Limited medical (LM) plans can help your clients find some financial accord as they face certain health concerns by providing set amounts of money for covered medical services. Also referred to as fixed cash or limited-benefit indemnity coverage, these plans provide supplemental benefits to your clients that they can use to pay medical expenses such as copays and deductibles or other expenses such as rent and daily lifestyle needs.
This level of coverage can provide your clients with a wide variety of benefits in the face of accidental injuries, sickness, inpatient surgical care, outpatient care, and even pre-existing conditions (subject to waiting period.) Coverage varies from plan to plan, but limited medical plans can provide little to no waiting periods with access to doctors nationwide, and benefits for critical illness and/or accidental death.
Your clients can take advantage of a variety of features that help make their healthcare more accessible:
- Freedom to choose any doctor or hospital of your clients’ choice
- Guaranteed issue coverage
- Low cost preventative care
- Next day coverage or little to no waiting periods for accidental injuries or sickness
- 12 month waiting period for pre-existing conditions
How it works
When your clients choose LM coverage, they are choosing a type of coverage that pays them directly instead of paying healthcare providers. They simply submit a claim after a qualified medical expense and receive payment that they can use as needed. There are no deductibles to meet.
LM coverage 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. Benefits are preset and may not necessarily be sufficient to cover the total bill for medical services received. Before recommending plans to consumers, ensure they understand what is and isn’t covered.
Help your clients take on 2018 with affordable, quality supplemental coverage today! Learn more by:
- Calling 1.877.376.5831 and selecting option 3
- Emailing firstname.lastname@example.org
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Health Insurance Innovations, Inc. is a leading developer and administrator of affordable, web-based individual health insurance plans and ancillary products. We help consumers address their health insurance needs by offering access to a number of products offered by various insurance carriers.
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