Major medical insurance
Health insurance has been a hot topic in the United States of late. Reliable health coverage is something that you should never go without. However, the price of many health insurance policies today make it more than difficult for all Americans to enjoy complete health coverage. Knowing and understanding the basics of medical insurance is important in ensuring that you and your family are covered adequately.
If you are currently working for a company that does not provide health insurance or if you have decided that you would rather not pay for costly insurance that you may never need, you may want to consider major medical insurance coverage. This form of coverage provides benefits for nearly every type of medical expense that you may incur. Major medical insurance offers a much more complete coverage than other insurance types. Policies typically cover expenses that are incurred both in and out of the hospital. Major medical policies typically fall into one of two distinct categories. Comprehensive major medical insurance offers more traditional coverage and combines other medical expense types into a single policy. Supplemental major medical insurance typically waits to kick in until after the traditional policy has paid. Supplemental coverage will then pay expenses that are left uncovered by the more basic policy.
Major medical insurance typically provides low monthly premiums in exchange for higher deductibles. Typical plans cover only the most serious hospital and medical needs above a specified deductible. It is the insured’s responsibility to pay for certain expenses such as routine examinations and prescription drugs. Most major medical plans will pay for things such as surgery, intensive care, lab tests and diagnostic tests as well as hospital stays in general. The plans are typically sold in combination with other plans that cover preventive care.
Another advantage to major medical health insurance is that policies typically have very high lifetime maximum caps. Typically, when an insured reaches a certain cap or benefit amount, the insurance company will no longer pay for additional medical needs and can even terminate the insurance policy. Major medical insurance plans typically have maximum benefit caps that range between one and six million dollars, much higher than more traditional health insurance policies. It is important to note that most major medical insurance plans carry separate deductibles for expenses such as prescription drugs. In addition, most plans do not cover maternity expenses.
Consumers who typically purchase major medical insurance are usually young adults and older adults between 50 and 65. Those who are self-employed and do not have coverage through an employer are most likely to purchase this type of coverage. Older adults who are concerned about critical illness also tend to purchase major medical coverage to help protect against financial loss.
It should be noted that those with pre-existing conditions may not be eligible for certain major medical plans. Conditions such as emphysema, heart disease, diabetes, AIDS and other long-term illnesses may prevent you from being approved for a major medical plan. You should also note that these plans typically do not cover expenses from hormone therapy, infertility clinics, weight loss surgeries, dental and vision care and cosmetic surgeries.
In determining whether or not major medical insurance is the appropriate plan for you, you should consider things such as whether or not you can afford the monthly premium and the deductible, how extensive you need your medical coverage to be and whether you need prescription coverage. If you have pre-existing conditions, tend to need regular visits to your physician or plan to get pregnant in the near future, then major medical may not be your best choice. Of course, the low monthly payments and the ease of being accepted when compared with other health insurance plans make this an excellent choice for many individuals who do not have access to health insurance through employers.
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