MAJOR MEDICALS Meaning and
Definition
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Major medicals refer to a type of health insurance policy that provides comprehensive coverage for major healthcare expenses, typically including hospital stays, surgeries, and specialized treatments. This type of coverage is designed to protect individuals and families against high medical costs resulting from major illnesses, injuries, or unexpected medical emergencies.
Major medical insurance policies are often distinguished from basic or catastrophic health plans by their extensive coverage and higher premium costs. They typically offer a broader range of benefits, including prescription drugs, laboratory tests, medical procedures, and other essential healthcare services. Major medicals are intended to provide financial protection against significant healthcare expenses, ensuring that individuals and families are not burdened with exorbitant medical bills that could be financially devastating.
Under major medical insurance, individuals typically pay a deductible, which is an amount that must be paid out-of-pocket before the insurance coverage begins paying for medical expenses. Once the deductible is met, the insurance company typically covers a significant portion of subsequent medical costs, often between 70% and 90%, while the insured individual is responsible for the remaining percentage, known as coinsurance.
Overall, major medical insurance provides individuals and families with comprehensive coverage for major healthcare needs, offering financial security and peace of mind in the face of costly medical treatments.
Common Misspellings for MAJOR MEDICALS
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Etymology of MAJOR MEDICALS
The term "major medical" refers to an insurance policy that provides extensive coverage for significant or major medical expenses. However, this term does not have a specific etymology as it is formed by combining the word "major" (meaning significant or large-scale) with "medical" (related to healthcare or medical treatment). In the context of insurance, "major medical" emphasizes the coverage of significant medical costs rather than routine or minor expenses.
