Guarantee Issue Health Insurance
If you’ve been turned down for major medical insurance you have a new option: a mini-med plan.
Mini-meds (also called “defined benefit” health plans) are guaranteed-issue health insurance, which means anyone can buy them regardless of pre-existing health conditions. There is no underwriting and no health questions are asked.
Seem too good to be true? It’s because these plans have defined limits on coverage, which means less risk for the insurance company. They pay set amounts and are not designed to provide catastrophic coverage however for most Americans they will cover most of your health care needs.
With no deductibles or co-insurance to satisfy, they will provide you with first dollar coverage. Mini-meds typically offer negotiated discounts through a PPO, but can be used at any provider — see whoever you like, or enjoy greater discounts in-network. Many offer dental, vision and prescription discounts.
Mini-Meds are very simple to understand … they provide scheduled benefits for inpatient and outpatient services. For example, you can choose a plan that pays $1,000 a day for hospital coverage for the first 100 days.
Anyone between the ages of 18-65 and their unmarried, dependent children up to the age of 19 or 25 if they are a full-time student, are eligible for coverage.
When looking for a mini-med, make sure it is HIPAA qualified, meaning they can be considered “creditable coverage” by other carriers. If you have one these plans and later get a group insurance plan through an employer, the time on these plans may count toward the 12 month pre-existing waiting period for your new insurance.
