After being informed themselves, employers should empower their employees with knowledge about the pros and cons of MEC plans and encourage them to explore their options.
Pros:
Affordable premiums– lower monthly premiums than more comprehensive health plans.
Basic Coverage– coverage for essential health benefits.
Regulatory compliance– helps ALEs meet regulatory requirements and avoid tax penalties
Cons:
Very Limited coverage– it doesn’t cover certain healthcare expenses, such as elective procedures or specialty medications.
High-out-of-pocket-costs– In exchange for cheaper premiums, members will face higher deductibles, copayments and coinsurance.
Minimal flexibility– limited customization options
Limited provider networks– it may limit members’ choice for healthcare providers
After weighing the advantages and downsides of a MEC plan, it’s also crucial for businesses to evaluate the legal requirements for offering MEC plans to employees. Our expertise can help you navigate these important choices.
We are dedicated to providing exceptional service, so please do not hesitate to contact our dedicated Total Benefit Solutions health insurance specialists at (215)-355-2121 or fill out the contact form below. We are available to answer any questions or address any concerns you may have.