What is Major Medical Health Insurance?
Major medical policies are health insurance plans that meet all standards of the Affordable Care Act. Commonly referred to as marketplace plans, Obamacare, etc. Major health insurance policies will cover pre-existing conditions and the 10 essential health benefits.
How to Enroll in Major Medical Coverage?
Enrolling in a major medical policy is only possible during an enrollment period. There are two types of enrollment periods, the open enrollment period and a special enrollment period. The annual open enrollment period is when anyone can signup for a plan for the next calendar year. A special enrollment period is when you can enroll into a major medical plan for the remainder of the current calendar year. Shopping and enrolling into a major medical health insurance policy can be started online or over the phone.
What does Major Medical Cover?
Major medical health insurance policies will cover at a minimum the 10 essential health benefits. These 10 benefits are:
- No-Charge Preventative Care
- Maternity Care for pregnant women
- Mental & behavioral health
- Prescription drugs
- Pediatric services
- Emergency services
- Rehabilitative & Habilitative services
- Ambulatory care (outpatient)
In addition to the 10 minimum coverages listed above, major medical health insurance plans will also provide coverage for birth control and breastfeeding.
How Much Does Major Medical Insurance Cost?
The cost of major medical insurance will vary based on age, location, coverage level, and income. Because of this, there is no specific answer without getting a major medical insurance quote. At full price, the cost of a major medical policy tends to be higher than other options that might be available. However, with the higher price comes added benefits such as coverage for pre-existing conditions, no-charge preventative care, maternity coverage, and mental & behavioral health services. Full cost of a major medical policy can be in upwards of $1500/month or more for one person in their 60’s for a higher level policy. If you are younger, then the price would obviously be lower. Your income level can also help reduce the price that you pay, if you qualify.