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. MEC is mandatory and if it's not in place, the government may fine you. Here's an overview of what you can expect from your MEC plan.
What is the MEC?
MEC coverage (minimum essential coverage) became mandatory in 2010 when the Affordable care Act was implemented. It required that individuals obtain and maintain insurance that met certain criteria. You could be penalized if you didn't have the right health insurance or your policy wasn't grandfathered.
Check with your insurer if you're unsure if the plan you have meets ACA MEC standards. Most insurance companies provide an easy-to -use tool to determine if your policy meets ACA MEC requirements.
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 buy it directly from an insurance company or through your employer. It covers in-network and out-of-network medical services. The plan also covers prescriptions, preventative care, like flu shots, immunizations and other routine examinations.
The MEC rules include an actuarial value of 60% and a number of other requirements. The plan's most important requirements include that it cover a wide range of medical costs (including inpatient hospital services and physician care) and provide essential health coverage, like prescription medications and mental health treatment.
What makes MEC Insurance different from other types insurance?
It's important to note that the ACA does not apply to every type of health insurance. Some plans that meet MEC standards don't cover dental care for children. You should ask your insurance provider if it covers dental coverage for adults as well.
What Is MEC Still Required?
If you're an employee at a large employer, your employer is required to offer you a health insurance policy that meets the ACA MEC requirements. If you are not able find a health insurance plan that meets MEC guidelines, you could be eligible for an HDHP (high deductibility health plan).
HDHPs are available in many different forms. Some have lower deductibles and others higher.
To avoid confusion, you should take your sweet time to select the HDHP that is right for you. You should also have a professional explain your options so that you understand what you are getting into.
What is a MEC Reference chart?
The MEC Reference Chart can be used as a quick guide to help you identify all types MEC coverage. This chart also explains that if you qualify for certain types of insurance, you may not be eligible for premium credit credits.