Major Medical Health Insurance

Shopping for Major Medical Health Insurance

If you are shopping for a major medical health insurance plan, you need to do some research to make sure this plan will provide you with the coverage you need and want. Major medical or catastrophic coverage provides a safety net for individuals who cannot get group coverage, but these plans have limited benefits and are generally expensive. In the event of an unexpected health crisis, these plans can be a great option for those who don't have comprehensive coverage under another plan.

What Major Medical Health Insurance Covers and Does Not Cover

A major medical health insurance plan will cover expenses such as hospitalization, surgery, doctor fees and treatment in situations of unexpected illness or i nj ury. Besides buying the assurance of health care services, you are buying protection from financial losses or devastation when you buy major medical health insurance. These plans do not cover the expense of preventative or routine health care such as physicals, dental or vision care.

Things to Know When Looking for a Major Medical Health Insurance Plan

In order to get an affordable premium, you'll likely find yourself opting for a deductible ranging from $1,500 to $5,000. Major medical plans often have co-insurance requirements which are often broken down as 80/20 plans. This means if you are hospitalized, your plan will cover 80% of expense and you'll pick up the tab for the balance. You should review plan details very carefully to know how deductibles, out-of-pocket limits and co-insurance will be calculated. One week in the hospital could leave you with a bill for several thousand dollars depending on the plan you purchase. Since these plans are providing coverage for catastrophic illness or injury, many people choose to save money on monthly premiums by choosing the highest deductible possible. It's a risky but calculated move because if you do require care, then you will have a high out-of pocket expense. You need to decide what level of risk and expense you are willing to absorb. To protect your wallet and your health, contact your state's insurance department to find reputable and licensed insurance companies before signing on the dotted line. .

Health Insurance Nexus | US : The US Health Insurance Resource, conceptualized in Dec, 2004, is an online portal which provides up-to-date, pertinent information about health insurance in US.