Consumer Reports Investigates 'Junk' US Health Plans
Consumer Reports is warning against so-called "mini-med" health plans that offer limited protection, usually at lower cost, but with sky-high deductibles that can leave the insured paying thousands out of pocket.
Mini-med health plans tend to appeal to industries such as retail, temporary staffing agencies and food service, according to the consumer group. The employers want to show that they have something extra to offer their staff, but, in reality, the plans offer little to no coverage, said report author Nancy Metcalf, senior program editor at Consumer Reports who writes the "Ask Nancy" blog about health insurance.
"There is this persistent dream of consumers that, if they only look hard enough, they'll find really good insurance that costs a lot less," said Metcalf. "It's not going to happen. There's no such thing as a bargain on health insurance. If it's cheap, it's cheap for a reason."
Mini-meds offer a limited benefit health plan with extensive restrictions to those under the age of 65. Most plans cap benefits at a few thousand dollars per year. While many of these companies maintain that these plans are better than no insurance at all, Metcalf argues that some people may be better off without any insurance rather than making monthly payments to a plan that will probably not give adequate coverage when needed.
"In my view, people are better off putting whatever you would have paid to that mini-med in the bank in case something happens in the future," said Metcalf.
Of course, Metcalf said that this is a last resort.
"This is an excellent report," said Jonathan Weiner, professor of health policy and management at Johns Hopkins Bloomberg School of Public Health. "It's great to see a clear discussion about these type of plans. They are not well-understood or widely publicized."
Major insurance companies, including Cigna and Aetna, offer mini-med plans that allow for minimum and capped benefits. Robert Zirkelbach, press secretary for America's Health Insurance Plans, the national trade association representing the health insurance industry, said many states use these types of plans to expand coverage for uninsured Americans.
How Health Insurance Policies Are Structured - News
Consumer Reports is warning against so-called "mini-med" health plans that offer limited protection, usually at lower cost, but with sky-high deductibles that can leave the insured paying thousands out of pocket. Mini-med health plans tend to appeal to
In the event of a claim, the debt service reserve is sized to cover payments as specified by the SONYMA insurance policy. ASSET PARITY RATIO: A review of the asset/liability parity ratios for the transaction demonstrates sufficient
By Charles Hallman, Minnesota Spokesman-Recorder One of the Affordable Care Act's (ACA) major provisions is the creation of insurance exchanges or state-based marketplaces for small businesses and people without employer health coverage.
McNichol said the plan, an option available to states under federal health reform, could provide affordable health care coverage to 75000 to 95000 low-income residents and, if structured right, be affordable for the state. Supporters of the option,
Health insurance claims data shows that as the sum insured increases, so does the average claims size. Co-payments brings partial responsibility of payment and hence scrutiny of There is a Wall Street saying: “As goes January, so goes the year.
How to Choose a Health Insurance Policy
It is important to know from the word go that there are a lot of different health insurance policies. These policies are structured differently to suit individuals or groups. The policy that you choose depends on different aspects. For example, you can pick a health insurance policy based on your income, occupation and so on. You can also opt for a health insurance policy depending on the company that provides it. In order to go for the best you should get an agent to help you choose. You should also take time out and learn about the different insurance in Ohio policies available.
The first kind is the individual health insurance. This is a policy that is suited for people who need insurance in Ohio only for themselves. It is taken out for one person only and cannot benefit other people. It is wise to go for this health insurance OH if you do not have a family or if you are currently single. This is a very affordable Ohio insurance since you do not pay a lot as it does not cover many people. It is also in the same league as the self-employed health insurance. This is useful for individuals who are not working for other people but still need insurance in Ohio while managing their own businesses.
The other health insurance OH category is the family health insurance. This is a form of insurance taken out by one member of the family to cover the rest. This is beneficial for those who have families whether large or small. This is because you can never know when an emergency will arise and you need money to settle the bills. When you get an affordable Ohio insurance policy for your family you do not have to worry about this. There are usually some rules to this health insurance OH policy and you should discuss them with your agent.
The third type of health insurance is the one that is meant for students. This health insurance OH covers students who are still in school. This insurance in Ohio policy ensures that if the student falls sick while in school they get medical attention. However, in some cases there are also health insurance OH policies that cover students when they are out on their intern sessions. This is because while they are out on their internship they may not be covered by the company’s health insurance. Therefore, if anything happens to them their student health insurance will cover it.