It is important to understand the difference between major medical and limited medical insurance.
Major Medical provides comprehensive and catastrophic coverage. Because the cost of medical services continues to rise, many major medical insurance companies have increased the out-of-pocket costs for consumers, making the everyday cost of healthcare expensive.
Limited Medical (RCHI) provides coverage for everyday illness and accident at affordable rates by offering specific benefits with capped limits of coverage.
Limited Medical plans are useful in many situations:
- Not eligible for a Special Enrollment Period to enroll in Major Medical insurance outside Open Enrollment: REALTORS® Core Health Insurance plans are available year round. You can enroll in this plan at any time, but it is important to remember that you may be subject to the federal tax penalty.
- Save money by supplementing current Major Medical Plan – If you have a major medical plan you can save money by increasing your current plan’s deductible (out of pocket). Then take advantage of the Realtors® Core Health Plans value for your everyday healthcare needs. The “Physician Only Plan” covers office, wellness visits, x-ray/lab and accident benefits at an affordable price.
- Uninsured due to affordability – If you have done your research and you simply cannot afford major medical then a limited medical plan may be a last option. Designed to offer benefits at a value.