Major Medical Insurance

Major medical insurance covers many common catastrophic illnesses to provide money for proper medical treatment. It is available as a low cost life insurance rider or as a standalone major medical plan. For the latter, you can buy individual coverage or discounted family medical insurance coverage for peace of mind in knowing that everyone will be able to receive the best health treatment should anything happens.

Major medical insurance coverage includes expenses incurred on consultation fees, medical tests, prescription drugs, hospitalization and surgical costs, and home health care etc. The exact list of illnesses insured against depends on the individual, the amount of premium paid as well as the family health history which may cause certain hereditary health conditions to be excluded or included.

Major medical insurance is becoming an important and popular personal financial instrument today, exceeding both life and endowment insurance. This is because many people faced stagnant careers and salaries, but medical and hospital bills continue to rise upwards rapidly. They are more worried about any sudden catastrophic illnesses that can wipe out all their savings to treat and suddenly, retirement funding and wealth building become rather minor considerations.

One of the best advantage of catastrophic health insurance is their affordability. Most working adults will be able to pay the $30 monthly premium for minimum coverage which will pay for itself thousand times over when you really need the financing support for any major treatments. One reason why the premium is this low is due to its co-payment or deductible nature, which helps to cut down significantly on insurance fraud that tends to increase the cost of insurance.

Major medical insurance includes managed care health plans such as HMO health insurance and indemnity health plans. Major medical insurance is available state funded schemes like Medicare, Medicaid etc and private health insurers like Aetna, Blue Cross, Aurora, Kaiser etc. Medicare is mainly designed for senior citizens and provides subsidized prescription drugs and affordable long term medication. Medicaid is created to help low income families to handle the medical expenses caused by catastrophic illnesses.

Family Medical Insurance

If you are already covered under an individual medical insurance policy, you can choose to include your spouse after marriage as this will be eligible to more savings over the total premiums compared to having two separated individual major medical insurance plans.

You can add on coverage for your newborn child or change your existing policy into a family medical insurance plan. If you have already buy health insurance for your entire family, a new born child is automatically insured under your existing plan without any additional charges. Do note that for children covered under family medical insurance policies, the protection usually ends upon reaching 18 years of age but do check your documents for the exact terms.

When you want to apply for a major medical insurance policy, you must provide complete and truthful details on all your existing health conditions and family medical history. Do not attempt to hide any information here or you may jeopardize any future medical claims when you needed the money most. These details on your health history will be reviewed by the insurer and they may revise the monthly policy premium according or may decide to decline your major medical insurance application. If the latter happens, what you can do is to apply at another health insurer as these companies have different guidelines on borderline health cases.

There are around 85 percent of the population that have been covered with major health insurance and this number is still on the rise. This is because consumers are becoming aware on the benefits brought about by having adequate monetary protection and support in face of any catastrophic illnesses.