Major Medical Health Insurance
Generally, large corporate organizations provide medical facilities to their employees the Employee Health Insurance Scheme. However, certain small scale companies may dot provide such facilities. These are left without a medical coverage. Such people can opt for a Major Medical Health Insurance scheme.
What does a Major Medical Health Insurance Cover?
A MM Health Insurance provides cover to the members in a family against major illness. All the expenses, right from the diagnosis of the disease to its treatment are covered. There is a maximum limit for the amount to be covered.
The MM Health Insurance is beneficial for people who are suffering from a serious disease. The premium of the Major Medical Health Insurance is generally high
Things to Consider!!
The following points must be borne in mind before opting for a Major Medical Health Insurance plan:
Deductible: The amount of money that is to be borne by the insured is called Deductibles.
This amount is to be paid before the insurance company starts covering the expenses. The amount of Deductibles will vary from individual to individual. Generally, higher the deductible, lower the premium and vice versa.Co insurance: Here, the insured agrees to pay a definite percentage of the expenses before the insurance company starts covering. The insured has to enter into a written agreement with the insurance company.
Co payment: The insured pays a fixed amount of money before the medical expense is covered by the insurance company.
The insured has to choose between co-payment and co insurance in addition to the deductibles to get a Major Medical Health Insurance.
Ways to get a Major Medical Health Insurance plan
You can become a part of The MM Health Insurance plans either through a group, a HMO or a PPO.
Health Maintenance Organizations plan: A general HMO physician examines the insured and decides upon the future course of action.
In a HMO plan, expenses are covered only when the consulted physicians are a part of the HMO.A Preferred Private Organization plan: unlike HMO, the insured can consult a doctor not belonging to the PPO. However, the reimbursements would be less when a non PPO doctor is consulted.
It is advisable that while selecting a MM Health Insurance all the pre requisites should be understood fully the insured. Read the policy documents well in advance. Generally, a ten day period is kept as a benchmark, within which an insured can cancel a Major Medical Health Insurance plan.
Securing a Major Medical Health Insurance via membership organizations could result in a low premium rate, as these organizations get concessions.
Finally, before choosing a MM health insurance plan, compare the policies and premiums offered by various insurance companies. Many Americans are not avid readers, but the policies should be read minutely.