While there's almost always variability in price, some insurance customers may be under the impression that there's little difference when comparing health insurance plans. But, as the Idaho Department of Insurance indicates, health insurance products are not equal, especially when it comes to what they provide for.
"Traditional health insurance differs from limited medical benefit plans or mini-med plans," said Bill Deal, director of the IDI. "Not all mini-med plans are the same. Some limited plans offer a very low level of actual health insurance coverage."
He added that limited medical benefit plans are appropriately named, as they offer limited amounts of coverage and thus are typically sold at a more affordable rate. However, some of these mini-med plans are more comprehensive than others, so it pays to ask what the policies include.
IDI advises insurance shoppers to do a few basic things when shopping for coverage, including finding out the company's full name and address, what the monthly costs are and what limitations apply. This may be important for insurance agents to remind their clients to do in case they forget.