A Midwest Security Health Insurance Company review leads to Midwest Security, an affiliate of United Health Care. Founded in 1974, Midwest Security has grown to become one of the largest United Health Care companies today. They offer a wide variety of health insurance products for both individuals and groups.
Every year for the last decade, Midwest Security has experienced outstanding growth. Independent rating company A.M. Best has given Midwest Security an A rating which is an excellent rating. This rating speaks to the financial stability of the company. The rating suggests that Midwest is able to provide for all its policies as outlined in the policies and still have assets remaining.
Midwest Security PPO Insurance Plans
Midwest Security offers several PPO plans to their customers. PPO stands for Preferred Provider Organization. This means that individuals and groups that have PPO insurance must use a preferred provider within the insurance carrier’s network. Using a physician or other provider outside of the network will result in more out of pocket expense or no coverage whatsoever.
PPOs are cheaper for the insured because insurance carrier’s contract with providers at set rates and the savings is passed on to the insured. However, the downside is that customers do not have the choice of any physician or specialists. They must choose within the network. If a policyholder already has a trusted physician and that physician is out of network, they will need to choose a new physician.
Midwest Security has PPO plans in:
These plans are provided through:
- The Alliance
- Midlands Choice
- Preferred One
- and many other insurance carriers
Not all of these carriers are available in every state so those who purchase a policy need to familiarize themselves with the plans that are offered in their particular state of residence.
Midwest Security Split Funded Plan
The way that traditional health insurance benefits work when provided by an employer is that the employee pays a certain amount in a monthly premium for the coverage that is provided by their employer. This is typically only a portion of the overall costs. The employer covers the remaining costs. Though it varies some from company to company, this way for coverage is quite common but it is also quite expensive for the employer.
The split-funded plan offered by Midwest Security combines the traditional plan with a self-funded plan. Employees still pay a set monthly amount, but they also have a high deductible. The employer sets aside a budgeted amount to go towards paying for their employees medical needs once the employee pays the large deductible. It is ideal for companies that have 25 to 150 employees. The money that is saved can be invested towards building a larger self-funded fund.
If a company goes with this plan, it is often accompanied by a health savings account option. Employees can give an estimate of what they think they will spend on healthcare costs for the year and then receive those funds January 1st, before taxable income to spend throughout the year as needed. Each month a set amount is taken from the paycheck to cover the costs.
Midwest Security Dental Plans
Dental insurance is very important. Though many companies see it as an extra added benefit, more and more companies are realizing how vital preventative dental care is. Because of this, many employers are making dental coverage a part of their basic benefit package instead of an extra added to it.
Preventative dental care can detect and prevent problems and diseases that can cause long-term care in the future. Statistics show that individuals who receive regular dental cleanings and other preventative care measures are healthier overall. This is especially true when it comes to small children who need regular dental care to set good habits into place.
Midwest Security offers both an individual and a group dental plan. Both plans cover preventative care, basic repair costs such as having cavities filled, sealants in children, and other preventative measures such as fluoride treatments. These plans also provide some percentage of coverage for other dental needs such as root canals, crowns, and caps.