Major Medical Insurance
What Does Major Medical Insurance Mean?
Major medical insurance is a type of health insurance often purchased as a supplement to a standard health insurance policy. It typically covers very large medical expenses, such as extended hospital stays. Major medical insurance usually comes with high deductibles, but once the deductible is met, the insurance can cover a substantial amount of medical expenses. It is important to note that many major medical policies also have a cap on the total amount they will cover over the lifetime of the policy.
Insuranceopedia Explains Major Medical Insurance
Many people purchase major medical insurance because it provides extra coverage in the event of a major medical disaster. For example, if a person is involved in a serious motorcycle accident and needs to stay in the hospital for two months, major medical insurance can help cover those expenses. In some cases, a standard health insurance policy may reach its coverage limit after a certain amount. Without major medical insurance, the policyholder could be left responsible for the remaining costs.
