Major medical health insurance offers catastrophic health care coverage with high deductibles and low monthly premiums. A major medical policy typically only covers major hospital and medical expenses after you have met your deductible with some preventative care coverage.
Are Routine Doctor Visits Covered?
Clients pay out of pocket for routine doctor visits and prescription drugs. For example, if you have a $10,000.00 deductible and you have surgery that costs $8,000.00, you must pay for that surgery unless you’ve already paid $10,000 toward covered medical expenses this year. The most popular deductibles are typically $2,500.00 to $5,000.00.
What If I Need To Go To The Hospital?
The majority of major medical health plans cover expenses for hospital stays, surgery, intensive care, diagnostic X-rays and lab tests. Prescription drug coverage within major medical health plans often carries a separate deductible you must meet, then a co-insurance amount.
What Will A Major Medical Policy Do For Me?
Older adults who purchase major medical plans are primarily concerned with potential financial losses from a critical illness or accident. Many times, they do not qualify for Medicare yet, so a mid-range deductible option protects them from potential health care disasters. These types of plans generally attract healthy people who take few prescription medications and do not mind paying out of pocket for office visits.
Medicare recipients who live outside their home country for half the year also apply for international major medical coverage as Medicare only provides coverage in the U.S. People with second homes in foreign countries find this kind of policy comforting as it will provide coverage for the health care they need abroad until they are healthy enough to potentially fly back to the U.S. to continue treatment. Medicare will once again take over coverage upon returning to the U.S.
Not all pre-existing conditions mean denial of coverage. If you have not received treatment within the last couple of years for a pre-existing condition, an exclusion for that health condition only may apply, but after 1 year of holding an active policy, the pre-existing exclusion may be dropped.
If you live outside your home country for 6 months a year or longer, you should apply for international major medical coverage. If you are already living outside your home country, you can apply now. If your move is in the future, you should apply 30 days before your departure date.