Medical Insurance Savings Company (msic)

[CHUMPS FROM OXFORD]

Anybody familiar with them. The Marketing Director was in our office this morning touting their company.

They only write HSAs. Rates are great. ($231 per month family of 5 age band 40-49 $6000 Ded.)

Strangely, they issue their benefit checks to the insured...not the hospital.

And they are only rated "B" by A.M. Best Co.


Something doesn't seem right. They are based in Indy...about 90 minutes away.

 

[Crabcake Johnny]

No - something isn't right. So if it's a $65,000 hospital stay the insured gets the check? Ummmmm, no.

 

[STIBROKER]

sounds like a scheduled benefit plan were they will only pay x amount of dollars for this and x amount of dollars for that.....and you get a discount rx card also.....how nice.......

 

[Crabcake Johnny]

won't pass pre-auth requirements for hospitals.

 

[moonlightandmargaritas]

HUGE problems with them in Florida.

Problem is, there is no PPO network. They pay on "R&C or U&C". They have been embroiled in litigation with many hospital groups here in Florida for several years. They unilaterally decide how much they are going to reimburse, and then the hospitals sue 'em.

Most providers (docs and hospitals) are demanding payment at the time of service if you have one of their plans. Then you file a claim and wait for reimbursement...

Don't know if it's just local to Florida or not, but be careful.

Think that's probably why they issue benefit checks to the insured....

 

[CHUMPS FROM OXFORD]

I thought I smelled something.

From what I remember, the guy said they pay the "Medicare approved" rate or something like that.

 

[Crabcake Johnny]

Survey says?

 

[CHUMPS FROM OXFORD]

OK. Found it.

"The maximum amount that will be allowed for COVERED expenses incurred will be the lesser of:

a) the actual billed charge with any applicable discounts

b) Medicare Allowable Charges plus 30%.

 

[STIBROKER]

but they send their agents on great trips.........

 

[moonlightandmargaritas]

Got approval this morning to get a new client out of this company's mess.

HSA with 10k deductible. Husband HBP and cholesterol. Wife Type II diabetes (super healthy otherwise though, with no complications).

Medical Savings Ins Co current premium, $958/month and rising rapidly. Better company, new premium - $727/month. Historical premium increases have been 3% annually.

Annual savings - $2,772. Needless to say, they're thrilled...