Mini-Med plans are limited benefit accident and sickness insurance plans that employees often provide to give workers a very low cost healthcare option. Companies can use Employee benefit services to study the impact Mini-Med plans could have on staff compensation budgets.
Non-salaried workers may not meet the qualifications to receive traditional medical benefits, but Mini-Med plans offer a low-cost alternative. The plans feature limited benefits along with a fixed medical cost based on the number of hours an employee works.
Mini-Med plans aren't just beneficial to employees – they're also financially advantageous to organizations themselves. Companies can offer medical benefits to hourly employees based on the number of hours they work, which can help them reduce their employee benefit plan administration costs. Mini-Med plans can be especially helpful for small businesses or companies with high turnover rates because they provide no money up front to cover the costs of employee premiums.
Consultants can provide human resource managers insight into Mini-Med options, including facts, statistics and data to help them determine whether the plans present a viable option for employees.
