MEC health plans may be the best option for you if you want to find affordable coverage options that meet the Affordable Health Care Act requirements. The government could fine you if you don't carry MEC. You may not be sure if your insurance plan meets MEC's requirements. Here is a quick guide for you to understand what's covered and what's not.
What is MEC and what does it do?
MEC or minimum essential coverage was mandated by the Affordable Health Care Act of 2010 for all individuals who wanted to get and keep a policy. You could be penalized if you didn't have the right health insurance or your policy wasn't grandfathered.
If you're not sure if your plan meets the ACA MEC requirements, you can check with your insurance company. Most insurance companies have a simple tool to tell you if the policy you're using meets ACA MEC standards.
What is Minimum Health Insurance (MHI)?
The cheapest health insurance is MEC or minimum essential coverage. It's available through your employer, or directly from an insurer. You can use it to pay for services in network or out of network. Preventive services such as immunizations and flu shots, as well routine exams and prescriptions are also covered.
MEC rules stipulate an actuarial percentage of 60%. They also include a variety of other requirements. The most common ones are that the plan must cover a full range of major medical costs, including inpatient hospital and physician services, and that it must provide essential health benefits like prescription drugs and mental health care.
What makes MEC Insurance different from other types insurance?
Remember that while the ACA requires most people to have at least minimal essential coverage, this doesn't cover all types of medical care. If you're looking for a plan that meets the MEC standard, but does not include dental coverage for children, then make sure to check whether your policy includes adult dental care.
What is the MEC still required?
If you work at a big company, your employer must offer you a policy of health insurance that meets ACA requirements. If you're not able to find a plan that meets MEC standards, you might be eligible for a special kind of health insurance called a high deductibility health plan (HDHP).
There are many HDHPs to choose from. Some HDHPs have lower deductibles while others have higher deductibles.
Choosing the right HDHP can be complicated and confusing, so you need to take your time when choosing one. It's also a good idea to have an expert explain your options, so you know exactly what you're getting into before signing up.
What's a MEC Reference Chart?
The MEC Reference Chart serves as a quick-reference tool, listing all the different types of coverages that are MEC. The chart also tells you if those types of coverage make you ineligible to receive premium tax credits.