MAJOR MEDICAL INSURANCE Meaning and
Definition
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Major medical insurance is a type of health insurance policy that provides extensive coverage for larger and more costly medical expenses. It is designed to protect individuals, families, or groups against catastrophic healthcare costs resulting from major illnesses, injuries, or surgeries. This insurance typically offers comprehensive benefits compared to other types of health plans, providing coverage for inpatient hospital stays, outpatient surgeries, physician visits, prescription medications, and other medically necessary treatments.
With major medical insurance, policyholders pay a deductible and coinsurance or copayment amounts, while the insurance company covers the remaining expenses, up to predetermined limits. The deductible is the initial amount that policyholders must pay out of pocket before their insurance coverage begins. Coinsurance refers to the percentage of costs shared between the policyholder and the insurance company, whereas copayment is a fixed fee paid by the policyholder for each covered service or medication.
This type of insurance is essential for individuals seeking protection against significant medical expenses that could potentially lead to financial hardship. Major medical insurance promotes peace of mind by ensuring that policyholders have access to necessary healthcare services without incurring overwhelming costs.
It is important to note that major medical insurance does not typically cover routine preventive care, such as annual check-ups or vaccinations. Instead, it focuses on providing coverage for unforeseen and expensive medical events that could pose a significant financial burden.
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