Individual Major Medical
The main idea of major medical is providing insurance coverage for illness, hospitalization and preventive health care. These plans must comply with Affordable Care Act (ACA) regulations for qualifying coverage and are designed to help pay health-related costs for enrollees. These “ACA Qualified Plans” must provide minimum essential coverage.
Major medical could be purchased through the Health Insurance Marketplace “ObamaCare” or directly through an insurance company. You can also qualify for coverage through your employer. Major medical plans can provide full coverage with low out-of-pocket “subsidized” costs, but they also can be Catastrophic and other high-deductible health plans as defined by the ACA.
Major medical does not include limited benefit plans, fixed indemnity plans, accident supplements or critical illness plans, which none of these are regulated nor qualified by the ACA.
