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. If you're not sure whether your plan meets MEC requirements, here's a quick guide to help you understand what is and isn't covered.
What Is MEC?
MEC was the minimum essential cover required of all individuals when the Affordable Care act came into effect in 2010. You could be penalized if you didn't have the right health insurance or your policy wasn't grandfathered.
You can contact your insurance company if in doubt about whether your plan meets ACA requirements. Many insurance providers have an easy to use tool which can tell you if you policy meets the ACA MEC criteria.
What is minimum Health Insurance?
Minimum Essential Coverage, also known as MEC, is one of the cheapest types of health coverage that you can get. You can get it through your employer or directly from the insurer. It includes medical benefits that can be used to pay for in-network or out-of-network services. This includes preventative services, such as flu shots, immunizations or other routine exams as well as prescriptions.
MEC rules require an actuarial valuation of 60%, among other things. 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?
While the ACA requires that most people have at least minimum essential coverage, it's important to remember that it doesn't apply to all types of health 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 are the requirements for MEC?
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).
HDHPs come in a wide range of options. Some HDHPs offer lower deductibles; others have high ones.
It can be confusing and difficult to choose the best HDHP, so take your time. Also, you should have an expert walk you through your options to ensure you know what you're signing up for.
What's an MEC Reference Table?
The MEC Reference Chart can be used as a quick guide to help you identify all types MEC coverage. It also explains whether or not you are eligible for premium tax credit if you have these types of coverage.