What is MEC in health insurance?
Any insurance plan that meets the Affordable Care Act requirement for having health coverage.
What does a MEC plan cover?
Minimum Essential Coverage (MEC for short) is a health insurance product that generally covers preventative medical services, such as vaccinations, checkups and screenings. MECs can be purchased as a standalone product, or they can be combined with various types of healthcare coverage.
Is a MEC plan fully insured?
Minimum Essential Coverage (MEC) A MEC plan must cover 100% of the Centers for Medicare & Medicaid (CMS) listed preventative and wellness benefits. This coverage is the minimum the law allows for and has absolutely no sick coverage.
What are the MEC requirements?
For a health insurance plan to qualify as MEC, it will typically have an actuarial value of 60% or more. For example, if a plan has an 80% actuarial value, on average, then the individual covered would generally be responsible for 20% of the costs of all covered benefits.