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Limited Medical Insurance

According to the U.S. Census Bureau, 47 million people in the United States do not have any type of medical or health insurance. 40.3% of employees are not covered by a health insurance plan offered by their employer. Pan-American Life Insurance Group and Combined Benefits Administrators Inc. together with the Jefferson Chamber, introduce limited medical plans, PanaMed.

Limited medical plans have become a prevalent benefit offering for many companies with part-time and hourly employees. Often these employees are not offered group major medical coverage. Even if offered, many simply cannot afford it. With PanaMed, full-time and part-time employees, and those receiving 1099’s have the opportunity to receive affordable health coverage.

PanaMed is an Indemnity based plan that pays a fixed benefit amount to help cover the cost of common services. The payments are based on a scheduled dollar amounts rather than a percentage of provider charges. Monthly premiums can cost as little as $65.21 for an employee.

The minimum participation for employers is only five individuals and there are no age requirements, no underwriting, no pre-existing conditions and no deductibles. Employees can receive many benefits including custom designed plans, access to a national Preferred Provider Network, prescription drug plans, dental/vision, Telehealth services, health advocates and wellness testing. There is also coverage available for a spouse and dependent children who may otherwise go uncovered.

In addition, through Transamerica Life, the Chamber is offering voluntary benefits plans at no cost to the employer. Universal life insurance, term life insurance, cancer coverage, critical illness and accident coverage are available with a minimum of two employees participating.