Seeking medical attention might get costly when you suffer from unexpected illnesses or accidents. For this reason, it is advisable to get affordable small business health insurance to cover most of your medical expenses. One form of insurance you should consider is major medical insurance. This type of health plan provides many benefits that can provide financial security when unexpected medical expenses arise.
What is major medical insurance?
Major medical health insurance falls under managed health care because it has lower premiums. This health plan covers major hospital and medical expenses over a certain deductible. This, however, does not pay for routine appointments and prescription drugs. Although the out of pocket expense you have to pay before the policy begins is large, it is one of the least expensive forms of health insurance. Within this category are different types of coverage plans:
– Preferred Provider Organization (PPOs): This type of managed care allows you to see any health care provider you want. The insurance company provides a network of physicians and hospitals you can choose for medical treatments. This provides lower costs for co-payment and deductibles if you plan to choose a doctor or provider within the network. You can also choose a specialist outside the network, though you will need to pay for additional medical costs.
– Health Maintenance Organization (HMOs: This plan is less expensive compared to the PPO. It also offers major medical insurance coverage at lower costs.
Like PPOs, the insurance provider will supply a network of health care specialists, which limits your choices. You also need to choose a primary care physician from the network who can give you a referral if you need to consult other specialists. Coverage might get costly if you do not get referrals from your physician.
– Point of Service (POS): This is a combination of the first two plans. An insurance company provides the network of health care specialists who you can seek medical treatments from. This, however, does not restrict you to the network alone, as you can still choose physicians outside of it. Your primary care physician can refer you to other specialists within and outside the network. This also offers more flexibility when choosing medical treatments.
What does major medical insurance cover?
Major medical and affordable small business health insurance provide a wide range of benefits. This may vary between policies, but several major medical coverage options might include the following benefits: hospitalization, intensive and cardiac care, physicians’ diagnostic and surgical services, x-rays and laboratory tests, hospital medical and surgical supplies, nursing services (including private duty), therapies, and durable medical equipment (DME) rental.
What to consider before choosing health coverage
Choosing the right form of coverage can be confusing, as some plans might be better and more suitable for you and your family’s needs. Think of the following questions when choosing a health plan:
– How much is the monthly premium and deductibles?
– How much is the additional cost if you choose a specialist outside the network?
– What are the benefits included?