Major Medical Insurance is a type of health insurance policy that offers broad coverage for a wide range of medical expenses, including hospitalization, surgery, and other high-cost medical treatments. Major Medical Insurance is designed to protect individuals and families from the financial burden of significant medical expenses.
Here are some key features of Major Medical Insurance:
• Comprehensive Coverage: Major Medical Insurance provides broad coverage for a wide range of medical expenses, including hospitalization, surgery, diagnostic tests, prescription drugs, and other high-cost medical treatments.
• Deductibles and Coinsurance: Major Medical Insurance policies typically require individuals to pay a deductible before the insurance coverage begins, and may also require coinsurance payments (a percentage of the cost of care) for certain types of medical services.
• Out-of-Pocket Maximum: Major Medical Insurance policies may also have an out-of-pocket maximum, which limits the amount an individual is required to pay for covered medical expenses in a given year.
• Provider Networks: Major Medical Insurance policies may be either HMO (Health Maintenance Organization) or PPO (Preferred Provider Organization) plans, which have different provider networks and rules for accessing medical care.
• Premiums: Major Medical Insurance premiums can vary based on a number of factors, including the individual's age, health status, and location.
• ACA Compliance: Since the passage of the Affordable Care Act (ACA), Major Medical Insurance policies must meet certain minimum standards for coverage, including coverage for pre-existing conditions, preventive care, and mental health services.
• Guaranteed Renewability: Major Medical Insurance policies are guaranteed renewable, meaning that individuals cannot be denied coverage or have their coverage cancelled due to changes in their health status or medical history.
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