We are trying to get Major Medical Insurance, we are both in our 50's.
What should one look for to find out if the insurance is a good one or not????
Thanks for any and all input on this.
I have never heard of it, but I do a lot of research on the net about things I am interested in. Why don't you type Major Medical Insurance Company ratings in your seach engine and see if anything comes up. If I needed insurance and couldn't afford much I would check into hospitalization only. You have to pay for office visits, but it will pay the doctors when it is hospital related. Our friends did that when they were laid off from their job. You might also call your state's insurance office.
Depends on what you mean by "Major Medical"
Some companies call a policy with a huge deductible,(several thousand) Major medical because it picks up and pays a certain percent after you have paid that deductable. Others will have a lot of restrictions. Some will pay only if you are in a hospital.
At your age, you could get a regular policy with any on the main line companies like AARP, Blue Cross, New York Life. I think that would be your best bet and forget about any other type of policy.
Decide what you need and don't need. Dental coverage is nice if you have terrible teeth, but isn't worth the cost if your teeth are in good shape. The same thing is true of things like organ transplants, and ambulance fees. Nice if you need them, but most likely you would not. Therefore, not worth the additional premium.
When you reach 65, Medicare will pay 80% of the APPROVED amount and your insurance will pick up only the remaining 20%.
I have coverage just for really catastrophic, expensive things, if that's what you mean. It costs me $92.00 a month. Basically all it covers is in patient hospital procedures, and ER visits with I think a $1000 deductible. No tests, no meds, no dental, no annuals, nothing like that. The deductible is $2,500 for anything other than ER visits.
It's through Golden Rule. I've never used it, so I don't know how they are to deal with.