Major employers, including McDonald's, Home Depot and Blockbuster, offer mini-medical plans, but under the Patient Protection and Affordable Care Act, these plans are nearing the last of their days.
Mini-medical plans have long touted affordable premiums, some as low as $14 per week; however, there are strings attached. Annual financial caps and other barriers, such as pre-existing conditions, have limited the amount of coverage an individual can receive, but under PPACA's new mini-medical regulations, the annual caps have been raised to $750,000 in 2011, $1.25 million in 2012 and $2 million in 2013. Once 2014 hits, annual limits will no longer be allowed for group plans.
Lenny Sanicola, senior practice leader of benefits at WorldatWork, says mini-medical plans are particularly attractive to companies that employ a large number of part-time or seasonal personnel who consistently work fluctuating hours and typically do not stay off staff for long periods of time. Retail and hospitality, for instance, are two industries that tend to offer mini-medical plans.
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