Major Medical Insurance: Coverage For Serious Injuries

Hopefully we will never need to worry about major medical insurance in the event of a serious injury or illness. But having the policy can save you from losing thousands of dollars potentially in the event that you are seriously injured. Here’s what you need to know.

Comprehensive Coverage

A comprehensive plan will combine a traditional medical policy with other type of expenses as well. In the event that you suffer a serious injury your traditional medical insurance works with any other coverage you may carry seamlessly. With comprehensive policies a deductible is paid first, the insurance will start to kick in. The major medical comprehensive policy will then cover the majority of the incurred expenses, usually around 80%. Most companies who offer major medical will include a stated maximum benefit. This is the highest amount the insurance company will cover over a lifetime before they will stop covering you. This amount can vary from $100,000 to $1,000,000. A serious injury or illness that requires surgery or hospitalization can quickly add up to tens, if not hundreds of thousands of dollars. It’s best to find a company that either offers a very high stated maximum benefit or an unlimited benefit.

Supplemental Medical

A supplemental major medical policy is a separate policy that will begin coverage on what your existing medical policy doesn’t cover. Generally in the event of hospitalization or surgery the supplemental policy can cover the out of pocket expenses you would incur after your deductible is met. It can also cover expenses if your traditional medical coverage is exhausted. Just as with comprehensive plans these supplemental plans often include a maximum lifetime benefit.

What Coverage You Can Expect

In the event of a serious injury a major medical plan may cover things that your traditional plans won’t. Examples of this could be ambulance services both to and from the hospital, private duty nurses for recovery times, private rooms during your hospital stay, prosthetic devices, rentals of hospital beds or wheelchairs, and convalescent nursing home care. Most insurance companies will have exclusions not covering these items, or offering very little coverage. In the event of a major injury or illness these may become necessary. An ambulance ride can cost you as much as $1000, prosthetics can run in to the thousands, nursing home care can be several hundred dollars a day, and private duty nurses can be as much as $40 per hour. Without having coverage on these things your out of pocket expenses can push you in to financial ruin.

While having major medical coverage isn’t necessary, it’s a good idea to look in to. One serious accident resulting in injuries will put enough on your plate to not have to worry about the financial aspects of it. Knowing you have great major medical coverage to pick up where your traditional coverage leaves off will take a lot of your mind and just allow you to focus on recovery.

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