In The Second Coming Of Healthcare Insurance, medical insurance expert witness Stephen George, MBA-HA, writes on Scheduled Medical Plans:
Scheduled Medical Plans, sometimes called MiniMed or Limited Medical Plans provide significant savings. The newest types of plans being sold segment coverage by cause of care like: Wellness, Sickness Only and Accident Only coverage. Many plans now limit hospital and diagnostic care by occurrence, confinement, per diems, and cause. Plans can be mixed and matched with Major Medical, Dental and Vision plans. They can also be combined with Discount Only plans that reduce the cost of non-emergency care. Limited Medical plans generally do not cover catastrophic risk, and are priced at 60%-90% off traditional coverage. Most Limited Medical / MiniMed / Scheduled Benefit Plans are designed to cover basic care and not catastrophic loss. Here in lies the problem for the uninformed buyer who has not taken the time to read the policy.
This reprint by permission of The Self-Insurer and The Self-Insurer’s Publishing Corp. as it appeared in the July, 2007 Edition.