Friday, March 1, 2013

Major Medical Insurance Vs Catastrophic Insurance

Health insurance is one of the most important purchases you will make in your life. It rates up there with buying a home and paying for your child's college. Medical insurance is an important financial tool that can protect you from trouble in the event you begin experience major health problems. There are a number of plans available which makes choosing the right plan a challenge. Two of your choices worth considering are major medical insurance and catastrophic insurance. Each of these plans provides you with benefits in different ways and at different prices points. Here is some information about each to help you decide which one is best for you.

Major medical insurance is the most common type of insurance on the market. It provides coverage for the widest range of medical services possible. Typical services covered include hospital room and board, surgeries, doctor's visits, nursing services, anesthesia, outpatient services, ambulance service, lab tests, x-rays, medication, blood transfusions, home health care, casts and splints, and medical equipment rentals. This type of insurance covers you whether you have the common cold or need extensive medical care to help you improve. For this coverage, though, you will be paying a good amount of money for your insurance premiums.

Catastrophic insurance, on the other hand, is much less expensive than major medical insurance. This may be due to the fact that it is a somewhat limited health plan that requires you to pay a high deductible before the benefits will kick in. Typically, catastrophic insurance will cover hospital visits, diagnostic and lab tests, surgery, and a few other medical services. Mental health and maternity care are usually left out. Most people who get this type of plan will pair it with a health savings account in which they deposit money to help them pay the high deductible.

Major medical insurance is your typical health insurance that is good for people looking for head to toe coverage. If you have a preexisting condition, a family, or like the security of having full coverage then major medical is right for you. Catastrophic insurance, on the other hand, is better for people who are healthy and only want insurance that will cover them in case of an emergency. In either case, save yourself time and money in the search for the best price on either of these plans by using an insurance quote website. You will be able to compare plans and rates side by side which will assist you in make the best health insurance decision for your needs.

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