Defined Benefits or Limited Benefit Plans
Defined or Limited Medical Benefit Provide an affordable approach to healthcare.benefit alternatives for those individuals who can't afford a Major Medical Plan. Not all Defined or Limited Benefit Plans are alike (like Major Medical) these plans vary greatly in benefits and costs!
Make sure you understand your coverages!
These plans can cost far less than traditional insurance but they "cap" what the insurer will pay toward medical care. Generally they have a maximum amount the insurer will pay in a given year that is the reason the are called Defined or Limited Benefits.
Many of these plans provide a "1st Dollar" payments with no or low deductibles or copayments for some services.
* These are NOT MAJOR MEDICAL PLANS and should not be bought instead of Major Medical Plans.
A properly designed Defined or Limited benefit plan combined with a accident and critical illness plan could actually cost less than Major Medical (alone) and give you a more rounded plan with better benefit coverage.
Healthcare Crisis in America
The healthcare crisis in America has resulted in millions of people being unable to afford the rising cost of healthcare. The issue of affordability is a huge obstacle facing Americans as they seek to get the quality healthcare they need. For individuals and families that make a decent living then yes your healthcare premiums are higher, for the individuals and families that don't make very much money then yes... you can probably qualify for government subsidy. It is usually the individuals and families that are stuck in the middle. They make too much to qualify for government subsidy but not enough to pay the premiums, deductibles, copayments, and coinsurance The Out-of-pocket maximum/limit for an individual in 2015 is $6,600 and $13,200 for a family.
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