What is Major Medical Insurance or Health Insurance ?

Health insurance that provides benefits for major illness and injury is known as Major Medical Insurance. Usually characterized by a large benefit maximum ranging up to $5,000,000.00, or no limit. This insurance, above an initial deductible, reimburses the major part of charges for hospital, doctor, private nurses, medical appliances, prescribed out-of-hospital treatment, drugs, and medicines and may contain limits on specific types of charges, like room and board. These policies usually pay covered expenses whether an individual is in or out of the hospital.

Why do you need Medical Insurance?

Today, health care costs are high, and getting higher. Who will pay your bills if you have a serious accident or a major illness? You buy health insurance for the same reason you buy other kinds of insurance, to protect yourself financially. With health insurance, you protect yourself and your family in case you need medical care that could be very expensive. You can't predict what your medical bills will be. In a good year, your costs may be low. But if you become ill, your bills could be very high. If you have insurance, many of your costs are covered by a third-party payer, not by you. A third-party payer can be an insurance company or, in some cases, it can be your employer.

Where Do People get Medical Insurance Coverage?

Most Americans get health insurance through their jobs or are covered because a family member has insurance at work. This is called group insurance. Group insurance is generally the least expensive kind. In many cases, the employer pays part or all of the cost.

Some employers offer only one health insurance plan. Some offer a choice of plans: a fee-for-service plan, a health maintenance organization (HMO), or a preferred provider organization (PPO), for example.

What does this type of Medical Insurance cover?

Such programs provide low cost health insurance coverage to uninsured, low income pregnant women and their infants. It also provides low cost health, dental and vision coverage to uninsured children in low wage families. Families participating in the program choose their health, dental and vision plan. Families pay premiums of $4-$15 per child per month (maximum of $45 per family) to participate in the program.

How to choose the Medical or Health Insurance?

There are many different types of health insurance. Each has pros and cons. There is no one "best" plan. The plan that's right for a single person may not be best for a family with small children. And a plan that works for one family may not be right for another.

Choosing a health insurance plan is like making any other major purchase: You choose the plan that meets both your needs and your budget. For most people, this means deciding which plan is worth the cost. Cost isn't the only thing to consider when buying health insurance. You also need to consider what benefits are covered. You need to compare plans carefully for both cost and coverage.