Major Medical Insurance
Definition - What does Major Medical Insurance mean?
Major medical insurance is a type of health insurance that is often purchased as a supplement to a standard health insurance policy. Major medical insurance typically covers very large medical expenses, such as prolonged hospital stays. Major medical insurance tends to carry high deductibles. However, once the deductible is met, the insurance can cover a very high amount of medical expenses. It is important to note that many major medical policies also have a capped amount of what they will cover during the lifetime of the policy.
Insuranceopedia explains Major Medical Insurance
The reason why many people often purchase major medical insurance is because it provides extra coverage in the event of a major medical disaster. For example, if a person is in a serious motorcycle accident and needed to stay in a hospital for two months, then major medical insurance could help pay for these expenses. Sometimes, a standard health insurance policy will max out after a certain amount has been reached. Without major medical insurance, this could leave the policyholder responsible for the remaining fees.