and some of the trends driving it. With this information, carriers can measure their products against others and become familiar with today’s trends in the limited benefit market.
Order Info: The report is available for purchase for $2,000. To order your copy, simply email us at info@eastbridge.com or call (860) 676-9633. Published 2008
Table of Contents
1. Executive Summary
A. Report Objectives
B. Methodology
C. Key Findings
D. Recommendations
2. Overview of the Market
A. Product Drivers
B. An Overview of the Market
C. Trends
D. Carrier Results
1. Prevalence
2. Estimated Sales
3. Key Competitors
4. Penetration Rates
5. Persistency/Retention
6. Average Premium Ranges
E. The Future
3. Product Findings
A. Benefits
1. Plan Structure
2. In-Hospital Benefits
3. Hospital Admissions Benefit
4. Outpatient Benefits
5. Physician’s Benefit
6. Intensive Care Benefit
7. Screening or Preventative Benefits
8. PPO Networks
9. Discount Services
10. Other Benefits
11. Lifetime Maximums
12. Elimination Periods
13. Number of Plans Offered
B. Underwriting
1. Plans Allowed Per Account
2. Employee Eligibility
3. Guaranteed Issue—Employee Paid
4. Guaranteed Issue—Employer Paid
5. Other Guidelines
6. Simplified Issue
7. Enrollment Cycle
C. Other Questions
1. Billing
2. Handling Partial Payments
3. Commissions
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