Major medical expense insurance caters to major or catastrophic accident or illnesses. It generally suits for those who need a cover to compensate for high costs of a serious or prolonged injury.
A bout of illness is inevitable in any person’s life. There won’t be much people around who haven’t had at least a brief stay in a hospital. True, one cannot comprehend what destiny has in store for him/her. The best – as we human beings – can do is to remain prepared for such a low point both mentally and financially. An ideal step in this direction is to subscribe for a health insurance or more comprehensively, major medical expense insurance. Major medical expense insurance handles high hospital costs.
Major medical expense insurance provides the most comprehensive coverage among other health insurance types. By design, it is a very broad policy with a high maximum benefit. If you are planning a tight rope walk over the Thames or a world record making feat for the fastest lap in sports car, you might need one. Major medical expense insurance coverage can vary from policy to policy, but still it amounts to a maximum of $2, 50,000. In a normal case, one can manage with a major medical expense insurance policy that offers anything near $1,00,000.
Major medical expense insurance generally covers expenses resulting from these factors:
- Hospital services and supplies, which include surgical and medical expenses.
- Hospital room and board, including cardiac and intensive care.
- Physicians’ and nursing services, which include diagnostic, medical, and surgical.
- Fees for anesthesiologists’ and anesthesia.
- Ambulance service.
- Diagnostic and lab charges including x-rays, radiology and other therapy.
- Blood and plasma.
- Injury caused dental treatment.
- Prescription drugs and outpatient services.
- Convalescent nursing home care and Home health care.
- And purchase of prosthetic devices and splints, casts, and crutches.
Usually, during payment, the insured person is paid a sum that appropriates to a set percentage of the major medical expense insurance policy amount after accounting for all the deductibles. Various major medical expense insurance policies have varying schemes and so is the payable amount. The customer should make sure that the “stop-loss”/”coinsurance maximum,” which is instrumental in limiting the customer’s liability, is within an acceptable extent. An ideal major medical expense insurance scheme should not be putting much burden on the customer’s shoulders. Also those insurance providers, who offer a maximum benefit ceiling, are preferable.
It follows that how good a major medical expense insurance policy can be directly read from the amount he/she need to shell out from the pocket at the end of the day. Major medical expense insurance policies are offered by all majors in the trade. But the one you select should be suiting to your requirements and has a decent coverage amount. After all there is no point in having a major medical expense insurance that leaves unnecessary burden on the customer. It is all about thinking rationally – the thought process backed by sound research and market study – and using your discerning ability to maximum use.