major medical insurance
A major medical insurance plan is a type of healthcare plan that is designed to provide more than enough protection for the policyholder against some type of prolonged/catastrophic medical expense the result of a serious health problem. Sometimes referred to as 'catastrophic health insurance,' major medical insurance has very few exclusions & limitations; however, deductibles and coinsurance go hand-in-hand with the policy.
Major medical insurance policies are setup in such a way so as to protect the policyholder & the healthcare company providing the plan from having to pay too much money towards any/all services related to healthcare. The providers are protected through what is referred to as a "lifetime payout provision," which establishes a limit to the amount of which the healthcare company is responsible for paying over the course of the policyholders' lifetime. (This is generally calculated in the millions of dollars)
The policyholder is protected through what is referred to as an "out-of-pocket maximum," which limits your expenses over the course of a given year. After reaching this limit, your health insurance provider becomes responsible for 100% of your health care costs. (This is incredibly important should you become debilitated by some serious/chronic illness/injury.)
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