Understanding Major Medical Insurance Policies

Health coverage is beneficial and important for everyone to have, but some people are confused and intimidated by all of the information that goes along with an insurance policy. Here is a breakdown of some of the features that you can expect with a major medical insurance policy.

Major Medical insurance policy is health coverage that is set up to provide fewer holes in coverage, and a wider range of expenses. The goal is to have better individual benefits with maximum limits, and this usually breaks into two more extensive policy groups which include comprehensive and supplemental major medical insurance.

Comprehensive policies can be broken into two different plans, where one provides first dollar coverage, and one does not. Policies with first dollar coverage start immediately, as soon as the expenses are incurred. If the insured does not have first dollar, they must pay the deductible, and coverage will begin when the insured can show proof of having incurred and paid a covered expense, and satisfied the deductible.

For this type of coverage, there is also the option of having coinsurance, which is when the insurance company and the insured share all the additional expenses once they are past the deductible amount. It is also important to know that not all medical expenses are subject to a deductible for initial procedures, but then the insured may be responsible for any additional expenses after that.

With the supplemental policy, the basic coverages for hospitalization, surgeries and medical expenses are backed up, enhanced, and extended to cover a broader range of expenses. With the basic plan, the deductible will be paid to cover expenses up to the policies limit. Once the insured goes beyond that limit, they will then have a deductible to pay, and the supplemental policy begins.

When it comes to deductibles, there is a lot to understand, and it is important to choose the best plan and deductible to suit your needs. There are many different ways a deductible can be applied, and the most common are:

- Per cause deductibles, which means that the insured pays just one deductible for all of the expenses that stem from one occurrence, even if the illness extends for months or even years.

- All cause deductibles cover expenses for any amount of occurrences. Once the stated deductible has been paid by the insured, all other charges during the year will also be considered paid.

- Family deductibles are provided for entire families, instead of each individual family member. So, once the deductible is set, it doesn't matter how many family members there are, or how many members incur expenses, the amount will stay the same.

No matter which service you decide will work best for you, either one of these major Medical insurance policy will provide a wide range of benefits that will fit your lifestyle. Make time to go over all of the policy information, or talk to an agent that can help you design a plan to protect you and your family.

Article Source: http://EzineArticles.com/6520925