Major Medical Health Insurance Coverage
There are still a great number of Americans who are not covered by any type of health insurance whatsoever and are looking for the cheapest type of medical insurance that will pay for major medical bills that result from accidents or illnesses. If you are among millions of people who simply cannot afford PPO or HMO health insurance policies and are worried about protecting your property and possessions should you rack up extremely high medical bills, major medical health insurance coverage just might be your cheapest alternative.
What Is Major Medical Insurance?
Unlike PPO or HMO plans, major medical insurance does not pay for routine doctor visits or any type of preventative health care. This type of coverage is often referred to as a catastrophic medical insurance policy and as the name implies, only covers catastrophic or emergency major medical expenses. These usually include some trips to the emergency room, emergency transportation in an ambulance, inpatient surgeries at the hospital and other major expenses requiring inpatient care. Again, major medical insurance does not cover most outpatient services or procedures and is intended solely for major inpatient emergencies.
Who Should Seek Major Medical Insurance Coverage?
Of course, anyone who does not have health insurance for any reason should consider buying major medical health insurance coverage. Usually, this type of insurance is sought by younger adults who are self employed or in between jobs. However, anyone of any age can qualify for major medical insurance coverage but the premiums will be based on age, the amount of coverage, preexisting conditions and deductibles.
How Does Major Medical Insurance Work?
When you need to file a claim against your major medical health insurance policy, the first thing to be aware of is that your deductible must be met before the insurance company will pay any benefits. For example, if you chose a $500 deductible and need emergency surgery, the insurance would pay at least a portion of everything above the first $500. Each insurance policy is different and the portion paid by the insurance company generally ranges from 50% to 80% in most cases. Also, be aware that not all in-patient services are covered. Each policy is unique and may vary between insurance carriers.
How to Find Major Medical Health Insurance Coverage
While you might think that all the major insurance companies sell health insurance in all 50 states, this is not always the case. Some companies are only licensed to sell major medical health insurance coverage in some states, while other insurance companies do in fact provide insurance in all 50 states. Sometimes it is due to legislation and other times it is strictly an administrative decision based on findings of the insurance companies’ actuaries. In any event, you can do a quick online search for major medical health insurance coverage in your area to find a number of companies willing to give you a quick online quote. Usually you will only need to fill out a brief questionnaire in order to find the best match for your needs.
Because the cost of health care is so expensive, the very least you should carry in terms of health insurance is major medical health insurance coverage. While routine visits to your family physician will not be covered, your assets will be safeguarded in the event that you require hospitalization which can run into tens of thousands of dollars. Get several quotes to find a policy that provides catastrophic coverage at a reasonable price. Not all companies charge the same premiums so you will be amazed at the amount of money you can save by doing comparison shopping. If you don’t have any health insurance at all, at least consider major medical health insurance coverage.