5 Reasons to Offer a Minimum Essential Coverage (MEC) Health Plan

To contain health care costs, many employers and other plan sponsors are considering Minimum Essential Coverage, or MEC, health insurance.

Is Minimum Essential Coverage right for your workforce? Here are five reasons to consider MEC health insurance:

1. MEC plans keep your workforce healthier

Preventable diseases, gone undetected, can turn into life-threatening illnesses. Heart disease and diabetes alone are responsible for nearly 70% of early deaths for Americans each year. MEC covers some 63 distinct preventive screenings and immunizations, which help detect conditions early. And, immunizations can prevent illnesses. When they go for recommended screenings and immunizations, your workforce remains healthier and more productive.

2. Early detection lowers health care costs

Preventable conditions are responsible for 75% of health care spending throughout the nation. They cause Americans to miss some $260 billion worth of work every year. Clearly, these illnesses put an extreme drain on the economy.

3. MEC provides tangible health benefits to your employees

Many of your employees are not getting their recommended health screening as often as they should. MEC covers immunizations against serious diseases such as mumps, measles, hepatitis, and HPV. It also covers screenings for diabetes, heart disease, skin cancer, colon cancer, and other serious conditions.

People who have the recommended screenings are far less likely to have complications stemming from smoking, a poor diet, or their corresponding illnesses. A healthier workforce means fewer sick days and more time on the job.

4. MEC satisfies the individual mandate

In some states, such as New Jersey, individuals pay a penalty on their income tax if they don’t have minimum essential health care coverage. MEC plans satisfy the health care requirement for individuals, saving them money.

5. MEC avoids the major ACA penalty for employers

Employers with 50 or more employees are required to provide minimum coverage to employees to avoid the larger ACA penalty, set at $2,500 for 2019. The IRS is enforcing the penalty, so for groups with at least 50 employees, it make good business sense to offer employees a MEC plan.

MagnaCare offers several low cost MEC plans for self-insured employers and Funds. MagnaCare Basic MEC covers the 63 preventive screenings and immunizations required under the Affordable Care Act. MagnaCare Enhanced MEC adds more of the coverage your employees want, such as set number of doctor, specialist, urgent care, and lab visits per year as well as discount Rx. You can optionally add discount dental and vision. Advantages to employers include a healthier workforce, faster back-to-work for employees who get sick, and better morale. By offering a meaningful health care benefit they’ll also attract and retain employees.

For the most economical MEC plan for your business in the New York tri-state area, contact MagnaCare today and start building a healthier, happier workforce.

If you’re a self-insured employer or Fund and would like to give your workforce even more extensive medical benefits, we offer a wide range of health plan options.