Health Insurance Requirement

[xotoxi]

Are there any mandates as to what the minimum requirements that a health insurance company must provide?

Because if not, then a company charge an individual a $1 monthly premium (or they can pay a lump sum of $12 annually) for their health insurance. The insurance would have no deductable and would pay the first $12 of medical expenses accrued during the year. And this could be OTC meds or any medical supply.

Essentially, the person would be able to buy insurance for $12, meet the federal guidelines and thus avert a fine, and then they could buy some tylenol, ibuprofen, and a box of bandaids and get their $12 back.

 

[Care4all]

yes, there are ''minimums'' that insurance companies on the ''exchange'' must meet...

so your scenario will not work!

 

[uscitizen]

Yep most states have set minimums for the insurance industry.

 

[Valerie]

Are there any mandates as to what the minimum requirements that a health insurance company must provide?

Because if not, then a company charge an individual a $1 monthly premium (or they can pay a lump sum of $12 annually) for their health insurance. The insurance would have no deductable and would pay the first $12 of medical expenses accrued during the year. And this could be OTC meds or any medical supply.

Essentially, the person would be able to buy insurance for $12, meet the federal guidelines and thus avert a fine, and then they could buy some tylenol, ibuprofen, and a box of bandaids and get their $12 back.

I think they will define a standard requirement of "Minimum Creditable Coverage" just like they did in Massachusetts where if you don't comply you will get fined.

Massachusetts Finalizes Minimum Creditable Coverage Standards. - Free Online Library