What Does Major Medical Insurance Cover?
Major medical insurance is insurance that covers a broad range of illnesses and disorders. It usually has a high maximum amount of coverage, such as $2 million for a lifetime.
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Features
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Major medical insurance usually has a deductible. It also usually has an out-of-pocket maximum. You usually pay a percentage of your bill until you reach this maximum.
Basic Benefits
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A basic major medical policy will cover doctors' visits, hospitalization, outpatient care and emergency room visits. Preventative care is also covered.
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Other Benefits
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Prescription drugs, extended care and home health care may also be covered by some major medical insurance programs.
More Benefits
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Other benefits that may be paid for by a major medical policy include dental and vision, care by a specialist, and mental health and alcohol/drug treatments. If covered, the mental and alcohol/drug treatments will usually have a smaller lifetime maximum.
Significance
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While you may have to pay a deductible and a percentage of your bill until you reach your out-of-pocket total, major medical insurance protects you from paying fully for a catastrophic illness.
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