Major Medical Insurance Information
What Is Major Medical Insurance?
Regardless of how healthy you are, you are still vulnerable to injury and illness. Your health and wellness are critical components of your overall quality of life and have significant effects on your social relationships, family and career. In addition to the physical and mental toll that injuries and illnesses can take, treatment, recovery and rehabilitation can all have substantial costs. With that in mind, it’s necessary to have adequate major medical insurance.
For over 50 years, the experts at Matt Roenker Insurance Agency have dedicated themselves to helping people in the Virginia Beach area understand health insurance needs and acquire optimal coverage.
What Does Major Medical Insurance Cover?
Major medical insurance is a critical component of anyone’s insurance portfolio. These policies comply with minimum essential coverage requirements under the Affordable Care Act. They can form the core of adequate health coverage by providing financial assistance for many common medical expenses and services. In most cases, a major medical policy can cover the following:
- Preventive services
- Ambulatory patient services
- Emergency services
- Maternity and newborn care
- Mental health and substance use disorder services
- Prescription drugs
- Rehabilitative and habilitative services and devices
- Laboratory services
- Preventive and wellness services
- Chronic disease management
- Pediatric services
How Much Does Major Medical Insurance Cost?
Like most types of insurance, the cost of an adequate major medical policy varies significantly. Before being able to understand your costs fully, you should take the time to familiarize yourself with the following key terms:
- Premium—This refers to the amount you pay regularly (e.g., monthly) to maintain your insurance.
- Deductible—This determines how much you will have to pay out of pocket in a given plan year before your insurance will begin to contribute. Preventive care, such as check-ups, screenings and vaccinations, may not require you to have met your deductible.
- Co-pay—This term refers to fixed amounts you will be required to pay for certain medical services, such as X-rays.
- Out-of-pocket limit—This part of your policy establishes the maximum amount that you will ever have to pay for health care within a single plan year. After reaching your out-of-pocket limit, insurance will pay for all medical services for the remainder of the year.
As a general rule, major medical insurance policies with higher deductibles may have lower premiums, meaning you will pay less to maintain your coverage, but your out-of-pocket costs for services or procedures will likely be higher.
In addition to the details and specific clauses of your major medical plan, insurance providers may also consider the following criteria before providing you with a quote:
- Age(s) of insureds
- Tobacco use
Protect Yourself With the Right Coverage
When an injury or illness affects your life, the last thing you need is to have it create financial stress. Unfortunately, without an adequate major medical policy, you may not have the necessary resources to access the best treatment and optimize your recovery. Furthermore, paying high costs out of pocket may have lasting financial consequences that could affect your life—long after your health problems are behind you.
We’re here to help. At Matt Roenker Insurance Agency, a critical part of our mission is to make sure that our clients not only have the right insurance but also fully understand it. Contact us
today to get started.