Limited Medical (Mini-Med) Plan

Because of the high costs of financing health benefits, and further given the large number of workers who are becoming uninsured, traditional health insurance in many instances, particularly in certain manufacturing, service, and hospitality management industries that employ large numbers of lower paid and part-time workers, many times is not economically feasible.

An entire industry has come into existence to address the needs of workers in these industries, and the plans offered are commonly referred to as “mini-med” or “limited medical” plans.

Benico, Ltd. has partnered with Strategic Resource Company, an Aetna company, to provide competitively priced products and services for this market segment. 

About SRC - An Aetna Company
Since 1976, SRC has managed the administrative services for employers ranging from the small business owner with a single location to companies with over 4,500 locations across major industry groups. Today, SRC’s employee benefits products are offered to millions of people through 800+ clients ranging in eligibility size from four to 200,000 employees.

SRC is a one stop shop with all client administrative functions performed at its corporate location in Columbia, South Carolina – providing immediate service to customers and insureds.

Plan Features
SRC offers voluntary medical benefits along with a full suite of ancillary products including dental, in-hospital cash, disability, term life and vision designed with pricing options for workers who are often paid an hourly wage.

The firm’s goal is to relieve the administrative burden associated with benefit offerings while helping employers recruit and retain core employees and reduce the costs associated with employee turnover. It has created an offering that includes: 

Flexible premium processing

SRC offers paper, IVR and Web enrollment; missed premium, COBRA and HIPAA services as well as self bill and list bill options.

SRC’s electronic data exchange process eliminates monthly bills to reconcile, double deductions to track or missed premiums to collect. The employer would transmit the actual deductions taken each pay period. If an employee misses a deduction, he/ she could make up the missed premium with SRC within a 45-day period; if the employee does not make up the missed premium, they simply have no coverage for the period missed.

An assigned Account Manager/ Team
An assigned Account Manager/Team serves as a direct contact for administrative issues.

Customized materials
SRC prints, packages and ships client specific materials including Enrollment Brochures, Forms and videos, payroll stuffers, posters, Site Administration Guides, SPDs with ID cards. These materials may be mailed to employee homes or shipped to employer sites or corporate location.

Access to our knowledgeable Customer Service department
SRC’s customer service representatives (CSRs) are cross trained to address pre-/ post-enrollment and claim inquiries. This design allows callers to gather information about enrollment or plan design prior to electing coverage. The CSRs also field member calls about associated "how to," plan information, claim processing and payment questions.

Reporting
SRC offers plan reporting on participation by product, utilization and PPO savings (if applicable). The firm can also custom other reporting formats based on client needs.

Underwriting Flexibility
SRC offers individual and pooled underwriting based on client size.

Click here to view a brochure for Aetna Affordable Health Choices, administered by SRC. Also, contact us for more information about this product, including any requests for proposals.