Comprehensive Major Medical Insurance
Comprehensive Major Medical Insurance
This type of plan will cover doctor visits, hospital stays, surgeries, preventive care, prescription drugs, and more.
Major medical insurance typically has a deductible you must meet before coverage kicks in, and then you pay a percentage of costs, known as coinsurance until you reach your annual out-of-pocket maximum. At that point, the insurance covers 100% of additional eligible expenses for the year.
Major medical plans provide an essential financial safety net in case of a medical crisis or unexpected illness. However, they can be quite expensive, which is why shopping around and comparing quotes is so important. Below we’ll look at major medical pricing, coverage details, and quotes from ten of the top insurers to help you find the most affordable comprehensive coverage.
The Value of Major Medical Insurance
Some key benefits of major medical plans include:
- Broad coverage for doctor visits, hospital care, preventive care, prescriptions, mental healthcare, and more.
- Coverage for pre-existing conditions.
- Options to add dental and vision benefits.
- Access to provider networks that have negotiated discounted rates.
- Protection from catastrophic costs that could lead to bankruptcy.
- Tax savings if you have a plan through work.
While major medical provides essential protection, it does come at a cost. Monthly premiums can easily be $500 or more for family coverage from some insurers. You’ll also have out-of-pocket costs to meet deductibles and coinsurance. But without coverage, a single hospitalization could cost tens or hundreds of thousands of dollars.
Comparing Major Medical Insurance Quotes
Other Major Medical Insurance Pricing Factors
In addition to the insurer, several other factors affect your major medical pricing:
– Your location: Costs are usually lowest in less populated areas. Urban areas tend to have higher premiums.
– Your age: Older individuals can be charged up to 3 times more than younger people.
– Tobacco use: Insurers charge smokers up to 50% more.
– Your health: Conditions like obesity or diabetes may increase your rate.
– Drug coverage: Plans with lower Rx deductibles have higher premiums.
– Deductible amount: Lower deductibles mean higher monthly costs.
– Coinsurance: Plans with lower coinsurance have higher premiums.
– Out-of-pocket maximum: Lower maximums increase monthly premiums.
Consider all these elements as you review major medical quotes and coverage details to find the optimal balance of premiums and out-of-pocket costs for your budget.
Comparing Major Medical Policy Details
Aetna
– $1,000 deductible: $543
– $2,500 deductible: $492
– $5,000 deductible: $450
Anthem
– $1,000 deductible: $598
– $2,500 deductible: $511
– $5,000 deductible: $420
Blue Cross Blue Shield
– $1,000 deductible: $612
– $2,500 deductible: $501
– $5,000 deductible: $432
Cigna
– $1,000 deductible: $621
– $2,500 deductible: $482
– $5,000 deductible: $412
Humana
– $1,000 deductible: $565
– $2,500 deductible: $467
– $5,000 deductible: $401
Kaiser Permanente
– $1,000 deductible: $587
– $2,500 deductible: $498
– $5,000 deductible: $438
UnitedHealthcare
– $1,000 deductible: $571
– $2,500 deductible: $483
– $5,000 deductible: $411
Oscar Health
– $1,000 deductible: $512
– $2,500 deductible: $432
– $5,000 deductible: $389
Ambetter
– $1,000 deductible: $491
– $2,500 deductible: $411
– $5,000 deductible: $362
Molina Healthcare
– $1,000 deductible: $478
– $2,500 deductible: $402
– $5,000 deductible: $356
In addition to pricing, you also need to look closely at what each major medical policy covers. Some key considerations:
– Are your medications on the plan’s formulary?
– Does the plan have exclusions for pre-existing conditions?
– Are your preferred doctors and hospitals in-network?
– Is pediatric vision included for kids’ exams and glasses?
– Are dental benefits available as a rider?
– What’s covered before you meet your deductible? Many plans cover preventive visits, labs, or generic drugs without needing to meet the deductible first.
– What’s the coinsurance after deductible (e.g. 20% or 30%)? The lower the coinsurance, the more you’ll pay each month in premiums.
– What’s excluded from coverage, such as infertility treatment, hearing aids, weight loss surgery, alternative medicine, etc?
– Does the out-of-pocket max seem reasonable for your budget? Many plans have options for maxes ranging from $5,000 to $15,000. Lower will cost more per month.
Thoroughly investigating the plan details is key to finding the right fit for your healthcare needs and budget. Don’t just look at the premium price.
Top Comprehensive Major Medical Insurance Plans
While costs and coverage details will vary depending on your situation, below are some top insurers to consider for major medical insurance based on pricing, provider networks, and customer satisfaction ratings:
– Aetna: Broad PPO networks, competitive premiums, focus on holistic health and wellness.
– Cigna: Affordable rates with some plans starting under $300 per month, excellent online tools, and member resources.
– Blue Cross Blue Shield: Known for reliable coverage with access to huge provider networks and discounts.
– Oscar Health: Innovative tech-focused insurance, simple plans, often lowest cost options.
– UnitedHealthcare: Wide provider access, top-rated mobile app, member tools, highly rated plans.
No matter which comprehensive major medical insurance plan you choose, be sure to follow healthy habits like exercising, eating well, limiting alcohol, and avoiding tobacco to keep premiums as low as possible. Also, take advantage of preventive care and screenings to catch any health issues early on.
Be sure to thoroughly evaluate pricing, provider networks, prescription coverage, and other policy details as you choose the right major medical insurance for your needs and budget. The peace of mind of knowing you’ll be covered during a medical crisis makes major medical insurance coverage well worth the investment.