With major medical insurance, you receive comprehensive coverage, which means that it’ll cover most of your medical services and procedures (e.g., doctor visits, hospital stays, surgeries, and prescriptions). This is the type of health insurance that most Americans have today. However, if you don’t have any insurance at the moment, you’ll want to understand what major medical insurance is and what your alternatives are.
What Is Major Medical Insurance?
When you’re looking for the best policy at the most affordable price, you should consider this type of insurance. This is what’s typically offered by employers and through the Affordable Care Act (ACA) marketplace. It’ll cover most of your health care services and procedures, including:
- Preventive care
- Outpatient care
- Urgent care
- Emergency room care
- Hospital care
- Prescription drugs
- Labs and tests
- Mental health
- Surgery and other procedures
You’ll find that other types of coverage aren’t nearly as comprehensive. These other types of insurance include:
- Short-term insurance covers you for up to a year (sometimes two). While you’ll pay lower premiums, you’ll pay higher out-of-pocket costs when you need care. You’ll also have fewer benefits and protections. However, these policies are cheaper and can be purchased at any time of the year.
- Hospital indemnity plans offer a fixed benefit that’s paid directly to you if you’re in need of hospital care. Standard medical care isn’t covered by these policies since they’re meant to supplement (not replace) your other insurance policies.
This is why nobody should be without a major healthcare insurance plan. Without such a plan, you may find yourself going into financial ruin if you’re hospitalized or develop either a chronic or life-threatening condition.
What are the different types of major medical insurance?
There are various types of insurance available, including:
- ACA marketplace health insurance is offered by private insurance companies to people who can’t afford to get coverage through their employer. Some people may qualify for income-related discounts here.
- Employer-sponsored insurance plans are what most working Americans have. This is an affordable and comprehensive option since your employer will pay over half of your premiums for you. As such, you’ll probably pay around $100 per month for this health insurance.
- COBRA extends your coverage for 18 – 36 months if you had insurance at work, then either leave or lose your job. This is the same coverage you had with your employer, but you must pay all the premiums, which is why COBRA is very expensive.
- Medicaid is a federal/state insurance plan for disabled and low-income Americans, as well as some children, pregnant women, and elderly folks. The cost of this medical insurance is based on your income.
- Medicare is a federal insurance program for adults who are 65 and over, as well as some disabled persons with specific disabilities (e.g., end-stage renal disease).
- Student healthcare plans are available for college students. Most students don’t need it, though, since the federal law allows them to remain on their parent’s health insurance plan until they’re 26 years old.
How much does major medical insurance cost?
Insurance price guidelines are established by the Affordable Care Act (ACA). Health insurance companies then set their prices based on things by age, type of plan, and tobacco use. As such, most people will pay between $928 – $1,217 per month. This doesn’t include premium tax credits and subsidies that reduce the cost based on your household’s income.
How do you get major medical health insurance?
There are numerous ways to obtain this insurance, including through:
- Your employer
- The ACA marketplace
- An institution of higher learning (e.g., college)
However, the easiest way to do so is by contacting us at Gemini Insurance Company in Palm Harbor, FL.
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