Explain the difference between Major Medical and Limited Medical?
It is important to understand the difference between major medical and limited medical insurance. Ideally everyone would have “major medical” insurance, but many people simply do not qualify due to pre-existing conditions, or cannot afford the high costs. Major Medical provides comprehensive and catastrophic coverage with lifetime limits of coverage typically up to $1 million or more. Because the cost of medical services continues to rise, many major medical insurance companies have increased the out-of-pocket costs for consumers, making the everyday cost of healthcare at times unaffordable. Limited Medical provides coverage for everyday illness and accident at affordable rates by offering specific benefits with capped limits of coverage. Limited Medical plans are useful in many situations: • Uninsured due to existing medical conditions – These plans are “Guaranteed Acceptance*” and do not have medical questions or exams to qualify. *Based on eligibility (age, member of NAR, and state