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Step 1
Look at when the plan kicks in. Some mini medical plans are set up not to pay until a certain threshold. This "deductible" type plan is really more in line with what the industry calls "catastrophic" health plans, but it's something to keep in mind with the mini plans as well.
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Step 2
Look at provider limitations. Although industry analysts identify mini medical plans as not usually having Preferred Provider assignments, that doesn't mean the plan may not contain limits on who can treat one of their members.
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Step 3
Look for high copays or coinsurance. Copays and coinsurance represent what a covered member would have to pay out of pocket when the plan has done its part. For a "mini" medical plan, that could be relatively high.
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Step 4
Look for high annual caps. Mini medical plans OFTEN have annual caps that would seem, on the face of it, unrealistic. A health plan that only pays $2,000.00 per year will not go far if you end up with a broken limb, a couple of ER visits, etc. The cost of medical care can quickly outstrip these low annual caps, leaving the policy holder stranded by shallow coverage.
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Step 5
Look for low lifetime benefit caps. This is another way mini plans cut costs, but low lifetime caps are even worse than low annual caps: when the plan has "maxed out" the policy holder is not entitled to ANY payment, EVER. Realizing the limitations of a plan (and sometimes avoiding a sign-up) can help a consumer to avoid that feeling of having been cheated on their coverage.
