Major Medical Insurance
Affordable Coverage through Major Medical Plans
One way to get affordable health insurance is through major medical health insurance plans, or “catastrophic” health insurance plans. These plans cover medical expenses such as emergencies and hospital stays. They usually don’t cover preventive health, regular doctor’s visits, and prescription drugs.
Who Needs Major Medical Plans?
- Young and healthy? This might be the only health plan you need.
- Self-employed or an “individual” not covered by an employer.
- Retired but not yet eligible for Medicare.
- Unemployed and not sure when you’ll get medical coverage.
You may be the type of person who only needs emergency and hospital coverage. But, for most people, major medical is a stopgap. If you absolutely can’t afford a regular health insurance plan, catastrophic plans are a good option to give you peace of mind and help protect you financially.
The Benefits of Catastrophic Health Insurance:
- Cost: Major medical plans offer low monthly premiums compared to regular health insurance plans.
- Protection: If you can’t afford a regular health plan, major medical plans offer financial protection if you do have a medical emergency.
Things to Consider:
- High Deductibles: Before your health insurance “kicks in” to cover your health expenses, you must fulfill the deductible, and deductibles are usually higher with these types of plans. For example, if you have a plan that has a $5,000 annual deductible, you must pay that amount out-of-pocket before your health plan begins coverage.
- Limited Coverage: Major medical plans usually only cover emergencies and hospital visits. They usually don’t cover preventive care, regular doctor visits or prescription drugs.
- No Maternity Coverage: If you plan on becoming pregnant, major medical plans are not a good option; they don’t offer maternity coverage.
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