What is a Major Medical Health Insurance Plan?

LAS VEGAS - June 30, 2021 - PRLog -- A major medical health insurance plan is a comprehensive medical plan that can help you pay for doctor's visits, hospitalization, and prescription drugs if you should become sick or injured. It also helps you pay for preventative care.

While there's no set definition of what "major medical insurance" is comprised of, the term is generally used to refer to health insurance plans that were sold after 2014 and follow the minimum essential coverage guidelines and practices outlined in the Affordable Care Act.

Major medical insurance plans are designed to cover medical services that the average person could need in their lifetime once their out of pocket maximum has been met.  The health insurance plans that are sold on the health insurance marketplace, as well as all employer plans, are major medical insurance plans and are required to meet the ACA guidelines.  Limited benefit plans, like short-term health insurance, are not required to offer the same benefits as major medical insurance and generally should not be considered good options for the long-term.

Who Needs Major Medical Insurance?
If you think that because you're reasonably healthy and lead an active lifestyle that you don't need insurance, think again; regardless of how healthy you are, your situation could change on a dime.  Because the cost of medical care, especially if you find yourself with a serious or chronic condition, can quickly eat away at the most respectable nest eggs, having an insurance policy is a necessity.

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