Is Limited Medical Insurance What You’re Looking For?

Is Limited Medical Insurance What You’re Looking For?

Shopping for a medical insurance plan can be a daunting and overwhelming process for anyone. And different factors can cause the plan you want to be more expensive and make you ineligible altogether. There are various medical plans designed to meet different needs depending on what you’re looking for. If the reasons you’re considering limited medical insurance plan is among the following, then you’re in luck, keep reading.

  • You’re self-employed
  • You’re between jobs
  • You recently got laid off
  • You frequently travel out of network
  • You missed out open enrollment for an ACA plan
  • You recently lost your health coverage
  • You’re leaving parent’s health insurance

What Is Limited Medical Insurance?

This is supplementary health insurance that helps you cover the out-of-pocket expenses. It pays you fixed benefits that help with everyday medical expenses. Limited medical plans can help you ease the financial burden off you and your family.

How Does Limited Medical Insurance Work?

Limited medical provides coverage for everyday illness and accidents at affordable rates by offering specifics benefits with capped limits of coverage. Depending on the plan you choose, the insurer will reimburse you with predetermined cash benefits after you pay for medical services.

Most of the time, they supplement your primary insurance coverage. They also provide an option when you can afford a more comprehensive primary medical health care or in case you missed out on open enrollment for an ACA plan.

Limited medical insurance can help you pay for:

  • Prescription medication
  • Emergency room visits
  • Diagnostic tests
  • Routine doctor appointments
  • Hospitalization

You will pay less monthly premiums for your limited insurance compared to the more traditional health insurance plans. However, you will get benefits usually lower than the total cost of your services.

For limited medical insurance (basic health insurance), it is easier to get approved since they don’t have to comply with the Affordable Care Act (ACA) regulations. Often, there are prenegotiated and upfront reimbursement rates and no requirement for in-network doctors or clinics. Also, there are no coinsurance or copayment to keep track of and no deductibles.

Limited Medical Insurance can work well

As a stand-alone

If you don’t have the means to finance primary medical health insurance, you can take a limited medical insurance plan. It will provide you with some level of coverage for the meantime.

It will offer limited benefits and help you safeguard your finances in case of a covered illness or accident.

As a supplementary to your primary medical insurance

Limited medical insurance works well along your primary medical plans to help cover the gaps in costs, services, or both.

In 2018, about 45% of uninsured adults among 30.4 million uninsured Americans said they remained uninsured because the cost of coverage was too high.

Even with a comprehensive individual major medical health insurance as the primary plan, healthcare costs are still relatively high. Limited medical bridges the gap until the deductible major medical plan is met. You need a little help controlling out of pocket costs, and limited medical insurance is what you need.

As a group

You can get more than one supplementary health plan to cover different things such as cancer, accidents, accidental deaths, and dismemberment or hospitalization.

Major Carriers Offering Limited Medical Insurance

Some of the largest health insurance companies in the United States, like UnitedHealthcare Group, Anthem Inc., and Kaiser Foundation, offer limited medical insurance. Between them, they serve more than 100 million members.

Looking for Limited Medical Insurance?

Limited medical health insurance plans can be adapted to you and your family’s needs. It will offer you affordable coverage that is guaranteed, whether on or out of network.

Contact us today to help you navigate insurance coverage and find the best health insurance plan for you.

Healthcare Solutions Team is a wholly owned subsidiary of the National General Insurance Group and the Allstate Insurance Company.