major medical


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Related to major medical: catastrophic health insurance

major medical

n.
Insurance that covers all or most of the medical bills engendered by major or prolonged illnesses above a set amount.

major medical

A health insurance policy or “rider” (extension to an insurance policy) that finances medical expenses incurred in injuries, catastrophic events or prolonged illness, providing benefit payments above the base amount paid by the insurance company—up to a specified upper limit for most types of medical expenses incurred—and subject to a large deductible.
 
Such contracts may contain limits on specific types of charges, such as room and board, and a percentage participation clause (sometimes called a coinsurance clause); these policies usually pay covered expenses whether an individual is in or out of hospital.

major medical

Major medical expense(s) insurance Managed care 
A health insurance policy or 'rider'–extension to an insurance policy–that finances medical expenses incurred in injuries, catastrophic or prolonged illness, providing benefit payments above the base paid by the insurance company
References in periodicals archive ?
Sales of individual major medical coverage to people who do not qualify for ACA subsidies, and who must pay all of the premiums out of their own pockets, have been weak.
Unlike issuers of individual major medical coverage, issuers of short-term health insurance can use medical underwriting to hold down costs.
Now, the attack on the ACA seems likely to poke new holes in major medical coverage, and ease restrictions on use of supplemental health products to fill the holes.
Since the close of the 2014 ACA open enrollment period on March 31, 2014, eHealth shoppers have been asked to indicate whether or not they have experienced a qualifying life event making them eligible to enroll in major medical coverage.
Many brokers don't, even though the purpose of the accounts is to fund the cost of medical care before the major medical plan's benefits are paid.
For years, Easy Build provided, at its expense, major medical and dental insurance coverage for all three.
But since then, no other major provider segment has championed the cause of medication management except managed care (with the incentive to save health care costs by fewer hospitalizations) and major medical centers (which must compete with managed care to survive).
For several years, I've advised readers to get non-employment-based group insurance for major medical, catastrophic, and excess medical expense needs, in addition to any employer-based plans they might have.
At the same time, however, some health plans improved benefit features, such as increasing the maximum lifetime payments under major medical plans.
7 million people were covered by non-group or individual major medical health insurance products as of June 30, 2009, up from 9.