Major Medical Insurance
Health Insurance for All
Major medical insurance is a long-term, comprehensive health insurance plan designed to cover a majority percentage of the medical costs an average person will pay in a given year. Major medical insurance is sold by insurance companies through private or public health insurance marketplace.
What does major medical cover
Major medical insurance covers 10 essential healthcare benefits, including:
Prescription drugs
Pediatric services
Preventive and wellness services and chronic disease management
Emergency services
Hospitalization
Mental health and addiction services
Pregnancy, maternity, and newborn care
Ambulatory patient services
Laboratory services
Rehabilitative services and devices
Navigating healthcare marketplace
The two major goals of the Affordable Care Act (ACA) are to make health insurance more affordable and make health insurance more accessible. While subsidies have helped make health insurance more affordable for many, healthcare marketplaces have been the leading force behind making it accessible. By using a marketplace, you can view, compare, and purchase health insurance with confidence.
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Healthcare marketplaces are websites set up by the federal government, your state, or private insurance companies. On these websites, qualified health insurance companies can display their health insurance products for customers in their service area. All of the plans are listed out and organized in the same way, so anyone searching for health insurance can find coverage information, price comparisons, and additional features (such as dental or vision coverage) easily before they enroll in a plan.
The 3 types of marketplace exchanges
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Federal Marketplace Exchange:
The federal government runs the federal healthcare exchange. It can be accessed online or over the phone with a government representative. This exchange is only available to participating states. A licensed health insurance agent can provide you with guidance and help you enroll in a plan through the federal marketplace exchange, but government representatives cannot advise you. If a licensed agent guides you or helps you enroll through this marketplace, your plan costs will not change.
State Marketplace Exchange:
States that do not wish to participate in the federal marketplace exchange must create a state exchange or State Partnership Marketplace exclusive to their residents.
Private Marketplace Exchange:
Private companies, run private health insurance exchanges where U.S. residents can search for plans. Exchanges like these have licensed insurance agents available to help consumers learn about options and compare thousands of plans both in and out of the federal and state exchanges.
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By law, government representatives can’t offer advice. They also cannot offer plans that aren’t sold exclusively in the federal (or their state) exchange. However, a health insurance agent can offer advice and help you select a plan on a federal or state exchange.