The escalating medical costs have made us to think on variety of insurance products that are available in the market.
We are forced to do so as the medical insurance coverage's that are available today does not satisfy all our requirements.
These insurance products do cover small illnesses and injuries and when we are affected with a major health disorder, the expenses of treatment have to be met from our own pocket.
In the recent years, one type of health insurance that has become popular among the people is major medical insurance.
What is major health insurance coverage? These are medical insurance plans which are mostly preferred by the younger generation as it is less affordable and also covers a large number of diseases.
The main advantage of a major medical insurance plan is that it covers all those major diseases that we may get affected with.
In an ordinary health insurance plan, no such major health disorders would be included and it is the insured that have to meet all those medical expenses.
Unlike those small illnesses which gets insurance coverage, these major disorders involve huge amount of money for treatment and most of us desire to get coverage for these health problems.
A major health insurance plan is very appealing but you would have to weigh all the pros and cons before choosing it as it would help you to understand whether this insurance plan meet your requirements or not.
The greatest advantages of these medical insurances are that they are very affordable.
A young and healthy individual would have to just pay $30 as monthly premium for the insurance coverage.
With this insurance coverage you can feel peace at mind because you are protected from all the major health disorders.
Unlike an ordinary insurance plan which gives you coverage only for those small illnesses or injuries, these catastrophic health insurance plans cover all the major health disorders that may affect you.
These plans are deductible based which means that the insurance company would pay for the total amount of the treatment less the deductible charges which are to be met by the insured.
A deductible charge is the amount that an insured would have to spend of his own for meeting the medical health expenses.
These charges are predetermined and are decided while entering into the contract with the insurance company.
The deductible nature of the plan is its greatest disadvantage.
The amount of premium that we would have to pay for major medical insurance depends on the amount of deductible that we choose.
More the deductible, lesser would be the insurance premium.
So if we have to make our policy affordable, we would have to choose higher deductible which would kick us back at the time when we are affected with any health disorder.
Another disadvantage of these plans are that these major health insurance policies are tailor made for major health disorders and they will not suit our healthy younger generation as the chances of them getting infected with any major health disorder is very small.