Redefine Your Portfolio Focus with Limited Benefits Medical Insurance

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When faced with high deductibles, high copays, and high premiums, it can be difficult for your clients to afford medical coverage that addresses their health concerns. Limited medical plans offer economical options that can help do just that for your clients who are:

  • Anticipating rising medical expenses for a variety of health conditions
  • Unable to afford major medical coverage
  • Not eligible for short-term medical coverage
  • Looking for supplemental coverage to their major medical plans

What value does LM coverage provide?

Depending on the specific plan, limited medical plans can cover a wide variety of expenses for accidental injuries, sickness, inpatient surgical care, outpatient care, and even pre-existing conditions. Plans vary as to which specific expenses they cover, but often times, limited medical plans provide little to no waiting periods, relatively inexpensive copays with access to doctors nationwide, and benefits for critical illness and/or accidental death.

What are the limitations of LM coverage?

This type of plan does not count as minimum essential coverage required by the Affordable Care Act and is not suitable to serve as your clients’ only medical coverage. Although the premiums may be lower than a major medical plan, the benefits are also lower and more restricted.

Let’s take a look at LM offerings that can provide assistance and be supplemental to those who have health insurance with high deductibles. With these products, you can offer your clients many features, including:

  • The freedom to choose any doctor or hospital of their choice
  • Guaranteed issue coverage with $50-$100 paid toward doctor and specialist visits
  • Offer preventative care for $50, $75, $80, $100
  • Next day coverage or little to no waiting periods for accidental injuries or sickness
  • 12 month waiting period for pre-existing conditions

You may have clients who need to supplement their existing coverage, but who are worried about affordability and value. With limited medical coverage, they have the option to take advantage of low premium rates and out-of-pocket expenses, discounted network rates, and even access to non-insurance benefits such as a prescription savings program, 24/7/365 video and phone access to quality physicians, and a patient advocacy service.

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