What is a Lifetime Maximum or Cap?
A. Lifetime Maximum or Cap-the most that the plan will pay out in benefits over the lifetime of each covered person. You should be covered for at least $1 million in total bills over your lifetime. But be careful-with a seriously disabling illness or accident, you could blow through $1 million in no time! Most plans, nowadays, pay up to $2 million. Be cautious of the dangerously misleading policies that promote $5 million total lifetime, but tap out at only $500,000 per accident or illness-any expenses over that are totally yours! In fact, you’d need at least 10 separate medical catastrophes to even approach $5 million! SUGGESTION: Find a policy that, ideally, pays up to $5 Million per person lifetime without separate limits per injury or illness. They do exist.
