Major medical insurance companies
If you do not qualify for benefits or your employer does not offer health insurance benefits, then you may need a major medical health insurance company. Major medical insurance typically offers low premiums with higher deductibles and is made more affordable for those who do not have access to group insurance plans. These plans cover major medical expenses and hospital stays after you have paid your required deductible. You will be required to pay any other expenses that are incurred like regular visits to your physician, prescription drugs and other expenses that are not covered by your policy. Most major medical health insurance plans cover costs incurred for surgeries, intensive care, hospital stays, lab tests and x-rays that are needed to diagnose a medical condition or injury.
Deductibles for major medical health insurance range from around $250 to more depending on the plan itself as well as the insurance company who sells you the policy. Many plans have deductibles that are more than $5,000 and the range of coverage that you choose helps to determine your deductible as well as your premium. Health insurance companies also take into account your health and any pre-existing conditions that you may have when determining deductibles and premiums. For instance, if you smoke then your premiums may be higher than someone who has never smoked.
Medical insurance companies typically offer major medical insurance plans in correlation with comprehensive health insurance plans that help to cover expenses associated with preventive care. One plan covers the most basic of health expenses like regular visits to your physician while the other plan covers expenses related to long-term injuries and illnesses that the first plan will not cover. You should keep in mind that if your major medical insurance plan qualifies as what is considered to be a high deductible plan by the IRS, then you have the option of opening an HSA or Health Savings Account. This account allows you to save tax-deferred dollars to help pay for medical expenses.
Many major medical health insurance companies place caps or lifetime maximum benefits on their policies. These limitations can be between one and six million dollars. Once you have reached this limit, the insurance company will no longer pay for medical expenses and will terminate your policy. It is important that you understand any lifetime maximum benefits that are included in your medical insurance policy. You should also determine whether or not your plan covers expenses such as prescription drugs. Many plans offer coverage for these services for an additional deductible or copay. Keep in mind as well that most major medical plans do not cover maternity expenses. If you are planning to become pregnant, you should check with your insurance company about alternatives to major medical insurance that will help you to offset these expenses. These plans typically do not cover pre-existing medical conditions either. Be sure that you spend some time with your insurance agent discussing your options if you have medical conditions that are considered to be pre-existing. Examples of pre-existing medical conditions include diabetes, emphysema, COPD, AIDS, heart disease and schizophrenia. These conditions can be reason for an insurance company to refuse you coverage.
When shopping for a plan from major medical health insurance companies there are several factors to keep in mind. Before you purchase a health plan you should determine just how much your monthly or annual premium will be and if that cost is affordable to you. You should ask the insurance company about the cost of your deductible and the extend of coverage that is available to you. If you need prescription medications, be sure to inquire about the coverage for these as well as any other copays that you may incur.
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