catastrophic medical insurance
Catastrophic medical insurance, sometimes referred to as major medical insurance, is a form of medical insurance that is designed to protect you against the possibility of incurring extremely high healthcare costs associated with some kind of catastrophic or major medical scenario. A catastrophic medical care insurance plan is basically just another type of health insurance plan that is designed to provide more than enough protection for the policyholder against some type of enormous medical expense resulting from some type of serious health related issue. Catastrophic medical insurance is such that it has very few limitations. (Deductibles and coinsurance are standard for this type of policy though) A catastrophic medical insurance plan is designed in such a way so as to protect the policyholder & the provider of the plan from having to pay too much money towards any services that are related to healthcare. Catastrophic medical insurance providers get a form of protection through what is referred to as a "lifetime payout provision." This provision establishes a set limit to the amount of money said provider is required to pay over the course of the policyholders' lifetime.
The catastrophic medical insurance policyholder is protected through what is known as an "out-of-pocket maximum," a feature that limits your expenses over the course of a given year, every year. After you have exceeded this limit, the burden of all your future healthcare costs for the rest of the year fall into the hands of your medical insurance provider. This is incredibly important should you become stricken by some type of serious/chronic illness/injury.
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