Major Medical Insurance

Major medical insurance protects you and your family. Insurance doesn't protect you from getting sick. Medical insurance, also known as health insurance, protects you from financially burdensome medical expenses. Sounds simple right? Not really. An alarming percentage of personal bankruptcies occur as a result of medical bills.

When shopping for a major medical plan, you should take the following steps.

First, you must consider your budget. Determine how much money you can set aside for monthly premiums. Don't buy a policy based on benefits. Find the amount you can afford to pay over the long haul, and then decide which benefits you can afford.

Next you will need help with how health, deductibles, co-pays, co-insurance, riders, and exclusions impact your premium. We recommend consulting a licensed health insurance agent experienced in helping design major medical insurance plans around your situation. Insurance4usa.com allows you to submit one quote form and get up to 3 local agents who will compete for your business.

How your agent designs a policy will go a long way in determining how much you pay up front (monthly premiums) and how much you'll be expected to pay should you or one of your dependents get sick (deductible, co-pay, co-insurance, etc.).

Several factors are used to calculate a major medical insurance policy. These are not listed in any particular order.

• Health - Your health will be used to determine how much you pay monthly.
• Deductible - The amount you pay, before the insurance company pays is called the deductible. The higher the deductible, the lower the monthly premium.
• Co-Payment - The amount you pay for each doctor visit. The higher the co-pay, the lower the premium.
• Co-Insurance - The amount you agree to pay, by percentage, of your medical care costs.
• Lifetime Payout - The amount the insurance company will pay over the lifetime of your policy. This amount is normally, and for good reason, in the millions.
• Out-of-pocket maximum - The maximum dollar amount you will pay, out of pocket, before the company steps in and covers 100% of you medical costs.

There are many other factors to consider. Exclusions and riders are among them. The key is to have someone review your situation. Have an experienced agent help you today.